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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 March 31, 2024
☐
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 001-39983
KERNEL
GROUP HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
98-1567976 |
(State
or other jurisdiction of |
|
(IRS
Employer |
incorporation
or organization) |
|
Identification
No.) |
515
Madison Avenue, 8th Floor - Suite 8078
New
York, New York |
|
10022 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(646)
908-2659
(Registrant’s
telephone number, including area code)
Not
applicable
(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, $0.0001 par value, and one-half of one redeemable warrant |
|
KRNLU |
|
The
Nasdaq Stock Market, LLC |
|
|
|
|
|
Class
A ordinary shares included as part of the units |
|
KRNL |
|
The
Nasdaq Stock Market, LLC |
|
|
|
|
|
Redeemable
warrants included as part of the units |
|
KRNLW |
|
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 ☐
As
of May 14, 2024, there were 509,341
of the registrant’s Class A ordinary shares, par value $0.0001 per share, and 7,618,750
of the registrant’s Class B ordinary shares, par value $0.0001 per share, issued and outstanding.
PART
1 - FINANCIAL INFORMATION
Item
1. FINANCIAL STATEMENTS
KERNEL
GROUP HOLDINGS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| (Unaudited) | | |
| | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 804 | | |
$ | 804 | |
Prepaid
expenses | |
| 91,709 | | |
| 27,148 | |
Total
current assets | |
| 92,513 | | |
| 27,952 | |
Cash
and investments held in Trust Account | |
| 5,563,640 | | |
| 67,819,662 | |
Total
Assets | |
$ | 5,656,153 | | |
$ | 67,847,614 | |
| |
| | | |
| | |
Liabilities and Shareholders’
Deficit: | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,931,193 | | |
$ | 3,729,095 | |
Accrued expenses and other
current liabilities | |
| 33,670 | | |
| 50,615 | |
Accrued expenses - related
party | |
| 320,000 | | |
| 290,000 | |
Promissory notes - related
party | |
| 2,422,628 | | |
| 2,215,368 | |
Convertible
promissory notes, net of discount | |
| 1,790,346 | | |
| 1,565,113 | |
Total
current liabilities | |
| 8,497,837 | | |
| 7,850,191 | |
Warrant liabilities | |
| 959,500 | | |
| 479,750 | |
Total
Liabilities | |
| 9,457,337 | | |
| 8,329,941 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
Class A ordinary shares subject to possible
redemption, $0.0001 par value; 509,341 and 6,315,949 shares issued and outstanding at approximately $10.73 and $10.72 per share redemption
value as of March 31, 2024 and December 31, 2023, respectively | |
| 5,463,640 | | |
| 67,719,662 | |
| |
| | | |
| | |
Shareholders’ Deficit: | |
| | | |
| | |
Preference shares, $0.0001
par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2024 and December 31, 2023 | |
| — | | |
| — | |
Class A ordinary shares,
$0.0001 par value; 500,000,000 shares authorized; no non-redeemable shares issued or outstanding as of March 31, 2024 and December
31, 2023 | |
| — | | |
| — | |
Class B ordinary shares,
$0.0001 par value; 50,000,000 shares authorized; 7,618,750 shares issued and outstanding as of March 31, 2024 and December 31, 2023 | |
| 762 | | |
| 762 | |
Ordinary shares | |
| 762 | | |
| 762 | |
Additional paid-in capital | |
| — | | |
| — | |
Accumulated
deficit | |
| (9,265,586 | ) | |
| (8,202,751 | ) |
Total
Shareholders’ Deficit | |
| (9,264,824 | ) | |
| (8,201,989 | ) |
Total
Liabilities and Shareholders’ Deficit | |
$ | 5,656,153 | | |
$ | 67,847,614 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
KERNEL
GROUP HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
General and administrative expenses | |
$ | 427,852 | | |
$ | 919,365 | |
Administrative fees
- related party | |
| 30,000 | | |
| 30,000 | |
Loss from operations | |
| (457,852 | ) | |
| (949,365 | ) |
Other income (expense): | |
| | | |
| | |
Unrealized loss from change in fair value of
warrant liabilities | |
| (479,750 | ) | |
| (2,704,146 | ) |
Income from cash and investments held in Trust
Account | |
| 321,077 | | |
| 959,464 | |
Interest expense - amortization of debt discount | |
| (204,028 | ) | |
| (32,404 | ) |
Interest expense | |
| — | | |
| (1,830 | ) |
Total
other income (expense), net | |
| (362,701 | ) | |
| (1,778,916 | ) |
Net
loss | |
$ | (820,553 | ) | |
$ | (2,728,281 | ) |
| |
| | | |
| | |
Basic
and diluted weighted average shares outstanding, Class A ordinary shares | |
| 2,551,225 | | |
| 17,781,598 | |
Basic
and diluted net loss per share, Class A ordinary shares | |
$ | (0.08 | ) | |
$ | (0.11 | ) |
Basic
and diluted weighted average shares outstanding, Class B ordinary shares | |
| 7,618,750 | | |
| 7,618,750 | |
Basic
and diluted net loss per share, Class B ordinary shares | |
$ | (0.08 | ) | |
$ | (0.11 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
KERNEL
GROUP HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT (UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
THREE
MONTHS ENDED MARCH 31, 2024 | | |
| | |
| | |
| |
| |
Ordinary
Shares | | |
| | |
| | |
| |
| |
Class
A | | |
Class
B | | |
Additional Paid-in | | |
Accumulated | | |
Total
Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance
at January 1, 2024 | |
| — | | |
$ | — | | |
| 7,618,750 | | |
$ | 762 | | |
$ | — | | |
$ | (8,202,751 | ) | |
$ | (8,201,989 | ) |
Proceeds
allocated to Share Rights of convertible promissory notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| 228,795 | | |
| — | | |
| 228,795 | |
Remeasurement
of Class A ordinary shares to redemption amount | |
| — | | |
| — | | |
| — | | |
| — | | |
| (228,795 | ) | |
| (242,282 | ) | |
| (471,077 | ) |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (820,553 | ) | |
| (820,553 | ) |
Balance
at March 31, 2024 (unaudited) | |
| — | | |
$ | — | | |
| 7,618,750 | | |
$ | 762 | | |
$ | — | | |
$ | (9,265,586 | ) | |
$ | (9,264,824 | ) |
| |
THREE
MONTHS ENDED MARCH 31, 2023 | | |
| | |
| | |
| |
| |
Ordinary
Shares | | |
| | |
| | |
| |
| |
Class
A | | |
Class
B | | |
Additional Paid-in | | |
Accumulated | | |
Total
Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance
at January 1, 2023 | |
| — | | |
$ | — | | |
| 7,618,750 | | |
$ | 762 | | |
$ | — | | |
$ | (13,574,384 | ) | |
$ | (13,573,622 | ) |
Balance
| |
| — | | |
$ | — | | |
| 7,618,750 | | |
$ | 762 | | |
$ | — | | |
$ | (13,574,384 | ) | |
$ | (13,573,622 | ) |
Proceeds
received in excess of initial fair value of convertible promissory note | |
| — | | |
| — | | |
| — | | |
| — | | |
| 546,809 | | |
| — | | |
| 546,809 | |
Remeasurement
of Class A ordinary shares to redemption amount | |
| | | |
| | | |
| | | |
| | | |
| (546,809 | ) | |
| (1,012,654 | ) | |
| (1,559,463 | ) |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,728,281 | ) | |
| (2,728,281 | ) |
Balance
at March 31, 2023 (unaudited) | |
| — | | |
$ | — | | |
| 7,618,750 | | |
$ | 762 | | |
$ | — | | |
$ | (17,315,319 | ) | |
$ | (17,314,557 | ) |
Balance
| |
| — | | |
$ | — | | |
| 7,618,750 | | |
$ | 762 | | |
$ | — | | |
$ | (17,315,319 | ) | |
$ | (17,314,557 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
KERNEL
GROUP HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| |
2024 | | |
2023 | |
| |
For
the Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash Flows from Operating
Activities: | |
| | | |
| | |
Net loss | |
$ | (820,553 | ) | |
$ | (2,728,281 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Income from cash and investments
held in Trust Account | |
| (321,077 | ) | |
| (959,464 | ) |
Interest expense - amortization
of debt discount | |
| 204,028 | | |
| 32,404 | |
Unrealized loss from change
in fair value of warrant liabilities | |
| 479,750 | | |
| 2,704,146 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| (64,561 | ) | |
| (255,774 | ) |
Due from sponsor | |
| — | | |
| (281,691 | ) |
Accounts payable | |
| 202,098 | | |
| 2,211,294 | |
Accrued expenses and other
current liabilities | |
| (16,945 | ) | |
| (1,589,700 | ) |
Accrued
expenses - related party | |
| 30,000 | | |
| 30,000 | |
Net
cash used in operating activities | |
| (307,260 | ) | |
| (837,066 | ) |
| |
| | | |
| | |
Cash Flows from Investing
Activities: | |
| | | |
| | |
Advances to Trust Account | |
| (150,000 | ) | |
| (600,000 | ) |
Proceeds from Trust
Account for payment to redeeming shareholders | |
| 62,727,099 | | |
| 232,542,916 | |
Net
cash provided by investing activities | |
| 62,577,099 | | |
| 231,942,916 | |
| |
| | | |
| | |
Cash Flows from Financing
Activities: | |
| | | |
| | |
Proceeds from promissory notes - related party | |
| 207,260 | | |
| 750,000 | |
Proceeds from convertible promissory notes | |
| 250,000 | | |
| 600,000 | |
Payment to redeeming
shareholders | |
| (62,727,099 | ) | |
| (232,542,916 | ) |
Net
cash used in financing activities | |
| (62,269,839 | ) | |
| (231,192,916 | ) |
| |
| | | |
| | |
Net Change in Cash | |
| — | | |
| (87,066 | ) |
Cash - Beginning of
the period | |
| 804 | | |
| 93,095 | |
Cash - End of the period | |
$ | 804 | | |
$ | 6,029 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
NOTE
1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, RISKS AND UNCERTAINTIES AND GOING CONCERN
Kernel
Group Holdings, Inc. (“Kernel” or the “Company”) is a blank check company incorporated as a Cayman Islands
exempted company on November 10, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet
identified (“Business Combination”).
As
of March 31, 2024, the Company had not commenced any operations. All activity from November 10, 2020 through March 31, 2024 relates to
the Company’s formation and the preparation of its initial public offering (“Initial Public Offering”), as described
below, and since the closing of the Initial Public Offering, the search for a target for a Business Combination. The Company will not
generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate
non-operating income in the form of dividend income, interest income or gains on investments held in a trust account (“Trust Account”)
from the proceeds derived from the Initial Public Offering.
The
Company’s sponsor was Kernel Capital Holdings, LLC, a Delaware limited liability company (the “Original Sponsor”).
The registration statement for the Company’s Initial Public Offering was declared effective on February 2, 2021. On February 5,
2021, the Company consummated its Initial Public Offering of 30,475,000 units (the “Units” and, with respect to the Class
A ordinary shares included in the Units being offered, the “Public Shares”), including 3,975,000 additional Units to cover
the underwriters’ over-allotment (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of approximately
$304.8 million, and incurring offering costs of approximately $17.4 million, of which approximately $10.7 million was for deferred underwriting
commissions. On May 24, 2023, the underwriters agreed to waive their rights to their portion of the fee payable by the Company for deferred
underwriting commissions, with respect to any potential Business Combination of the Company.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated a private placement (the “Private Placement”) of
8,750,000 warrants (the “Private Placement Warrants”), at a price of $1.00 per Private Placement Warrant with the Original
Sponsor, generating gross proceeds of approximately $8.8 million, which is discussed in Note 4.
On
December 28, 2022, the Company entered into a purchase agreement with the Original Sponsor and VKSS Capital, LLC, a Delaware
corporation (the “New Sponsor” or “Sponsor”), pursuant to which the New Sponsor, or an entity designated by
the New Sponsor, will purchase from the Original Sponsor
Class B ordinary shares of the Company, par value $
per share and
Private Placement Warrants, each of which is exercisable to purchase one Class A ordinary share of the Company, par value $
per share, for an aggregate purchase price of $
payable at the time the Company effects the initial Business Combination. The Class B ordinary shares which the New
Sponsor will purchase from the Original Sponsor will include 75,000 Founder Shares transferred by the Original Sponsor to the
independent directors and 50,000 Founder Shares transferred by the Original Sponsor to the former advisors, which have been
purchased by the New Sponsor and are pending transfer at closing by the exchange agent. Upon the closing of the initial Business
Combination, New Sponsor shall also convey
Class B ordinary shares to the equity holders of the Original Sponsor, as of December 28, 2022, pro rata based on the
equity holders’ underlying interest in the Company’s Class B ordinary shares as of December 28, 2022 (see Note
4).
Upon
the closing of the Initial Public Offering and the Private Placement, approximately $304.8 million ($10.00 per Unit) of the net proceeds
of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in the Trust Account with Continental
Stock Transfer & Trust Company (“Continental”) acting as trustee and has been invested in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “Investment Company Act”),
as amended, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the
earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public
Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied
generally toward consummating a Business Combination. The
Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal
to at least 80% of the net assets held in the Trust Account (excluding taxes payable on the interest earned on the Trust Account) at
the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will
only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting
securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be
required to register as an investment company under the Investment Company Act.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company will provide its holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a
portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to
approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval
of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00
per share, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). These Public Shares will
be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance
with Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” In such case,
the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination.
If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold
a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association
(the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer
rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing
a Business Combination. If, however, a shareholder approval of the transactions is required by applicable law or stock exchange listing
requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares
in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public
Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or whether
they were a Public Shareholder on the record date for the general meeting held to approve the proposed transaction. If the Company seeks
shareholder approval in connection with a Business Combination, the holders of the Founder Shares (as defined in Note 4) prior to this
Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares and any Public Shares purchased
during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive
their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.
In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior
consent of the New Sponsor.
Notwithstanding
the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together
with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group”
(as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted
from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the
Company.
The
Company’s New Sponsor, officers and directors agreed not to propose an amendment to 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 the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public
Shares if the Company does not complete a Business Combination within 42 months (including three six-month extensions) from
the closing of the Initial Public Offering, or August 5, 2024 (the “Combination Period”) or (B) with respect to any
other provisions relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides
the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.
If
the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except
for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public
Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any (less up to $100,000
of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely
extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any);
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the
board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
In
connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust
Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less taxes
payable and up to $100,000 of interest to pay dissolution expenses).
The
Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a
Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after
the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public
Shares if the Company fails to complete a Business Combination within the Combination Period. On May 24, 2023, the underwriters
agreed to waive their rights to their deferred underwriting commissions held in the Trust Account in the event the
Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included
with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the
event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution in
the Trust Account will be less than the $10.00
per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it
will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the
Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or
other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of
(i) $10.00
per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the
Trust Account, if less than $10.00
per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any
claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust
Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the
underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as
amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third
party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to
reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have
vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses
or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or
claim of any kind in or to monies held in the Trust Account. There can be no guarantee that the Company will be successful in
obtaining such waivers from its targeted vendors and service providers.
Charter
Amendments and Share Redemptions
In
an extraordinary general meeting held on February 3, 2023, shareholders approved a charter amendment (the “February Charter Amendment”),
changing the structure and cost of the Company’s right to extend the date by which the Company must (i) consummate a Business Combination, (ii) cease its operations if it fails to complete such Business Combination, and (iii)
redeem or repurchase 100% of the Company’s Public Shares (the “Termination Date”), which was previously February 5,
2023 (the “Extension Amendment Proposal”). The February Charter Amendment allowed the Company to extend the Termination
Date by up to six (6) one-month extensions to August 5, 2023 (each, an “Extension,” and such later date, the “Extended
Deadline”) provided that if any Extended Deadline ends on a day that is not a business day, such Extended Deadline will be automatically
extended to the next succeeding business day. To effect each one-month Extension, the Company, its Sponsor or any of their affiliates or
designees must deposit into the Company’s Trust Account with Continental by the applicable Extended Deadline (the “Extension
Payment”), the lesser of (x) $300,000 or (y) $0.06 per share for each of the Company’s publicly held shares outstanding as
of the deadline prior to the Extension (after giving effect to redemptions in connection with the approval of the February Charter Amendment
by the Company’s shareholders with respect to the first such Extension). In connection with the approval of the Extension Amendment
Proposal, the shareholders also approved a proposal to amend the Trust Agreement,
pursuant to which the Company’s Trust Agreement with Continental was amended to conform the procedures in the Trust Agreement by
which the Company may extend the date on which Continental must liquidate the Trust Account if the Company has not completed its initial
Business Combination to the procedures in the February Charter Amendment (the “Trust Amendment Proposal”). In connection
with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the shareholders meeting, holders of 22,848,122
of the Company’s Public Shares exercised their right to redeem those shares for cash at an approximate price of $10.15 per share,
for an aggregate of approximately $231.9 million. Following the payment of the redemptions, the Trust Account had a balance of approximately
$74.7 million before the first Extension Payment.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
shareholders of the Company approved the Amendment to the Amended and Restated Memorandum and Articles of Association of the Company
(the “August Charter Amendment”) at the August 3, 2023 shareholders meeting, changing the structure and cost of the Company’s
right to extend the Termination Date by up to six (6) one-month Extensions to February 5, 2024, provided that if any Extended Deadline
ends on a day that is not a business day, such Extended Deadline will be automatically extended to the next succeeding business day (the
“Second Extension Amendment Proposal”). To effect each one-month Extension, the Company, its Sponsor or any of their affiliates
or designees must deposit into the Company’s Trust Account with Continental an Extension Payment (after giving effect to redemptions
in connection with the approval of the August Charter Amendment) the lesser of (x) $150,000 or (y) $0.04 per share for each
of the Company’s Public Shares outstanding as of the applicable Extended Deadline, unless the closing of the Company’s initial
Business Combination shall have occurred, in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a Business Combination. In connection with the approval of the Second Extension Amendment Proposal, the shareholders also approved
a proposal to amend the Trust Agreement, pursuant to which the Company’s Trust Agreement with Continental was amended to conform
the procedures in the Trust Agreement by which the Company may extend the date on which Continental must liquidate the Trust Account
if the Company has not completed its initial Business Combination to the procedures in the August Charter Amendment (the “Second
Trust Amendment Proposal”).
In
connection with the approval of the Section Extension Amendment Proposal and the Second Trust Amendment Proposal at the August 3,
2023 shareholders meeting, holders of 1,310,929
of the Company’s Class A ordinary shares exercised their rights to redeem those shares for cash at an approximate price of
$10.42
per share, for an aggregate of approximately $13.6
million.
On
February 1, 2024, the Company held an extraordinary general meeting of its shareholders pursuant to due notice. At the shareholders
meeting, the Company’s shareholders entitled to vote at the meeting cast their votes and approved a proposal to amend the
Trust Agreement to conform the procedures in the Trust Agreement by which the Company may extend the date on which Continental must
liquidate the Trust Account if the Company has not completed its initial Business Combination (the “Third Trust Amendment
Proposal”) to the procedures in an amendment to the Company’s Amended and Restated Memorandum and Articles of
Association which was also approved by the Company’s shareholders at the meeting (the “February Charter Extension
Amendment”). The February Charter Extension Amendment allows the Company to extend the Termination Date by up to six (6)
one-month Extensions to August 5, 2024 provided that if any Extended Deadline ends on a day that is not a business day, such Extended
Deadline will be automatically extended to the next succeeding business day(the “Third Extension Amendment Proposal”).
In
connection with the approval of the Third Extension Amendment Proposal and the Third Trust Amendment Proposal at the February 1,
2024 shareholders meeting, holders of 5,806,608
of the Company’s Class A ordinary shares exercised their rights to redeem those shares for cash at an approximate price of
$10.80
per share, for an aggregate of approximately $62.7
million. Following the payment of the redemptions, the Trust Account had a balance of approximately $5.6 million,
inclusive of Extension Payments, as of March 31, 2024.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
On
January 5, 2024, the Company deposited $150,000 into
the Trust Account to extend the date to consummate a Business Combination.
Proposed
Business Combination
On
March 3, 2023, the Company entered into an agreement by and among the Company, AIRO Group, Inc., a Delaware corporation
and a wholly owned subsidiary of the Company (“ParentCo”), Kernel Merger Sub, Inc., a Delaware corporation and a wholly owned
subsidiary of ParentCo (“Kernel Merger Sub”), AIRO Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary
of ParentCo (“AIRO Merger Sub”), the Company’s Sponsor, Dr. Chirinjeev Kathuria, in the capacity as the representative
for the Company’s shareholders (the “Seller Representative”), and AIRO Group Holdings, Inc., a Delaware corporation
(“AIRO Group Holdings” ), referred to collectively as the Parties (as may be amended and/or restated
from time to time, the “Business Combination Agreement”), pursuant to which, among other things, the Company will change
the Company’s jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating
as a corporation incorporated under the laws of the State of Delaware (the “Domestication”).
In
connection with the Domestication, each Class B ordinary share, par value $0.0001 per share, shall convert into a share of Class B common
stock, par value $0.0001 per share, and each Class A ordinary share, par value $0.0001 per share, shall convert into a share of Class
A common stock, par value $0.0001 per share. Further, each share of Class B common stock and each share of Class A common stock that
is then issued and outstanding shall convert automatically, on a one-for-one basis, into one share of Kernel common stock (the “Kernel
Common Stock”).
Following
the Domestication, the Parties will effect the merger of Kernel Merger Sub with and into the Company, with the Company continuing as
the surviving entity as a wholly owned subsidiary of ParentCo (the “First Merger”). Immediately following the First Merger,
AIRO Merger Sub will merge with and into AIRO Group Holdings, with AIRO Group Holdings continuing as the surviving entity as a wholly
owned subsidiary of ParentCo (the “Second Merger” and the other transactions contemplated by the Business Combination Agreement,
together, the “Transaction”).
As
consideration for the Second Merger, the
holders of AIRO Group Holdings’ securities collectively shall be entitled to receive from ParentCo, in the aggregate, a number
of shares of ParentCo common stock with an aggregate value equal to (the “AIRO Merger Consideration”) (a) $770.0 million
minus (b) the amount, if any, by which the net working capital is less than negative $500,000, plus (c) the amount, if any, by which
the net working capital exceeds $500,000 (but not less than zero), minus (d) the amount, if any, by which the closing net debt
exceeds the target net debt of $75.0 million, by more than $500,000 (but not less than zero), plus (e) the amount, if any, by which
the target net debt of $75.0 million exceeds closing net debt, minus (f) the amount, if any, by which the company transaction
expenses exceed the target company transaction expenses of $14.0 million (but not less than zero). In addition, holders of AIRO
Group Holdings’ securities shall have the contingent right to receive from ParentCo, in the aggregate, up to 33,000,000
additional shares of ParentCo common stock, and the Sponsor shall have the contingent right to receive up to 3,300,000 shares of
ParentCo common stock (the “Earnout Shares”). In the event that for any full 12-month period (each an “Earnout
Period”) commencing on or after the closing date (the “Earnout Start Date”) and ending on or before the last day
of the thirteenth full calendar quarter following the closing date (the “Earnout End Date,” and the period between the
Earnout Start Date and the Earnout End Date, the “Earnout Eligibility Period”) ParentCo’s revenue is (i) greater
than or equal to $42.6 million for the first time during the Earnout Eligibility Period, (ii) greater than or equal to $141.4
million for the first time during the Earnout Eligibility Period, and (iii) greater than or equal to $358.9 million for the first
time during the Earnout Eligibility Period, then upon the occurrence of each (i), (ii), and (iii), ParentCo shall issue to each of
the stockholders of AIRO Group Holdings such stockholder’s pro rata share of 6,600,000 Earnout Shares and the Sponsor shall be
issued 660,000 Earnout Shares. In the event that ParentCo’s EBITDA for any Earnout Period is (x) less than or equal to
negative $19.3 million for the first time during the Earnout Eligibility Period, (y) greater than or equal to $4.0 million for the
first time during the Earnout Eligibility Period and (z) greater than or equal to $98.6 million for the first time during the Earnout
Eligibility Period, then upon the occurrence of each (x), (y), and (z), ParentCo shall issue to each of the stockholders of AIRO
Group Holding such stockholder’s pro rata share of 4,400,000 Earnout Shares and the Sponsor shall be issued 440,000 Earnout
Shares.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Business Combination Agreement contains customary conditions to closing, including the following mutual conditions of the parties (unless
waived): (i) approval of the shareholders of Kernel and AIRO Group Holdings of the Transaction and the other matters requiring shareholder
approval; (ii) approvals of any required governmental authorities and completion of any antitrust expiration periods; (iii) receipt of
specified third party consents; (iv) no law or order preventing the Transaction; (v) the registration statement having been declared
effective by the SEC; (vi) no material uncured breach by the other party; (vii) no occurrence of a material adverse effect with respect
to the other party; (viii) approval from Nasdaq for the listing of the shares of ParentCo’s common to be issued in connection with
the Transaction; and (ix) reconstitution of the post-closing board as contemplated under the Business Combination Agreement.
In
addition, unless waived by AIRO Group Holdings, the obligations of AIRO Group Holdings to consummate the Transaction are subject to the
satisfaction of the following additional Closing conditions, in addition to the delivery by Kernel of the related agreements, customary certificates and other closing deliverables: (i) the representations and warranties
of Kernel being true and correct as of the date of the Business Combination Agreement and as of the closing (subject to customary exceptions,
including materiality qualifiers); (ii) Kernel having performed in all material respects its obligations and complied in all material
respects with its covenants and agreements under the Business Combination Agreement required to be performed or complied with by it on
or prior to the date of the closing; (iii) absence of any material adverse effect with respect to Kernel since the date of the Business
Combination Agreement which is continuing and uncured; (iv) the replacement of the replacement warrants and replacement options; (v)
at the closing, Kernel having $50.0 million in unencumbered cash, including funds remaining in the Trust Account (after giving effect to
the completion and payment of any redemptions and any transaction expenses) and the proceeds of the private investment in public equity or convertible note investments,
fifty percent (50%) of any net cash proceeds of any capital investment raise and/or convertible debt raise conducted by the Company during
the period beginning on the effective date of the Business Combination and ending on the closing date, and any net cash proceeds of any
executed agreements regarding a capital investment raise and/or convertible debt raise conducted by Kernel or ParentCo in which such
cash proceeds are required to be paid to ParentCo during the thirty (30) day period beginning on the closing date.
Finally,
unless waived by Kernel, the obligations of Kernel to consummate the Transaction are subject to the satisfaction of the following
additional closing conditions, in addition to the delivery by Kernel of the related agreements, customary certificates and other
closing deliverables: (i) the representations and warranties of AIRO Group Holdings being true and correct as of the date of the
Business Combination Agreement and as of the closing (subject to customary exceptions, including materiality qualifiers); (ii) AIRO
Group Holdings having performed in all material respects their respective obligations and complied in all material respects with
their respective covenants and agreements under the Business Combination Agreement required to be performed or complied with by them
on or prior to the date of the closing; (iii) absence of any material adverse effect with respect to AIRO Group Holdings and its
subsidiaries on a consolidated basis since the date of the Business Combination Agreement which is continuing and uncured; (iv)
delivery of AIRO’s 2022 audited financials statements within 60 days of the Business Combination Agreement’s signing;
(v) the completion of Kernel’s legal due diligence of AIRO Group Holdings and its subsidiaries to Kernel’s reasonable
satisfaction; (vi) the replacement of the replacement warrants and replacement options; and (vii) the aggregate amount of all
indebtedness of the target companies due earlier than 180 days after the closing (less Company cash at closing) is less than $50.0 million.
On
August 29, 2023, the Parties entered into the First Amendment to the Business Combination Agreement (the “First
Amendment”). The First Amendment amends the Business Combination Agreement to make certain changes to the earnout provisions
to fix the number of Earnout Shares that can be granted in each Earnout Period based on a $10.00
per share price.
On
January 16, 2024, the Parties entered into the Second Amendment to the Business Combination Agreement (the “Second Amendment”).
The Second Amendment amends the Business Combination Agreement to change the terms under which the AIRO Group Holdings shareholders and
the Sponsor shall have a contingent right to receive the Earnout Shares as additional consideration based on ParentCo’s achievement
of certain revenue thresholds. The Second Amendment also amended the termination date pursuant to the original Business Combination Agreement,
from August 2, 2023 to August 5, 2024.
On
February 5, 2024, the Parties entered into the Third Amendment to the Business Combination Agreement (the “Third Amendment”).
The Third Amendment amends the Business Combination Agreement and removed the previous requirement of the Company to satisfy
maintain a minimum of $5.0 million in net tangible assets at closing.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Risks
and Uncertainties
In
February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus.
The
escalation in October 2023 of the conflict between Israel and Hamas also could cause disruptions to global economic conditions and effect
the stability of the Middle East region. It is unknown how long any of these disruptions will continue and whether such disruptions will
become more severe.
The
impact of these conflicts on the world economy is not determinable as of the date of these consolidated financial statements and the
specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the
date of these unaudited condensed consolidated financial statements.
As
a result of political tensions in the Middle East and the military action commenced in February 2022 by the Russian Federation and
Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination,
or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and
adversely affected. Further, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity
and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market
liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and
related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations
and/or ability to consummate a Business Combination are not yet determinable. The unaudited condensed consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Going
Concern
As
of March 31, 2024, the Company had $804
in its operating bank account and a working capital deficit of approximately $8.4
million.
The
Company’s liquidity needs to date have been satisfied through a contribution of $25,000
from the Original Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares, the loan of $
from the Original Sponsor under a note, certain portion of the proceeds from the consummation of the Private Placement not held in
the Trust Account, the promissory notes of $2.5
million, and Convertible Promissory Notes (as defined below) of approximately $2.0
million. The Company repaid $
of the loan from the Original Sponsor in February 2021. In addition, in order to finance transaction costs in connection with a
Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but
are not obligated to, provide the Company Working Capital Loans (as defined below). If the Company completes a Business Combination, the Company may
repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital
Loans may 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.
In connection with the Company’s assessment of going concern considerations in
accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15,
“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has
determined that the liquidity condition, the date of the mandatory liquidation and subsequent dissolution raises substantial doubt
about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or
liabilities should the Company be required to liquidate after August 5, 2024. The unaudited condensed consolidated financial
statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The
Company’s management plans to complete a Business Combination prior to the mandatory liquidation date.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with
the instructions to Form 10-Q and Article 8 of Regulation S-X and pursuant to the rules and regulations of the SEC. Accordingly,
certain disclosures included in the annual consolidated financial statements have been condensed or omitted from these unaudited
condensed consolidated financial statements as they are not required for interim financial statements under U.S. GAAP and the rules
of the SEC. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which
include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented.
Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected
through December 31, 2024, or any future period. The accompanying unaudited condensed consolidated financial statements should be
read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K filed with the SEC.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012, 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.
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. 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 unaudited condensed consolidated financial statements and the reported amounts of revenues
and expenses during the reporting periods. Making estimates requires the Company’s 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 consolidated statements, which the Company’s management considered in formulating its
estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting
estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the
warrant liabilities. Actual results could differ from those estimates.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial
institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000
and investments held in the Trust Account. The Company has significant cash balances at financial institutions which throughout the
year regularly exceed the federally insured limit of $250,000.
Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial
condition, results of operations, and cash flows.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of March 31, 2024 or December 31, 2023.
Cash
and Investments Held in Trust Account
Until
February 2023, the Company’s portfolio of investments held in the Trust Account was comprised of U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments
in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a
combination thereof. In February 2023, the Company transferred the funds in the Trust Account into cash. In July 2023, the Company
instructed Continental to instead hold the funds in the Trust Account in an interest-bearing demand deposit account, and in August
2023, the Company transferred the Trust Account funds to an interest-bearing demand deposit account. When the Company’s
investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading
securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are
recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated
balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in income from investments held in Trust Account in the accompanying condensed consolidated statements of
operations. The estimated fair values of investments held in the Trust Account are determined using available market information.
During the three months ended March 31, 2024, $62.7
million was paid to redeeming shareholders. At March 31, 2024 and December 31, 2023, the cash held in the Trust Account totaled
approximately $5.6
million and cash and investments held in the Trust Account totaled approximately $67.8
million, respectively.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under Accounting Standards
Codification (“ASC”) Topic 820, “Fair Value Measurements” (“ASC 820”), equals or
approximates the carrying amounts represented in the consolidated balance sheets, except for warrant liabilities (see Note
10).
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly
transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). These tiers consist of:
|
● |
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 valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company
evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are
derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480, “Distinguishing
Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging”
(“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as
liabilities or as equity, is re-assessed at the end of each reporting period.
The
warrants issued in connection with the Initial Public Offering and the Private Placement Warrants are recognized as derivative
liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and
adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet
date until exercised. The fair value of warrants issued in connection with the Private Placement has been measured by using the
market value of the Public Warrants (as defined below). The fair value of the warrants issued in connection with the Initial Public
Offering was initially measured using a Monte-Carlo simulation and subsequently has been measured based on the market price at each
measurement date when separately listed and traded. The determination of the fair value of the derivative liability may be subject
to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative
liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current
assets or require the creation of current liabilities. The Company’s public and private warrant liabilities (see Notes 7 and
10) are classified as derivatives in the condensed consolidated balance sheets with changes in the fair value recognized in the
condensed consolidated statements of operations.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Convertible
Promissory Notes
On
March 23, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $600,000
(the “First Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 600,000
Class A common stock at the closing of a Business Combination (“Share Rights”). At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $600,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (60,000
shares).
On
April 4, 2023, Aesther Healthcare Sponsor agreed to loan the Company an aggregate principal amount of $50,000
(“the Aesther Healthcare Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 50,000 Share Rights. At the option of Aesther Healthcare
Sponsor, upon the closing of a Business Combination, the outstanding principal of $50,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A Common Stock for each $10
of additional capital contribution (5,000
shares).
On
April 25, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $800,000
(the “Second Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 800,000 Share Rights. At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $800,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (80,000
shares).
On
December 6, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $250,000
(the “Third Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 250,000 Share Rights. At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $250,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A Common Stock for each $10
of additional capital contribution (25,0000
shares).
On
February 23, 2024, three accredited investors (RLH SPAC Fund LP, TQ Master Fund LP and Sternstar LLC) agreed to loan the Company an
aggregate principal amount of $250,000 ($100,000 pursuant to the RLH SPAC Fund convertible note, $100,000
pursuant to the TQ Master Fund convertible note, and $50,000
pursuant to the Sternstar convertible note), to be used for a portion of the expenses of the Company in exchange for the issuance of
an aggregate 250,000
Share Rights. At the option of the investors, upon the closing of a Business Combination, the outstanding principal of $250,000
may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (25,000
shares).
The Convertible Promissory Notes (as defined
below) are non-interest bearing and are due within five business days from the date on which the Company consummates a Business Combination.
If the Company does not consummate a Business Combination, the Company may use a portion of any funds held outside the Trust Account
to repay the Convertible Promissory Notes; however, no proceeds from the Trust Account may be used for such repayment if the Company
does not consummate the Business Combination.
Collectively,
the First Polar Fund Convertible Note, the Aesther Healthcare Convertible Note, Second Polar Fund Convertible Note, the Third Polar
Fund Convertible Note, the RLH SPAC Fund convertible note, the TQ Master Fund convertible note, and the Sternstar convertible note,
are referred to as the Convertible Promissory Notes. The Company accounted for its Share Rights as equity-classified instruments
based on an assessment of the Share Right’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The
assessment considers whether the Share Rights are freestanding financial instruments pursuant to ASC 480, meet the definition of a
liability pursuant to ASC 480, and whether the Share Rights meet all the requirements for equity classification under ASC 815,
including whether the Share Rights are indexed to the Company’s own common stock, among other conditions for the equity
classification. This assessment, which requires the use of professional judgment, was conducted at the time of Share Rights
issuance. Both the Convertible Promissory Notes and the Share Rights meet the scope exception of ASC 815-10-15-74(a). The Company
applied the guidance in ASC 470-20-25-2, “Debt With Conversion and Other Options”, requiring that the loan
proceeds be allocated to the two instruments based on their relative fair values. At March 23, 2023, the Company allocated $53,191
of the proceeds to the First Polar Fund Convertible Note and $546,809
for the Share Rights. At April 4, 2023, the Company allocated $4,409
of the proceeds to the Aesther Healthcare Convertible Note and $45,591
for the Share Rights. At April 25, 2023, the Company allocated $70,299
of the proceeds to the Second Polar Fund Convertible Note and $729,701
for the Share Rights. At December 6, 2023, the Company allocated $21,441
of the proceeds to the Third Polar Fund Convertible Note and $228,559
for the Share Rights. At February 23, 2024, the Company allocated $8,482
of the proceeds to the RLH SPAC Fund convertible note and $91,518
for the Share Rights. At February 23, 2024, the Company allocated $8,482
of the proceeds to the TQ Master Fund convertible note, and $91,518
to the Share Rights. At February 23, 2024, the Company allocated $4,241
of the proceeds to the Sternstar convertible note and $45,759
to the Share Rights. The Share Rights are recognized as a debt discount to the Convertible Promissory Notes and accreted through
interest expense to the face value of the Convertible Promissory Notes utilizing an effective interest method. At March 31, 2024,
the carrying value of the Convertible Promissory Notes (see Note 5) was approximately $1.8
million, reflecting an unamortized discount of $159,654
and at December 31, 2023, the carrying value of the Convertible Promissory Notes (see Note 5) was approximately $1.6
million, reflecting an unamortized discount of $134,887.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were
directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the
Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with
derivative warrant liabilities are expensed as incurred, and presented as other income (expenses) in the condensed consolidated
statements of operations. Offering costs associated with the Class A ordinary shares issued were charged against the carrying value
of Class A ordinary shares upon the completion of the Initial Public Offering.
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A
ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value.
Conditionally redeemable Class A ordinary shares (including Class A 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, Class A ordinary shares are classified within the
shareholders’ deficit section of the Company’s condensed consolidated balance sheets. The Company’s Class A
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. Accordingly, as of March 31, 2024 and December 31, 2023, the Company had 509,341 and 6,315,949 Class
A ordinary shares subject to possible redemption, respectively, that are presented as temporary equity, outside of the
shareholders’ deficit section of the Company’s condensed consolidated balance sheets. During the three months ended
March 31, 2024, 5,806,608 Class
A ordinary shares were redeemed by shareholders.
Under
ASC 480-10 S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying
value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering, the Company
recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to
the extent available) and accumulated deficit.
Net
Loss per Ordinary Share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” The Company
has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared
pro rata between the two classes of shares. This presentation assumes a Business Combination as the most likely outcome. Net loss per
ordinary share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding for the respective
period.
The
calculation of diluted net loss per ordinary share does not consider the effect of the warrants underlying the Units sold in the
Initial Public Offering and the Private Placement Warrants to purchase 23,987,500
Class A ordinary shares, nor the effect of the conversion features under the Convertible Promissory Notes to issue up to 195,000
additional Class A ordinary shares, in the calculation of diluted loss per share, because their exercise is contingent upon future
events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per share is the
same as basic net loss per share for the three months ended March 31, 2024 and 2023. Accretion associated with the redeemable Class
A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company has considered the effect of Class B ordinary shares that were excluded from the weighted average number as they were
contingent on the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, the Company included
these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these
shares.
SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE OF ORDINARY SHARE
| |
For the Three Months Ended
March 31, 2024 | | |
For the Three Months Ended
March 31,
2023 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net loss - basic
and diluted | |
$ | (205,843 | ) | |
$ | (614,710 | ) | |
$ | (1,909,942 | ) | |
$ | (818,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average ordinary shares outstanding,
basic and diluted | |
| 2,551,225 | | |
| 7,618,750 | | |
| 17,781,598 | | |
| 7,618,750 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per ordinary share | |
$ | (0.08 | ) | |
$ | (0.08 | ) | |
$ | (0.11 | ) | |
$ | (0.11 | ) |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes” (“ASC
740”). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no
amounts accrued for interest and penalties as of March 31, 2024 and December 31, 2023. The Company’s management determined
that the Cayman Islands is the Company’s only major tax jurisdiction. The Company is currently not aware of any issues under
review that could result in significant payments, accruals or material deviation from its position.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman federal income tax
regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s
consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.
Recent
Accounting Pronouncements
Recently
Adopted Pronouncements
In June 2016, the FASB
issued ASU No. 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial
Instruments”, which changes the impairment model for most financial assets. The ASU introduces a new credit loss
methodology, current expected credit losses (“CECL”), which requires earlier recognition of credit losses, while also
providing additional transparency about credit risk. Since its original issuance in 2016, the FASB has issued several updates to the
original ASU. The CECL framework utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses
for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected
credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple
existing impairment methods, which generally require that a loss be incurred before it is recognized. The Company adopted this
standard on January 1, 2023 and the impact was not material to the unaudited condensed consolidated financial statements.
In
June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered
in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to
contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and
equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning
after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual
financial statements that have not yet been issued or made available for issuance. The Company adopted this standard on January 1,
2024 and the impact was not material to the unaudited condensed consolidated financial statements.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
NOTE
3. INITIAL PUBLIC OFFERING
On
February 5, 2021, the Company consummated its Initial Public Offering of 30,475,000 Units, including 3,975,000 Over-Allotment Units,
at $10.00 per Unit, generating gross proceeds of approximately $304.8 million, and incurring offering costs of approximately $17.4 million,
of which approximately $10.7 million was for deferred underwriting commissions. For the three months ended March 31, 2024, 5,806,608 Class A ordinary shares were redeemed by shareholders.
Each
Unit consists of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”). Each whole Public
Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment
(see Note 7).
NOTE
4. RELATED PARTY TRANSACTIONS
Founder
Shares
On
November 19, 2020, the Original Sponsor paid an aggregate of $ for certain expenses on behalf of the Company in exchange for issuance
of Class B ordinary shares (the “Founder Shares”). On January 11, 2021, the Company effected a 1 for 1.25 forward
stock split of the Founder Shares that increased the number of outstanding Founder Shares from 5,750,000 to 7,187,500 shares, and the
Original Sponsor transferred an aggregate of 75,000 Founder Shares to the independent directors and an aggregate of 50,000 Founder Shares
to the former advisors (the number of shares are after the effect of the forward stock split discussed in the next sentence). On February 2, 2021, the Company effected a 1 for 1.06 forward stock split of the Founder Shares that increased
the number of outstanding Founder Shares from 7,187,500 to 7,618,750 shares and resulted in the Original Sponsor holding 7,493,750 Founder
Shares. The Original Sponsor agreed to forfeit up to an aggregate of 993,750 Founder Shares to the extent that the option to purchase
additional Units was not exercised in full by the underwriters or was reduced, so that the Founder Shares would represent 20% of the
Company’s issued and outstanding shares after the Initial Public Offering. On February 5, 2021, the underwriter fully exercised
its over-allotment option; thus, these 993,750 Founder Shares are no longer subject to forfeiture.
The
Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after
the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of
the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading-day period commencing at least 150 days after the initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar
transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or
other property.
On
December 28, 2022, the Company entered into a purchase agreement with the Original Sponsor and the New Sponsor, pursuant to which
the New Sponsor, or an entity designated by the New Sponsor, will purchase from the Original Sponsor
Class B ordinary shares of the Company, par value $
per share and
Private Placement Warrants, each of which is exercisable to purchase one Class A ordinary share of the Company, par value $
per share, for an aggregate purchase price of $
payable at the time the Company effects the initial Business Combination. The Class B ordinary shares which the New
Sponsor will purchase from the Original Sponsor will include 75,000 Founder Shares transferred by the Original Sponsor to the
independent directors and 50,000 Founder Shares transferred by the Original Sponsor to the former advisors, which have been
purchased by the New Sponsor and are pending transfer at closing by the exchange agent. Upon the closing of the initial Business
Combination, the New Sponsor shall also convey
Class B ordinary shares to the equity holders of the Original Sponsor, as of the Effective Date, pro rata based on the
equity holders’ underlying interest in the Company’s Class B ordinary shares as of December 28, 2022.
Private
Placement Warrants
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the Private Placement of
8,750,000 Private Placement Warrants, at a price of $1.00 per Private Placement Warrant with the Original Sponsor, generating gross proceeds
of approximately $8.8 million.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
On
December 28, 2022, the Original Sponsor transferred all Private Placement Warrants to the exchange agent, and upon closing of a Business Combination, the Private Placement Warrants will be transferred to
the New Sponsor.
Each
whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the
proceeds from the sale of the Private Placement Warrants to the Original Sponsor was added to the proceeds from the Initial Public Offering
held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement
Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as
they are held by the Sponsor or its permitted transferees.
The
Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of
their Private Placement Warrants until 30 days after the completion of the initial Business Combination.
Related
Party Loans
In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an
affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds
as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the
Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may 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 Working Capital Loans would either be repaid upon consummation of a Business Combination, without
interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of
the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants.
Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with
respect to such loans.
During the year ended December 31, 2023, the
Company entered into loan agreements with eleven investors and the Sponsor (the “Loan Agreements”). Pursuant to the Loan
Agreements, the investors loaned the Sponsor a total of $2.5 million,
which will in turn be loaned by the Sponsor to the Company, to cover a portion of the Extension Payments with any remaining balance
to be used for the Company’s working capital. The Loan Agreements accrue 8%
interest per annum and shall be repaid upon closing the initial Business Combination. The Company intends to pay all principal under
the Loan Agreements and shall not be responsible for the payment of any interest on the loans. As of March 31, 2024 and December 31,
2023, the total amount drawn on the Loan Agreements was approximately $2.4 million
and $2.2 million, respectively.
Administrative
Support Agreement
Commencing
on the date that the Company’s securities were first listed on Nasdaq through the earlier of consummation of the initial Business
Combination or its liquidation, the Company agreed to pay the Sponsor $10,000 per month for office space, administrative and support
services. For the three months ended March 31, 2024 and 2023, the Company incurred $30,000 and $30,000 for such services, respectively.
As of March 31, 2024 and December 31, 2023, $320,000 and $290,000 were outstanding, respectively, and included in accrued expenses –
related party as reflected in the accompanying condensed consolidated balance sheets.
In
addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses
incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due
diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the
Company to the Sponsor, officers or directors, or their affiliates. Any such payments prior to an initial Business
Combination will be made from funds held outside the Trust Account. For the three months ended March 31, 2024 and 2023, the Company did
not incur or reimburse any Business Combination costs to the Sponsor or any related party.
NOTE
5. DEBT
The
Convertible Promissory Notes are non-interest bearing and are due within five business days from the date on which the Company
consummates a Business Combination. If the Company does not consummate a Business Combination, the Company may use a portion of any
funds held outside the Trust Account to repay the Convertible Promissory Notes; however, no proceeds from the Trust Account may be
used for such repayment if the Company does not consummate a Business Combination. The Convertible Promissory Notes may be
converted into Class A common stock at one share for each $10
of additional capital contribution at the option of the investor.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company complies with ASC Topic 835, “Interest” (“ASC 835”). In accordance with ASC 835-30, discounts
to the principal amounts are included in the carrying value of the Convertible Promissory Notes and amortized to “Interest
expense” over the remaining term of the underlying debt to the Convertible Promissory Notes’ maturity date.
As
described in Note 2, on March 23, 2023, the Company entered into the First Polar Fund Convertible Note pursuant to which Polar
Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $600,000.
The Company on April 25, 2023 entered into the Second Polar Fund Convertible Note, pursuant to which Polar Multi-Strategy Master
Fund agreed to loan the Company an aggregate principal amount of $800,000.
Additionally, on December 6, 2023, the Company entered into the Third Polar Fund Convertible Note, pursuant to which Polar
Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $250,000.
As of March 31, 2024 and December 31, 2023, the outstanding balance under the First, Second, and Third Polar Fund Convertible
Promissory Notes amounted to an aggregate of approximately $1.7
million. The Company recorded $546,809,
$729,701,
and $228,559
for debt discount upon issuance of the First Polar Fund Convertible Note, Second Polar Fund Convertible Note, and Third Polar Fund
Convertible Note, respectively. For the three months ended March 31, 2024, and the year ended December 31, 2023, the amortization of
the discount resulted in total interest expense of $134,887
and $1,370,182 for these loans, respectively.
As
described in Note 2, the Company entered into the Aesther Healthcare Convertible Note on April 4, 2023, pursuant to which Aesther
Healthcare Sponsor agreed to loan the Company an aggregate principal amount of $.
As of March 31, 2024 and December 31, 2023, the outstanding balance under the Aesther Healthcare Convertible Note amounted to an
aggregate of $50,000.
The Company recorded a $45,591
debt discount upon issuance of the Aesther Healthcare Convertible Promissory Note. As of January 1, 2024, the discount recognized at
issuance was fully amortized.
As
described in Note 2, on February 23, 2024, three accredited investors (RLH SPAC Fund LP, TQ Master Fund LP and Sternstar LLC) agreed
to loan the Company $100,000,
$100,000,
and $50,000 respectively.
For the three months ended March 31, 2024, the outstanding balance for the three accredited investors amounted to an aggregate of
$250,000.
The Company recorded $69,141 to
interest expense for these loans for the three months ended March 31, 2024.
For
the three months ended March 31, 2024, the amortization of the discount resulted in total interest expense of $204,028 for all of the
Company’s Convertible Promissory Notes. For the three months ended March 31, 2023, the amortization of the discount resulted in interest
expense of $32,404.
The
following table presents the aggregate of Convertible Promissory Notes as of March 31, 2024:
SCHEDULE OF CONVERTIBLE PROMISSORY NOTES
| |
| | |
Principal
value | |
$ | 1,950,000 | |
Debt
discount | |
| (159,654 | ) |
Carrying
value | |
$ | 1,790,346 | |
NOTE
6. 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 Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon
the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding
short form demands, that the Company registers such securities. In addition, the holders will be entitled to certain demand and “piggyback”
registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Premium
Finance Agreement - D&O Insurance
In
order to obtain a public company directors and officers insurance policy (“D&O Insurance”), the Company entered into
two agreements with premium financing lenders, whereby the lenders paid the D&O Insurance premium for the Company (“Premium
Finance Agreements”). If the Company were to not pay the lenders monthly installment payments, the lenders would cancel the D&O
Insurance and the remaining D&O Insurance premium would be returned to the lenders. In addition, if the Company were to cancel the
D&O Insurance, the remaining D&O Insurance premium would be returned to the lenders.
The
first Premium Finance Agreement is for $350,000 and accrues interest at a fixed rate of 7.5% per annum for a total of $3,136 over the
term of the Premium Finance Agreement. Monthly payments of $35,784, were paid in four monthly installments, which commenced on February
28, 2023 with a maturity date of May 28, 2023. Upon entering into the Premium Finance Agreement, an upfront payment of $210,000 was due
and paid on March 27, 2023.
The
second Premium Finance Agreement is for $194,569 and accrues interest at a fixed rate of 7.5% per annum for a total of $1,744 over the
term of the Premium Finance Agreement. Monthly payments of $19,893, were paid in four monthly installments, which commenced on February
28, 2023 with a maturity date of May 28, 2023. Upon entering into the Premium Finance Agreement, an upfront payment of $116,741 was due
and paid on March 27, 2023.
The
total expenses incurred under the Premium Finance Agreements, covering upfront, monthly, and interest payments, were $206,043
during the three months ended March 31, 2023 and are included in general and administrative expenses on the accompanying condensed
consolidated statements of operations. The total cash disbursements made under the Finance Agreements for upfront, monthly, and
interest payments totaled $438,095
during the three months ended March 31, 2023.
The
total expenses incurred for D&O Insurance for the three months ended March 31, 2024 and 2023 were $105,848
and $206,043, respectively are included in general and administrative expenses on the accompanying condensed consolidated statements
of operations. Total cash disbursements made for D&O Insurance for the three months ended March 31, 2024 and 2023 totaled $105,848
and $438,095, respectively.
NOTE
7. WARRANTS
As
of both March 31, 2024 and December 31, 2023, the Company had 15,237,500 Public Warrants and 8,750,000 Private Placement Warrants outstanding.
Public
Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units
and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has
an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public
Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants
on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than twenty (20)
business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with
the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current
prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement.
If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th
day after the closing of the initial Business Combination, 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 warrants
on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the
above, if the Class A ordinary shares are at the time of any exercise of a 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 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, it will not be required to file or maintain in effect
a registration statement.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business
Combination or earlier upon redemption or liquidation. 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 the initial Business Combination at an issue price or effective
issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the
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 the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z)
the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior
to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20
per share, 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, the $18.00 per share redemption trigger price described under “Redemption of warrants when the
price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary
share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and
the Newly Issued Price, and the $10.00 per share redemption trigger price described under “Redemption of warrants when the price
per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market
Value and the Newly Issued Price.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except (i)
that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not
be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions,
(ii) except as described below, the Private Placement Warrants will be non-redeemable so long as they are held by the Sponsor or such
its permitted transferees and (iii) the Sponsor or its permitted transferees will have the option to exercise the Private Placement Warrants
on a cashless basis and have certain registration rights. If the Private Placement Warrants are held by someone other than the Sponsor
or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable
by such holders on the same basis as the Public Warrants.
Redemption
of warrants when the price per Class A ordinary share equals or exceeds $18.00:
Once
the warrants become exercisable, the Company may call the outstanding warrants (except as described herein with respect to the Private
Placement Warrants):
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption; and |
|
|
|
|
● |
if,
and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per
share (as adjusted) for any 20 trading days within a 30-trading-day period ending on the third trading day prior to the date on which
the Company sends the notice of redemption to the warrant holders. |
The
Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance
of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class
A ordinary shares is available throughout the 30-day redemption period.
Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00:
Once
the warrants become exercisable, the Company may redeem the outstanding warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
$0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise
their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference
to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
|
|
|
|
● |
if,
and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days
within the 30-trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders;
and |
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
|
● |
if
the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading-day period ending on the third trading
day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as
adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public
Warrants, as described above. |
The
“fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class
A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders
of warrants. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than
0.361 Class A ordinary shares per warrant (subject to adjustment).
In
no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such
funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust
Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
NOTE
8. CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
The
Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control
and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value
of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31,
2024 and December 31, 2023, there were 509,341 and 6,315,949, respectively, of Class A ordinary shares outstanding, which were all subject
to possible redemption and are classified outside of permanent equity in the balance sheets.
The
Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled on the
following table:
SCHEDULE OF CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
Gross
proceeds received from Initial Public Offering | |
$ | 304,750,000 | |
Less: | |
| | |
Fair
value of Public Warrants at issuance | |
| (23,922,875 | ) |
Offering
costs allocated to Class A ordinary shares | |
| (16,172,159 | ) |
Plus: | |
| | |
Accretion
on Class A ordinary shares to redemption value | |
| 44,479,800 | |
Class
A ordinary shares subject to possible redemption as of December 31, 2022 | |
| 309,134,766 | |
Redemption
of shares | |
| (246,225,327 | ) |
Derecognition
of deferred underwriting fee payable allocated to Class A ordinary shares | |
| 9,910,904 | |
Accretion
on Class A ordinary shares subject to possible redemption | |
| (5,100,681 | ) |
Class
A ordinary shares subject to possible redemption as of December 31, 2023 | |
| 67,719,662 | |
Redemption
of shares | |
| (62,727,099 | ) |
Accretion
on Class A ordinary shares subject to possible redemption | |
| 471,077 | |
Class
A ordinary shares subject to possible redemption as of March 31, 2024 | |
$ | 5,463,640 | |
NOTE
9. SHAREHOLDERS’ DEFICIT
Preference
Shares - The Company is authorized to issue 1,000,000
preference shares with a par value of $0.0001
per share. As of March 31, 2024 and December 31, 2023, there were no
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 the Company’s Class A ordinary shares are entitled to one
vote for each share. For the three months ended March 31, 2024, 5,806,608
Class A ordinary shares were redeemed by shareholders. As of March 31, 2024 and December 31, 2023, there were 509,341
and 6,315,949
Class A ordinary shares outstanding, all of which were subject to possible redemption and included as temporary equity (see Note
8).
Class
B Ordinary Shares - There were 7,618,750
shares issued and outstanding as of March 31, 2024 and December 31, 2023.
Class
A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be
voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote
together as a single class on all matters submitted to a vote of the shareholders except as required by law.
The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination at a
ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on
an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial
Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise
of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation
to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable
for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination
and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the management team upon conversion of Working
Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
NOTE
10. FAIR VALUE MEASUREMENTS
The
following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a
recurring basis as of March 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs the Company
utilized to determine such fair value:
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
Description | |
Amount
at Fair Value | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
March
31, 2024 | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
liability – Public Warrants | |
$ | 609,500 | | |
$ | — | | |
$ | 609,500 | | |
$ | — | |
Warrant
liability – Private Placement Warrants | |
$ | 350,000 | | |
$ | — | | |
$ | 350,000 | | |
$ | — | |
Description | |
Amount
at Fair Value | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
December
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investments
held in Trust Account: | |
| | | |
| | | |
| | | |
| | |
Cash
or demand deposit account | |
$ | 67,819,662 | | |
$ | 67,819,662 | | |
$ | — | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
liability – Public Warrants | |
$ | 304,750 | | |
$ | — | | |
$ | 304,750 | | |
$ | — | |
Warrant
liability – Private Placement Warrants | |
$ | 175,000 | | |
$ | — | | |
$ | 175,000 | | |
$ | — | |
Warrant
liability | |
$ | 175,000 | | |
$ | — | | |
$ | 175,000 | | |
$ | — | |
Transfers
to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers during March 31, 2024 and
December 31, 2023.
Level
1 assets include cash, demand deposit account and investments in money market funds that invest solely in U.S. Treasury securities. The
Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources
to determine the fair value of its investments.
For
periods where no observable traded price was available, which was prior to March 2021 for the Public Warrants, and prior to December
2022 for the Private Placement Warrants, the fair value of the Public Warrants issued in connection with the Initial Public Offering
was estimated using a Black-Scholes option pricing model. The Company utilized a Black-Scholes option pricing model to estimate the
fair value of the Private Placement Warrants at each of the relevant reporting periods as described above, with changes in fair value recognized in the
condensed consolidated statements of operations.
NOTE
11. SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred up to the date the unaudited condensed consolidated financial
statements were issued. Based upon this review, other than as described below, the Company did not identify any other subsequent
events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.
On
April 5, 2024, the Company elected to extend the period of time it has to consummate its initial Business Combination by one month from
April 5, 2024 to May 5, 2024. The Extension is the third of up to six monthly Extensions permitted under
the Company’s governing documents.
On May 3, 2024, the Company elected to extend the period of time it has
to consummate its initial Business Combination by one month from May 5, 2024 to June 5, 2024. The Extension is the fourth of up to six
monthly Extensions permitted under the Company’s governing documents.
On
April 4, 2024, the Company entered into a subscription agreement with an investor and the Sponsor to loan an aggregate principal
amount of $250,000 (the
“April 2024 Convertible Promissory Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of an aggregate of
$250,000 Share Rights. At the option of the investor, upon the closing of a Business Combination, the outstanding principal amount
of $250,000 may
be converted into Class A common stock at a rate of one Class A common stock for each $10 of
additional capital contribution (25,000 shares).
The April 2024 Convertible Promissory Note is non-interest bearing and due within five business days from the date on which the
Company consummates a Business Combination. If the Company does not consummate a Business Combination, the Company may use a portion
of any funds held outside the Trust Account to repay the April 2024 Convertible Promissory Note; however, no proceeds from the Trust
Account may be used for such repayment if the Company does not consummate the Business Combination.
On
February 5, 2024, the Company received a notice (the “February 5, 2024 Nasdaq Notice”) from the Listing Qualifications
Department of Nasdaq stating that the Company was not in compliance with Nasdaq IM-5102-2, which requires that a special purpose
acquisition company complete one or more Business Combinations within 36 months of the effectiveness of its initial public offering
registration statement. With respect to the February 5, 2024 Nasdaq Notice, a hearing on the matter was held on April 11, 2024. On
April 19, 2024, the Nasdaq Hearings Panel issued written notice of its decision to grant the Company’s request for an
exception to its listing deficiencies until July 1, 2024 in view of the Company’s substantial steps toward closing its
previously announced initial Business Combination with AIRO Group Holdings and its plan for achieving compliance with Nasdaq listing
rules upon closing of the transaction for listing on The Nasdaq Capital Market.
On May 2, 2024, the Company received
a written notice (the “May 2, 2024 Notice”) from the Listing Qualifications Department of Nasdaq notifying the Company
that, for the last 32 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was
below the minimum of $35
million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rules 5550(b)(2) (the “Market
Value Standard”). The Nasdaq also noted that the Company does not meet the requirements under Nasdaq Listing Rules 5550(b)(1)
and 5550(b)(3). An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com
and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the May 2, 2024 Notice
does not impact the listing of the Company’s securities on The Nasdaq Capital Market at this time.
The May 2, 2024 Notice provided
that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the “Compliance Period Rule”), the Company has a period of
180 calendar days from the date of the May 2, 2024 Notice, or until October 29, 2024 (the “Compliance Date”), to regain
compliance with the Market Value Standard. During this period, the Company’s securities will continue to trade on The Nasdaq
Capital Market. If at any time before the Compliance Date the Company’s MVLS closes at or above $35
million for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written
notification to the Company that it has regained compliance with the Market Value Standard and will close the matter.
If the Company does not regain
compliance with the Market Value Standard by the Compliance Date, the Staff will provide a written notification to the Company that its
securities are subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Hearings Panel
(the “Panel”). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting
determination by the Staff to the Panel, such appeal would be successful.
The Company intends to monitor its MVLS
between now and the Compliance Date, and may, if appropriate, evaluate available options to resolve the deficiency under the Market Value
Standard and regain compliance with the Market Value Standard. However, there can be no assurance that the Company will be able to regain
or maintain compliance with Nasdaq listing criteria.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “Kernel Group Holdings, Inc..,” “Kernel,” “our,” “us”
or “we” refer to Kernel Group Holdings, Inc. The following discussion and analysis of the Company’s financial
condition and results of operations should be read in conjunction with the unaudited interim condensed consolidated 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.
Cautionary
Note Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections
about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us
that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may,” “should,” “could,” “would,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,”
or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but
are not limited to, those described in our other SEC filings.
Overview
We
are a blank check company incorporated as a Cayman Islands exempted company on November 10, 2020. We were formed for the purpose of effecting
a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses
(the “Business Combination”). We are an emerging growth company and, as such, we are subject to all of the risks associated
with emerging growth companies.
Our
sponsor was Kernel Capital Holdings, LLC, a Delaware limited liability company (the “Original Sponsor”). The registration
statement for our Initial Public Offering was declared effective on February 2, 2021. On February 5, 2021, we consummated our initial public offering (“Initial
Public Offering”) of 30,475,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being
offered, the “Public Shares”), including 3,975,000 additional Units to cover the underwriters’ over-allotment (the
“Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of approximately $304.8 million, and incurring offering
costs of approximately $17.4 million, of which approximately $10.7 million was for deferred underwriting commissions.
Simultaneously
with the closing of the Initial Public Offering, we consummated the private placement (“Private Placement”) of 8,750,000
warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price
of $1.00 per Private Placement Warrant with the Original Sponsor, generating gross proceeds of approximately $8.8 million.
On
December 28, 2022, we entered into a purchase agreement with the Original Sponsor, and VKSS Capital, LLC, a Delaware corporation
(the “New Sponsor” or “Sponsor”), pursuant to which the New Sponsor, or an entity designated by the New
Sponsor, will purchase from the Original Sponsor 7,618,500 Class B ordinary shares, par value $0.0001 per share and 8,750,000
Private Placement Warrants, each of which is exercisable to purchase one Class A ordinary share, par value $0.0001 per share, for an
aggregate purchase price of $1.00 payable at the time we effect the initial Business Combination. The 7,618,750 Class B ordinary
shares which the New Sponsor will purchase from the Original Sponsor will include 75,000 Founder Shares transferred by the Original
Sponsor to the independent directors and 50,000 Founder Shares transferred by the Original Sponsor to the former advisors, which
have been purchased by the New Sponsor and are pending transfer at closing by the exchange agent. Upon the closing of the initial
Business Combination, New Sponsor shall also convey 2,000,000 Class B ordinary shares to the equity holders of the Original Sponsor,
as of December 28, 2022, pro rata based on the equity holders’ underlying interest in our Class B ordinary shares as of December 28, 2022.
Upon
the closing of the Initial Public Offering and the Private Placement, approximately $304.8 million ($10.00 per Unit) of the net proceeds
of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”)
with Continental Stock Transfer & Trust Company (“Continental”) acting as trustee and invested only in United States
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company
Act which invest only in direct U.S. government treasury obligations, as determined by us, until the earlier of (i) the completion of
a Business Combination and (ii) the distribution of the Trust Account as described below.
Our
management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale
of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. Our initial Business Combination must be with one or more operating businesses or assets with a fair market value
equal to at least 80% of the net assets held in the Trust Account (excluding taxes payable
on the interest earned on the Trust Account) at the time we sign a definitive agreement in connection with the initial Business Combination.
However, we will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to
be required to register as an investment company under the Investment Company.
If
we are unable to complete a Business Combination within 42 months (including three six-month extensions) from the closing of the Initial Public Offering, or August 5, 2024 (the “Combination Period”), we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to us to pay our taxes that were paid by us or are payable by us, if any (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public
Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of
directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the our obligations under Cayman Islands law to
provide for claims of creditors and the requirements of other applicable law.
Charter
Amendments and Share Redemptions
In
an extraordinary general meeting held on February 3, 2023, shareholders approved the charter amendment (the “February Charter Amendment”),
changing the structure and cost of the Company’s right to extend the date by which the Company must (i) consummate a Business Combination,
(ii) cease its operations if it fails to complete such Business Combination, and (iii) redeem or repurchase 100% of the Company’s
Public Shares (the “Termination Date”), which was previously February 5, 2023 (the “Extension Amendment Proposal”).
The February Charter Amendment allowed the Company to extend the Termination Date by up to six (6) one-month extensions to August 5,
2023 (each, an “Extension,” and such later date, the “Extended Deadline”) provided that if any Extended Deadline
ends on a day that is not a business day, such Extended Deadline will be automatically extended to the next succeeding business day.
To effect each Extension, the Company, its Sponsor or any of their affiliates or designees must deposit into the Company’s Trust
Account with Continental by the applicable Extended Deadline (the “Extension Payment”) the lesser of (x) $300,000 or (y)
$0.06 per share for each of the Company’s publicly held shares outstanding as of the deadline prior to the Extension (after giving
effect to redemptions in connection with the approval of the February Charter Amendment by the Company’s shareholders with respect
to the first such Extension). In connection with the approval of the Extension Amendment Proposal, the shareholders also approved a proposal
to amend the Trust Agreement, pursuant to which the Company’s Trust Agreement with Continental was amended to conform the procedures
in the Trust Agreement by which the Company may extend the date on which Continental must liquidate the Trust Account if the Company
has not completed its initial Business Combination to the procedures in the February Charter Amendment (the “Trust Amendment Proposal”).
In connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the shareholders meeting, holders
of 22,848,122 of the Company’s Public Shares exercised their right to redeem those shares for cash at an approximate price of $10.15
per share, for an aggregate of approximately $231.9 million. Following the payment of the redemptions, the Trust Account had a balance
of approximately $74.7 million before the first Extension Payment.
The shareholders of the Company approved the Amendment to the Amended and
Restated Memorandum and Articles of Association of the Company (the “August Charter Amendment”) at the August 3, 2023 shareholders
meeting, changing the structure and cost of the Company’s right to extend the Termination Date by up to six (6) one-month Extensions
to February 5, 2024, provided that if any Extended Deadline ends on a day that is not a business day, such Extended Deadline will be automatically
extended to the next succeeding business day (the “Second Extension Amendment Proposal”). To effect each one-month Extension,
the Company, its Sponsor or any of their affiliates or designees must deposit into the Company’s Trust Account with Continental
an Extension Payment (after giving effect to redemptions in connection with the approval of the August Charter Amendment) the lesser of
(x) $150,000 or (y) $0.04 per share for each of the Company’s Public Shares outstanding as of the applicable Extended Deadline,
unless the closing of the Company’s initial Business Combination shall have occurred, in exchange for a non-interest bearing, unsecured
promissory note payable upon consummation of a Business Combination. In connection with the approval of the Second Extension Amendment
Proposal, the shareholders also approved a proposal to amend the Trust Agreement, pursuant to which the Company’s Trust Agreement
with Continental was amended to conform the procedures in the Trust Agreement by which the Company may extend the date on which Continental
must liquidate the Trust Account if the Company has not completed its initial Business Combination to the procedures in the August Charter
Amendment (the “Second Trust Amendment Proposal”).
In connection with the approval of the Second Extension Amendment Proposal and the Second Trust Amendment Proposal
at the August 3, 2023 shareholders meeting, holders of 1,310,929 of the Company’s Class A ordinary shares exercised their rights to redeem
those shares for cash at an approximate price of $10.42 per share, for an aggregate of approximately $13.6 million.
On February 1, 2024, the Company held an extraordinary general meeting
of its shareholders pursuant to due notice. At the shareholders meeting, the Company’s shareholders entitled to vote at the meeting
cast their votes and approved a proposal to amend the Trust Agreement to conform the procedures in the Trust Agreement by which the Company
may extend the date on which Continental must liquidate the Trust Account if the Company has not completed its initial Business Combination
(the “Third Trust Amendment Proposal”) to the procedures in an amendment to the Company’s Amended and Restated Memorandum
and Articles of Association which was also approved by the Company’s shareholders at the meeting (the “February Charter Extension
Amendment”). The February Charter Extension Amendment allows the Company to extend the Termination Date by up to six (6) one-month
extensions to August 5, 2024 provided that if any Extended Deadline ends on a day that is not a business day (the “Third Extension
Amendment Proposal”).
In connection with the approval of the Third Extension Amendment Proposal
and the Third Trust Amendment Proposal at the February 1, 2024 shareholders meeting, holders of 5,806,608 of the Company’s Class
A ordinary shares exercised their rights to redeem those shares for cash at an approximate price of $10.80 per share, for an aggregate
of approximately $62.7 million. Following the payment of the redemptions, the Trust Account had a balance of approximately $5.6 million,
inclusive of Extension Payments, as of March 31, 2024.
On
each of February 9, 2023, March 7, 2023, April 4, 2023, May 9, 2023, June 6, 2023, and July 5, 2023, the Company deposited $300,000 into the Trust Account,
and on each of August 3, 2023, September 5, 2023, October 5, 2023, November 6, 2023, and December 5, 2023, the Company deposited
$150,000 into the Trust Account, to extend the date to consummate a Business Combination through March 5, 2023, April 5, 2023, May 5,
2023, June 5, 2023, July 5, 2023, August 5, 2023, September 5, 2023, October 5, 2023, November 5, 2023, December 5, 2023, and
January 5, 2024, respectively.
Refer
to Note 11 to the unaudited condensed consolidated financial statements for information regarding the Company’s elected
Extension on April 5, 2024.
Proposed
Business Combination
On
March 3, 2023, the Company entered into an agreement by and among the Company, AIRO Group, Inc., a Delaware corporation
and a wholly owned subsidiary of the Company (“ParentCo”), Kernel Merger Sub, Inc., a Delaware corporation and a wholly owned
subsidiary of ParentCo (“Kernel Merger Sub”), AIRO Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary
of ParentCo (“AIRO Merger Sub”), the Company’s Sponsor, Dr. Chirinjeev Kathuria, in the capacity as the representative
for the Company’s shareholders (the “Seller Representative”), and AIRO Group Holdings, Inc., a Delaware corporation
(“AIRO Group Holdings”), referred to collectively as the Parties (as may be amended and/or restated
from time to time, the “Business Combination Agreement”), pursuant to which, among other things, the Company will change
the Company’s jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating
as a corporation incorporated under the laws of the State of Delaware (the “Domestication”).
In
connection with the Domestication, each Class B ordinary share, par value $0.0001 per share, shall convert into a share of Class B common
stock, par value $0.0001 per share, and each Class A ordinary share, par value $0.0001 per share, shall convert into a share of Class
A common stock, par value $0.0001 per share. Further, each share of Class B common stock and each share of Class A common stock that
is then issued and outstanding shall convert automatically, on a one-for-one basis, into one share of Kernel common stock (the “Kernel
Common Stock”).
Following
the Domestication, the parties will effect the merger of Kernel Merger Sub with and into the Company, with the Company continuing as
the surviving entity as a wholly owned subsidiary of ParentCo (the “First Merger”). Immediately following the First Merger,
AIRO Merger Sub will merge with and into AIRO Group Holdings, with AIRO Group Holdings, continuing as the surviving entity as a wholly
owned subsidiary of ParentCo (the “Second Merger” and the other transactions contemplated by the Business Combination Agreement,
together, the “Transaction”).
As consideration for the Second Merger, the holders of AIRO Group Holdings’
securities collectively shall be entitled to receive from ParentCo, in the aggregate, a number of shares of ParentCo common stock with
an aggregate value equal to (the “AIRO Merger Consideration”) (a) $770.0 million minus (b) the amount, if any, by which the
net working capital is less than negative $500,000, plus (c) the amount, if any, by which the net working capital exceeds $500,000 (but
not less than zero), minus (d) the amount, if any, by which the closing net debt exceeds the target net debt of $75.0 million, by more
than $500,000 (but not less than zero), plus (e) the amount, if any, by which the target net debt of $75.0 million exceeds closing net
debt, minus (f) the amount, if any, by which the company transaction expenses exceed the target company transaction expenses of $14.0
million (but not less than zero). In addition, holders of AIRO Group Holdings’ securities shall have the contingent right to receive
from ParentCo, in the aggregate, up to 33,000,000 additional shares of ParentCo common stock, and the Sponsor shall have the contingent
right to receive up to 3,300,000 shares of ParentCo common stock (the “Earnout Shares”). In the event that for any full 12-month
period (each an “Earnout Period”) commencing on or after the closing date (the “Earnout Start Date”) and ending
on or before the last day of the thirteenth full calendar quarter following the closing date (the “Earnout End Date”, and
the period between the Earnout Start Date and the Earnout End Date, the “Earnout Eligibility Period”) ParentCo’s revenue
is (i) greater than or equal to $42.6 million for the first time during the Earnout Eligibility Period, (ii) greater than or equal to
$141.4 million for the first time during the Earnout Eligibility Period, and (iii) greater than or equal to $358.9 million for the first
time during the Earnout Eligibility Period, then upon the occurrence of each (i), (ii), and (iii), ParentCo shall issue to each of the
stockholders of AIRO Group Holdings such stockholder’s pro rata share of 6,600,000 Earnout Shares and the Sponsor shall be issued
660,000 Earnout Shares. In the event that ParentCo’s EBITDA for any Earnout Period is (x) less than or equal to negative $19.3 million
for the first time during the Earnout Eligibility Period, (y) greater than or equal to $4.0 million for the first time during the Earnout
Eligibility Period and (z) greater than or equal to $98.6 million for the first time during the Earnout Eligibility Period, then upon
the occurrence of each of (x), (y), and (z), ParentCo shall issue to each of the stockholders of AIRO Group Holding such stockholder’s
pro rata share of 4,400,000 Earnout Shares and the Sponsor shall be issued 440,000 Earnout Shares.
The Business Combination Agreement contains customary conditions to closing,
including the following mutual conditions of the parties (unless waived): (i) approval of the shareholders of Kernel and AIRO Group Holdings
of the Transaction and the other matters requiring shareholder approval; (ii) approvals of any required governmental authorities and completion
of any antitrust expiration periods; (iii) receipt of specified third party consents; (iv) no law or order preventing the Transaction;
(v) the registration statement having been declared effective by the SEC; (vi) no material uncured breach by the other party; (vii) no
occurrence of a material adverse effect with respect to the other party; (viii) approval from Nasdaq for the listing of the shares of
ParentCo’s common to be issued in connection with the Transaction; and (ix) reconstitution of the post-closing board as contemplated
under the Business Combination Agreement.
In
addition, unless waived by AIRO Group Holdings, the obligations of AIRO Group Holdings to consummate the Transaction are subject to the
satisfaction of the following additional closing conditions, in addition to the delivery by Kernel of the related agreements, customary
certificates and other closing deliverables: (i) the representations and warranties of Kernel being true and correct as of the date of
the Business Combination Agreement and as of the closing (subject to customary exceptions, including materiality qualifiers); (ii) Kernel
having performed in all material respects its obligations and complied in all material respects with its covenants and agreements under
the Business Combination Agreement required to be performed or complied with by it on or prior to the date of the closing; (iii) absence
of any material adverse effect with respect to Kernel since the date of the Business Combination Agreement which is continuing and uncured;
(iv) the replacement of the replacement warrants and replacement options; (v) at the closing, Kernel having $50.0 million in unencumbered
cash, including funds remaining in the Trust Account (after giving effect to the completion and payment of any redemptions and any transaction
expenses) and the proceeds of the private investment in public equity or convertible note investment, fifty percent (50%) of any net
cash proceeds of any capital investment raise and/or convertible debt raise conducted by the Company during the period beginning on the
effective date of the Business Combination and ending on the closing date, and any net cash proceeds of any executed agreements regarding
a capital investment raise and/or convertible debt raise conducted by Kernel or ParentCo in which such cash proceeds are required to
be paid to ParentCo during the thirty (30) day period beginning on the closing date.
Finally, unless waived by Kernel, the obligations of Kernel to consummate
the Transaction are subject to the satisfaction of the following additional closing conditions, in addition to the delivery by Kernel
of the related agreements, customary certificates and other closing deliverables: (i) the representations and warranties of AIRO Group
Holdings being true and correct as of the date of the Business Combination Agreement and as of the closing (subject to customary exceptions,
including materiality qualifiers); (ii) AIRO Group Holdings having performed in all material respects their respective obligations and
complied in all material respects with their respective covenants and agreements under the Business Combination Agreement required to
be performed or complied with by them on or prior to the date of the closing; (iii) absence of any material adverse effect with respect
to AIRO Group Holdings and its subsidiaries on a consolidated basis since the date of the Business Combination Agreement which is continuing
and uncured; (iv) delivery of AIRO’s 2022 audited financial statements within 60 days of the Business Combination Agreement’s
signing; (v) the completion of Kernel’s legal due diligence of AIRO Group Holdings and its subsidiaries to Kernel’s reasonable
satisfaction; (vi) the replacement of the replacement warrants and replacement options; and (vii) the aggregate amount of all indebtedness
of the target companies due earlier than 180 days after the closing (less Company cash at closing) is less than $50.0 million.
On
August 29, 2023, the Company, ParentCo, Kernel Merger Sub, AIRO Merger Sub, Seller Representative, AIRO Group Holdings, and the Sponsor
entered into the First Amendment to the Business Combination Agreement (the “First Amendment”). The First Amendment amends
the Business Combination Agreement to make certain changes to the earnout provisions to fix the number of Earnout Shares that can be
granted in each Earnout Period based on a $10.00 per share price.
On
January 16, 2024, the Parties entered into the Second Amendment to the Business Combination Agreement (the “Second Amendment”).
The Second Amendment amends the Business Combination Agreement to change the terms under which the AIRO Group Holdings shareholders and
the Sponsor shall have a contingent right to receive the Earnout Shares as additional consideration based on ParentCo’s achievement
of certain revenue thresholds. The Second Amendment also amended the termination date pursuant to the original Business Combination Agreement,
from August 2, 2023 to August 5, 2024.
On February 5, 2024, the Parties entered into the Third Amendment to
the Business Combination Agreement (the “Third Amendment”). The Third Amendment amends the Business Combination Agreement and removed the previous requirement of the Company to satisfy maintain a minimum of $5.0 million in net tangible assets at closing.
Nasdaq
Delisting Notice
On
February 5, 2024 the Company received a notice (the “February 5, 2024 Nasdaq Notice”) from the Listing Qualifications Department
of Nasdaq stating that the Company is not in compliance with Nasdaq IM-5101-2, which requires that a special purpose acquisition company
complete one or more Business Combinations within 36 months of the effectiveness of its initial public offering registration statement.
The letter stated that unless the Company requests a hearing before the Nasdaq Hearings Panel (the “Panel”), trading of the
Company’s securities on the Nasdaq Capital Market would be suspended at the opening of business on February 14, 2024. The Company
requested a hearing before the Panel to request sufficient time to complete the previously disclosed proposed Business Combination with
AIRO Group Holdings. The hearing request made pursuant to the Nasdaq Notice resulted in a stay of any suspension or delisting action,
pending the hearing.
A
hearing on the matter was held on April 11, 2024. On April 19, 2024, the Panel issued written notice of its decision to grant the Company’s
request for an exception to its listing deficiencies until July 1, 2024 in view of the Company’s substantial steps toward closing
its previously announced initial business combination with AIRO Group Holdings and its plan for achieving compliance with Nasdaq listing
rules upon closing of the transaction for listing on The Nasdaq Capital Market. However, there can be no assurance that the Company will
be able to satisfy Nasdaq’s continued listing requirements, regain compliance with Nasdaq IM-5101-2, and maintain compliance with
other Nasdaq listing requirements.
Liquidity,
Capital Resources, and Going Concern
For
the three months ended March 31, 2024, net cash used in operating activities was $307,260, which was due to our net loss of
$820,553, and income from cash and investments held in the Trust Account of $321,077, partially offset by an unrealized loss on
changes in the fair value of warrant liabilities of $479,750, interest expense for amortization of debt discount of $204,028, and
changes in working capital of $150,592.
For
the three months ended March 31, 2023, net cash used in operating activities was $837,066, which was due to our net loss of
approximately $2.7 million, and income from cash and investments held in the Trust Account of $959,464, partially offset by an
unrealized loss on changes in the fair value of warrant liabilities of approximately $2.7 million, amortization of debt discount of
$32,404, and changes in working capital of $114,129.
For
the three months ended March 31, 2024, net cash provided by investing activities of approximately $62.6 million included the
proceeds from cash proceeds from the Trust Account of approximately $62.7 million to pay redeeming shareholders, partially offset by
the investment of advances to the Trust Account of $150,000 in connection with the Extension Payments.
For
the three months ended March 31, 2023, net cash provided by investing activities was approximately $231.9 million which was
primarily due to proceeds received from the Trust Account for payment to redeeming shareholders of approximately $232.5 million,
partially offset by advances to the Trust Account of $600,000.
For
the three months ended March 31, 2024, net cash used in financing activities of approximately $62.3 million included payments to
redeeming shareholders of approximately $62.7 million, partially offset by proceeds from related party promissory notes of $207,260 and convertible promissory notes of $250,000.
For
the three months ended March 31, 2023, net cash used in financing activities was approximately $231.2 million which was a result of
a payment to redeeming shareholders of approximately $232.5 million, partially offset by proceeds from a related party promissory
note of $750,000 and convertible promissory notes of $600,000.
As
of March 31, 2024, we had $804 in our operating bank account and a working capital deficit of approximately $8.4 million.
The Company’s liquidity needs to date have been satisfied through
a contribution of $25,000 from the Original Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares (as
defined below), a loan of $77,000 from the Original Sponsor under a note, certain portion of the proceeds from the consummation of the
Private Placement not held in the Trust Account, the promissory notes of $2.5 million, and convertible promissory notes of approximately
$2.0 million. The Company repaid $77,000 of the loan from the Original Sponsor in February 2021. In addition, in order to finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers
and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined below). If the Company completes a
Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.
Otherwise, the Working Capital Loans may 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.
Management
has determined in connection with
the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board Accounting Standards
Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”
the Company has determined that the liquidity condition, the date of the mandatory liquidation and subsequent dissolution raises substantial
doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets
or liabilities should the Company be required to liquidate after August 5, 2024. The unaudited condensed consolidated financial statements
do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company’s management
plans to complete a Business Combination prior to the mandatory liquidation date.
Risks
and Uncertainties
In
February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further,
the impact of this action and related sanctions on the world economy is not determinable as of the date of our unaudited condensed consolidated
financial statements. The specific impact on our financial condition, results of operations, and cash flows is also not determinable
as of the date of our unaudited condensed consolidated financial statements.
Results
of Operations
Our
entire activity since inception up to March 31, 2024 was in preparation for our formation and the Initial Public Offering, and since
the closing of the Initial Public Offering, the search for an initial Business Combination. We will not be generating any operating revenues
until the closing and completion of our initial Business Combination, at the earliest.
For
the three months ended March 31, 2024, we had a net loss of $820,553, which consisted of $427,852 in general and administrative
expenses and $30,000 of related party administrative fees, an unrealized loss of $479,750 resulting from the change in fair value of
warrant liabilities, and $204,028 in amortization of debt discount, partially offset by $321,077 of income from investments held in
the Trust Account.
For the three months ended March 31, 2023, we had net loss of approximately
$2.7 million, which consisted of a non-operating loss of approximately $2.7 million resulting from the unrealized loss from change in
fair value of warrant liabilities, amortization of debt discount of $32,404, interest expense of $1,830, $919,365 in general and administrative
expenses and $30,000 of related party administrative fees partially offset by $959,464 of income from investments held in the Trust Account.
Related
Party Transactions
Founder
Shares
On
November 19, 2020, the Original Sponsor paid an aggregate of $25,000 for certain expenses on behalf of us in exchange for issuance of
5,750,000 Class B ordinary shares (the “Founder Shares”). On January 11, 2021, we effected a 1 for 1.25 forward stock split
of the Founder Shares that increased the number of outstanding Founder Shares from 5,750,000 to 7,187,500 shares, and the Original Sponsor
transferred an aggregate of 75,000 Founder Shares to the independent directors and an aggregate of 50,000 Founder Shares to the former advisors (the number of shares are after the effect of the forward stock split discussed in the next sentence). On February 2, 2021, we effected a 1 for 1.06 forward stock split of the Founder Shares that increased the number of outstanding
Founder Shares from 7,187,500 to 7,618,750 shares and resulted in the Original Sponsor holding 7,493,750 Founder Shares. The Original
Sponsor agreed to forfeit up to an aggregate of 993,750 Founder Shares to the extent that the option to purchase additional Units was
not exercised in full by the underwriters or was reduced, so that the Founder Shares would represent 20% of our issued and outstanding
shares after the Initial Public Offering. On February 5, 2021, the underwriter fully exercised its over-allotment option; thus, these
993,750 Founder Shares are no longer subject to forfeiture.
The
holder of the Founder Shares prior to the Initial Public Offering agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion
of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary
shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination,
or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results
in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
On
December 28, 2022, we entered into a purchase agreement with the Original Sponsor and VKSS Capital, LLC, a Delaware corporation (the
“New Sponsor” or “Sponsor”), pursuant to which the New Sponsor, or an entity designated by the New Sponsor,
will purchase from the Original Sponsor 7,618,500 Class B ordinary shares, par value $0.0001 per share and 8,750,000 Private
Placement Warrants, each of which is exercisable to purchase one Class A ordinary share, par value $0.0001 per share, for an
aggregate purchase price of $1.00 payable at the time we effect the initial Business Combination. The 7,618,750 Class B ordinary
shares which the New Sponsor will purchase from the Original Sponsor will include 75,000 Founder Shares transferred by the Original
Sponsor to the independent directors and 50,000 Founder Shares transferred by the Original Sponsor to the former advisors, which
have been purchased by the New Sponsor and are pending transfer at closing by the exchange agent. Upon the closing of the initial
Business Combination, the New Sponsor shall also convey 2,000,000 Class B ordinary shares to the equity holders of the Original
Sponsor, as of December 28, 2022, pro rata based on the equity holders’ underlying interest in our Class B ordinary shares as
of December 28, 2022.
Private
Placement Warrants
Simultaneously
with the closing of the Initial Public Offering, we consummated the Private Placement of 8,750,000 Private Placement Warrants, at a price
of $1.00 per Private Placement Warrant with the Original Sponsor, generating gross proceeds of approximately $8.8 million.
On
December 28, 2022, the Original Sponsor transferred all Private Placement Warrants to the exchange agent and upon closing of a Business Combination, the Private Placement Warrants will be transferred to
the New Sponsor.
Each
whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the
proceeds from the sale of the Private Placement Warrants to the Original Sponsor was added to the proceeds from the Initial Public
Offering held in the Trust Account. If we do not complete a Business Combination within the Combination Period, the Private
Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a
cashless basis so long as they are held by the Sponsor or its permitted transferees.
The
Sponsor and our officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement
Warrants until 30 days after the completion of the initial Business Combination.
Related
Party Loans
In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an
affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated to, loan us funds as may be required (“Working
Capital Loans”). If we complete a Business Combination, we may repay the Working Capital Loans out of the proceeds of the Trust
Account released to us. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event
that a Business Combination does not close, we 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 Working Capital Loans would either
be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of
such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant.
The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans,
if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2024 and December 31, 2023,
we had no borrowings under the Working Capital Loans.
During
the three months ended March 31, 2024, the Company entered into loan agreements with eleven investors and the Sponsor (the “Loan
Agreements”). Pursuant to the Loan Agreements, the investors loaned the Sponsor a total of $2.5 million, which will in turn be loaned
by the Sponsor to the Company, to cover a portion of the Extension Payments with any remaining balance to be used for the Company’s
working capital. The Loan Agreements accrue 8% interest per annum and shall be repaid upon closing the initial Business Combination.
The Company intends to pay all principal under the Loan Agreements and shall not be responsible for the payment of any interest on the
loans. As of March 31, 2024, the total amount drawn on the Loan Agreements was approximately $2.4 million.
Administrative
Services Agreement
Commencing
on the date that our securities were first listed on Nasdaq through the earlier of consummation of the initial Business Combination or
its liquidation, we agreed to pay the Sponsor $10,000 per month for office space, administrative and support services. For the three
months ended March 31, 2024 and 2023, the Company incurred $30,000 for such services. As of March 31, 2024 and December 31, 2023, $320,000
and $290,000 were outstanding, respectively, and included in accrued expenses – related party as reflected in the accompanying
condensed consolidated balance sheets.
Commitments
and Contractual Obligations
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) were entitled to registration rights pursuant
to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The holders of these
securities were entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the
holders will be entitled to certain demand and “piggy-back” registration rights with respect to registration statements filed
subsequent to the completion of the initial Business Combination. We will bear the expenses incurred in connection with the filing of
any such registration statements.
Critical
Accounting Estimates
Derivative
Warrant Liabilities
We
do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. We evaluate all of our
financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain
features that qualify as embedded derivatives, pursuant to Accounting Standards Codification (“ASC”) Topic 480,
“Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and
Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should
be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
The
warrants issued in connection with the Initial Public Offering and the Private Placement Warrants are recognized as derivative liabilities
in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the
instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised.
The fair value of warrants issued in connection with the Private Placement has been measured by using the market value of the public
warrants. The fair value of the warrants issued in connection with the Initial Public Offering was initially measured using a Monte-Carlo
simulation and subsequently has been measured based on the market price at each measurement date when separately listed and traded. The
determination of the fair value of the derivative liability may be subject to change as more current information becomes available and
accordingly the actual results could differ significantly. Derivative liabilities are classified as non-current liabilities as their
liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Class
A Ordinary Shares Subject to Possible Redemption
We
account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares
subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable
Class A ordinary shares (including Class A 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 our control) are classified as temporary equity. At
all other times, Class A ordinary shares are classified within the shareholders’ deficit section of our condensed consolidated
balance sheets. Our Class A ordinary shares feature certain redemption rights that are considered to be outside of our control and subject
to the occurrence of uncertain future events. Accordingly, as of the Initial Public Offering, we had 30,475,000 Class A ordinary shares
subject to possible redemption, that were presented as temporary equity, outside of the shareholders’ deficit section of our condensed
consolidated balance sheets. For the three months ended March 31, 2024, 5,806,608 Class A ordinary shares were redeemed by shareholders.
We
recognize changes in redemption value immediately as they occur and adjust the carrying value of the Class A ordinary shares subject
to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering, we recognized
the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent
available) and accumulated deficit.
Net
(Loss) Income per Ordinary Share
We
comply with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” We have two classes of shares,
which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes
of shares. This presentation assumes a Business Combination as the most likely outcome. Net (loss) income per ordinary share is calculated
by dividing the net (loss) income by the weighted average number of ordinary shares outstanding for the respective period.
The
calculation of diluted net (loss) income per ordinary share does not consider the effect of the warrants underlying the Units sold in
the Initial Public Offering and the Private Placement Warrants to purchase 23,987,500 Class A ordinary shares in calculation of diluted
income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the
treasury stock method. As a result, diluted net (loss) income per share is the same as basic net (loss) income per share for the three
months ended March 31, 2024 and 2023. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per
share as the redemption value approximates fair value.
We
have considered the effect of Class B ordinary shares that were excluded from the weighted average number as they were contingent on
the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, we have included these shares in the
weighted average number as of the beginning of the interim period to determine the dilutive impact of these shares.
Recent
Accounting Pronouncements
In
June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale
Restrictions.” The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity
security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that
are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value.
The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within
those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made
available for issuance. The Company adopted this standard on January 1, 2024 and the impact was not material to the unaudited condensed
consolidated financial statements.
The
Company’s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently
adopted, would have a material effect on the Company’s consolidated financial statements.
Off-Balance
Sheet Arrangements
As
of March 31, 2024, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
JOBS
Act
The
Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS
Act are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly
traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply
with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging
growth companies. As a result, our consolidated financial statements may not be comparable to companies that comply with new or
revised accounting pronouncements as of public company effective dates.
Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions
we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over
financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth
public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and (iii) disclose certain executive compensation related items
such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee
compensation. These exemptions will apply for a period of five years following the completion of our Initial Public Offering or until
we are no longer an “emerging growth company,” whichever is earlier.
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.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March
31, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive
officer and principal financial officer have concluded that during the period covered by this report, our disclosure controls and procedures
were effective as of March 31, 2024.
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
There
was no change in our internal control over financial reporting that occurred during the fiscal quarter ended March 31, 2024 covered by
this Quarterly Report on Form 10-Q that has materially affected our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings.
On
September 19, 2023, the Company was served with a lawsuit by KPMG AG Wirtschaftsprüfungsgesellschaft (“KPMG Germany”).
KPMG Germany asserted claims against the Company for unpaid fees incurred by the Company for KPMG Germany’s transaction advice
in 2021 in the amount of $758,282.35 (the “Claim”). The Claim is being brought in Germany in the District Court of Frankfurt
am Main Chamber for Commercial Affairs, Regional Court of Urbach. On September 21, 2023, the Regional Court of Urbach set the amount
in dispute at $736,690.70. As of March 31, 2024, there have been no material developments with respect to the Claim.
Item
1A. Risk Factors.
As
of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report
on Form 10-K filed with the SEC on March 12, 2024. We may disclose additional factors from time to time in our future filings with the
SEC.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
(a)
During the quarter ended March 31, 2024, there were no unregistered sales of our securities that were not reported in a Current Report
on Form 8-K.
(b)
As previously reported, on November 19, 2020, our Original Sponsor paid $25,000 to cover certain expenses on our behalf in consideration
of 5,750,000 Class B ordinary shares, par value $0.0001.
In
January 2021, we effected a 1 for 1.2 forward stock split of the Founder Shares that increased the number of outstanding founder shares
from 5,750,000 to 7,618,750 shares and our Original Sponsor transferred an aggregate of 75,000 Founder Shares to our independent directors
and an aggregate of 50,000 Founder Shares to our Former Advisors.
On
February 2, 2021, we completed our Initial Public Offering of 30,475,000 units, including 3,975,000 units as a result of the underwriters’
exercise of their over-allotment option in full, at a price of $10.00 per unit, generating aggregate gross proceeds to the Company of
$304,750,000. Citigroup Global Markets Inc., served as the representative of the underwriters in the Company’s Initial Public Offering.
Concurrently
with the closing of the Initial Public Offering, our Original Sponsor purchased 8,750,000 Private Placement Warrants, each exercisable
to purchase one ordinary share at $11.50 per share generating gross proceeds of $8.75 million, in a private placement that closed simultaneously
with the closing of our initial public offering. A portion of the proceeds from the sale of the Private Placement Warrants was added
to the proceeds from the initial public offering held in the Trust Account. If the company does not complete an initial Business Combination
within 24 months (or 30 months, subject to six one-month extensions) from the closing of our Initial Public Offering, the Private Placement
Warrants will expire worthless. The Private Placement Warrants are substantially similar to the warrants underlying the units issued
in the Initial Public Offering, except that they are non-redeemable and exercisable on a cashless basis so long as they are held by the
Sponsor or its permitted transferees. The Sponsor and the company’s officers and directors agreed, subject to limited exceptions,
not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.
The sale of the Private Placement Warrants was 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
In
connection with the Initial Public Offering and the exercise of the underwriters’ over-allotment option, we incurred offering costs
of approximately $17.4 million, of which approximately $10.7 million was for deferred underwriting commissions. Other incurred offering
costs consisted principally preparation fees related to the Initial Public Offering. After deducting the underwriting discounts and commissions
and the Initial Public Offering expenses, approximately $304.8 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 Report.
There
has been no material change in the planned use of the proceeds from the Initial Public Offering and the sale of the Private Placement
Warrants as is described in our final prospectus related to our Initial Public Offering.
(c)
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
(a)
None.
(b)
None.
(c)
None.
Item
6. Exhibits
Exhibit
Number |
|
Description |
2.1† |
|
Business Combination Agreement, dated March 3, 2023, by and among Kernel Group Holdings, Inc., AIRO Group, Inc., Kernel Merger Sub, Inc., AIRO Merger Sub, Inc., VKSS Capital, LLC, Seller Representative, and AIRO Group Holdings, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed March 6, 2023) |
2.2 |
|
First Amendment to Business Combination Agreement, dated as of August 29, 2023, by and among Kernel Group Holdings, Inc., AIRO Group, Inc., Kernel Merger Sub, Inc., AIRO Merger Sub, Inc., VKSS Capital, LLC, Seller Representative, and AIRO Group Holdings, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed August 30, 2023) |
2.3 |
|
Second Amendment to Business Combination Agreement, dated as of January 16, 2024, by and among Kernel Group Holdings, Inc., AIRO Group, Inc., Kernel Merger Sub, Inc., AIRO Merger Sub, Inc., VKSS Capital, LLC, Seller Representative, and AIRO Group Holdings, Inc. (incorporated by reference to the registrant’s Form 8-K, Exhibit 2.1, filed with the SEC on January 16, 2024) |
2.4 |
|
Third Amendment to Business Combination Agreement, dated as of February 5, 2024, by and among Kernel Group Holdings, Inc., AIRO Group, Inc., Kernel Merger Sub, Inc., AIRO Merger Sub, Inc., VKSS Capital, LLC, Seller Representative, and AIRO Group Holdings, Inc. (incorporated by reference to the registrant’s Form 8-K, Exhibit 2.1, filed with the SEC on February 6, 2024) |
3.1 |
|
Amended and Restated Articles of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed February 5, 2021) |
3.2 |
|
Amendment to the Amended and Restated Articles of Association of the Company dated August 3, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 4, 2023) |
3.3 |
|
Amendment to the Amended and Restated Articles of Association of the Company dated February 1, 2024. (incorporated by reference to the registrant’s Form 8-K, Exhibit 3.1, filed with the SEC on February 6, 2024) |
4.1 |
|
Warrant Agreement, dated February 5, 2021, by and between the Company and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed February 5, 2021) |
10.1 |
|
Amendment No. 3 to Investment Management Trust Agreement dated February 1, 2024 by and between Kernel Group Holdings, Inc. and Continental Stock Transfer and Trust Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed February 6, 2024). |
31.1* |
|
Certification of Chief Executive Officer (Principal Executive Officer) 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. |
31.2* |
|
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) 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. |
32.1** |
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2** |
|
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS* |
|
Inline
XBRL Instance Document |
101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover
Page Interactive Data File (embedded within the iXBRL document and contained in Exhibit 101) |
* |
Filed
herewith. |
|
|
** |
Furnished. |
|
|
† |
Certain
of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant
agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request |
PART
III
SIGNATURE
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 hereunto duly authorized.
Dated:
May 14, 2024 |
KERNEL
GROUP HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Surendra Ajjarapu |
|
Name: |
Surendra
Ajjarapu |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Dated:
May 14, 2024 |
KERNEL
GROUP HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Howard Doss |
|
Name: |
Howard
Doss |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
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,
Surendra Ajjarapu, certify that:
1.I
have reviewed this Quarterly Report on Form 10-Q of Kernel Group Holdings, Inc. for the quarter ended March 31, 2024;
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)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
(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 our 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:
May 14, 2024 |
By: |
/s/
Surendra Ajjarapu |
|
|
Surendra
Ajjarapu |
|
|
Chief
Executive Officer and Chairman |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
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,
Howard Doss, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Kernel Group Holdings, Inc. for the quarter ended March 31, 2024;
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)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;
(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 our
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:
May 14, 2024 |
By: |
/s/
Howard Doss |
|
|
Howard
Doss |
|
|
Chief
Financial Officer |
|
|
(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 Kernel Group Holdings, Inc.; (the “Company”) on Form 10-Q for the period ended March
31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 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)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations
of the Company.
Date:
May 14, 2024 |
By: |
/s/
Surendra Ajjarapu |
|
|
Surendra
Ajjarapu |
|
|
Chief
Executive Officer and Chairman |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
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 Kernel Group Holdings, Inc.; (the “Company”) on Form 10-Q for the period ended March
31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 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)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
Date:
May 14, 2024 |
By: |
/s/
Howard Doss |
|
|
Howard
Doss |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
v3.24.1.1.u2
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May 14, 2024 |
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|
|
Entity File Number |
001-39983
|
|
Entity Registrant Name |
KERNEL
GROUP HOLDINGS, INC.
|
|
Entity Central Index Key |
0001832950
|
|
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98-1567976
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 804
|
$ 804
|
Prepaid expenses |
91,709
|
27,148
|
Total current assets |
92,513
|
27,952
|
Cash and investments held in Trust Account |
5,563,640
|
67,819,662
|
Total Assets |
5,656,153
|
67,847,614
|
Current liabilities: |
|
|
Accounts payable |
3,931,193
|
3,729,095
|
Accrued expenses and other current liabilities |
33,670
|
50,615
|
Convertible promissory notes, net of discount |
1,790,346
|
1,565,113
|
Total current liabilities |
8,497,837
|
7,850,191
|
Warrant liabilities |
959,500
|
479,750
|
Total Liabilities |
9,457,337
|
8,329,941
|
Commitments and Contingencies |
|
|
Class A ordinary shares subject to possible redemption, $0.0001 par value; 509,341 and 6,315,949 shares issued and outstanding at approximately $10.73 and $10.72 per share redemption value as of March 31, 2024 and December 31, 2023, respectively |
5,463,640
|
67,719,662
|
Shareholders’ Deficit: |
|
|
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2024 and December 31, 2023 |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(9,265,586)
|
(8,202,751)
|
Total Shareholders’ Deficit |
(9,264,824)
|
(8,201,989)
|
Total Liabilities and Shareholders’ Deficit |
5,656,153
|
67,847,614
|
Common Class A [Member] |
|
|
Shareholders’ Deficit: |
|
|
Ordinary shares |
|
|
Common Class B [Member] |
|
|
Shareholders’ Deficit: |
|
|
Ordinary shares |
762
|
762
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Accrued expenses - related party |
320,000
|
290,000
|
Promissory notes - related party |
$ 2,422,628
|
$ 2,215,368
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Temporary equity, par value |
$ 0.0001
|
$ 0.0001
|
Temporary equity, shares subject to possible redemption, issued |
509,341
|
6,315,949
|
Temporary equity, shares subject to possible redemption, outstanding |
509,341
|
6,315,949
|
Common stocks subject to possible redemption, redemption price |
$ 10.73
|
$ 10.72
|
Ordinary shares, par value |
$ 0.0001
|
$ 0.0001
|
Ordinary shares, shares authorized |
500,000,000
|
500,000,000
|
Ordinary shares, shares issued |
0
|
0
|
Ordinary shares, shares outstanding |
0
|
0
|
Common Class B [Member] |
|
|
Ordinary shares, par value |
$ 0.0001
|
$ 0.0001
|
Ordinary shares, shares authorized |
50,000,000
|
50,000,000
|
Ordinary shares, shares issued |
7,618,750
|
7,618,750
|
Ordinary shares, shares outstanding |
7,618,750
|
7,618,750
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
General and administrative expenses |
$ 427,852
|
$ 919,365
|
Administrative fees - related party |
30,000
|
30,000
|
Loss from operations |
(457,852)
|
(949,365)
|
Other income (expense): |
|
|
Unrealized loss from change in fair value of warrant liabilities |
(479,750)
|
(2,704,146)
|
Income from cash and investments held in Trust Account |
321,077
|
959,464
|
Interest expense - amortization of debt discount |
(204,028)
|
(32,404)
|
Interest expense |
|
(1,830)
|
Total other income (expense), net |
(362,701)
|
(1,778,916)
|
Net loss |
$ (820,553)
|
$ (2,728,281)
|
Common Class A [Member] |
|
|
Other income (expense): |
|
|
Basic weighted average shares outstanding |
2,551,225
|
17,781,598
|
Diluted weighted average shares outstanding |
2,551,225
|
17,781,598
|
Basic net income (loss) per share |
$ (0.08)
|
$ (0.11)
|
Diluted net income (loss) per share |
$ (0.08)
|
$ (0.11)
|
Common Class B [Member] |
|
|
Other income (expense): |
|
|
Basic weighted average shares outstanding |
7,618,750
|
7,618,750
|
Diluted weighted average shares outstanding |
7,618,750
|
7,618,750
|
Basic net income (loss) per share |
$ (0.08)
|
$ (0.11)
|
Diluted net income (loss) per share |
$ (0.08)
|
$ (0.11)
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.24.1.1.u2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
|
$ 762
|
|
$ (13,574,384)
|
$ (13,573,622)
|
Balance, shares at Dec. 31, 2022 |
|
7,618,750
|
|
|
|
Proceeds received in excess of initial fair value of convertible promissory note |
|
|
546,809
|
|
546,809
|
Remeasurement of Class A ordinary shares to redemption amount |
|
|
(546,809)
|
(1,012,654)
|
(1,559,463)
|
Net loss |
|
|
|
(2,728,281)
|
(2,728,281)
|
Balance at Mar. 31, 2023 |
|
$ 762
|
|
(17,315,319)
|
17,314,557
|
Balance, shares at Mar. 31, 2023 |
|
7,618,750
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 762
|
|
(8,202,751)
|
(8,201,989)
|
Balance, shares at Dec. 31, 2023 |
|
7,618,750
|
|
|
|
Proceeds received in excess of initial fair value of convertible promissory note |
|
|
228,795
|
|
228,795
|
Remeasurement of Class A ordinary shares to redemption amount |
|
|
(228,795)
|
(242,282)
|
(471,077)
|
Net loss |
|
|
|
(820,553)
|
(820,553)
|
Balance at Mar. 31, 2024 |
|
$ 762
|
|
$ (9,265,586)
|
$ (9,264,824)
|
Balance, shares at Mar. 31, 2024 |
|
7,618,750
|
|
|
|
X |
- DefinitionRemeasurement of class ordinary shares to redemption amount
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash Flows from Operating Activities: |
|
|
Net loss |
$ (820,553)
|
$ (2,728,281)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Income from cash and investments held in Trust Account |
(321,077)
|
(959,464)
|
Interest expense - amortization of debt discount |
204,028
|
32,404
|
Unrealized loss from change in fair value of warrant liabilities |
479,750
|
2,704,146
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
(64,561)
|
(255,774)
|
Due from sponsor |
|
(281,691)
|
Accounts payable |
202,098
|
2,211,294
|
Accrued expenses and other current liabilities |
(16,945)
|
(1,589,700)
|
Accrued expenses - related party |
30,000
|
30,000
|
Net cash used in operating activities |
(307,260)
|
(837,066)
|
Cash Flows from Investing Activities: |
|
|
Advances to Trust Account |
(150,000)
|
(600,000)
|
Proceeds from Trust Account for payment to redeeming shareholders |
62,727,099
|
232,542,916
|
Net cash provided by investing activities |
62,577,099
|
231,942,916
|
Cash Flows from Financing Activities: |
|
|
Proceeds from promissory notes - related party |
207,260
|
750,000
|
Proceeds from convertible promissory notes |
250,000
|
600,000
|
Payment to redeeming shareholders |
(62,727,099)
|
(232,542,916)
|
Net cash used in financing activities |
(62,269,839)
|
(231,192,916)
|
Net Change in Cash |
|
(87,066)
|
Cash - Beginning of the period |
804
|
93,095
|
Cash - End of the period |
$ 804
|
$ 6,029
|
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v3.24.1.1.u2
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, RISKS AND UNCERTAINTIES AND GOING CONCERN
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, RISKS AND UNCERTAINTIES AND GOING CONCERN |
NOTE
1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, RISKS AND UNCERTAINTIES AND GOING CONCERN
Kernel
Group Holdings, Inc. (“Kernel” or the “Company”) is a blank check company incorporated as a Cayman Islands
exempted company on November 10, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet
identified (“Business Combination”).
As
of March 31, 2024, the Company had not commenced any operations. All activity from November 10, 2020 through March 31, 2024 relates to
the Company’s formation and the preparation of its initial public offering (“Initial Public Offering”), as described
below, and since the closing of the Initial Public Offering, the search for a target for a Business Combination. The Company will not
generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate
non-operating income in the form of dividend income, interest income or gains on investments held in a trust account (“Trust Account”)
from the proceeds derived from the Initial Public Offering.
The
Company’s sponsor was Kernel Capital Holdings, LLC, a Delaware limited liability company (the “Original Sponsor”).
The registration statement for the Company’s Initial Public Offering was declared effective on February 2, 2021. On February 5,
2021, the Company consummated its Initial Public Offering of 30,475,000 units (the “Units” and, with respect to the Class
A ordinary shares included in the Units being offered, the “Public Shares”), including 3,975,000 additional Units to cover
the underwriters’ over-allotment (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of approximately
$304.8 million, and incurring offering costs of approximately $17.4 million, of which approximately $10.7 million was for deferred underwriting
commissions. On May 24, 2023, the underwriters agreed to waive their rights to their portion of the fee payable by the Company for deferred
underwriting commissions, with respect to any potential Business Combination of the Company.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated a private placement (the “Private Placement”) of
8,750,000 warrants (the “Private Placement Warrants”), at a price of $1.00 per Private Placement Warrant with the Original
Sponsor, generating gross proceeds of approximately $8.8 million, which is discussed in Note 4.
On
December 28, 2022, the Company entered into a purchase agreement with the Original Sponsor and VKSS Capital, LLC, a Delaware
corporation (the “New Sponsor” or “Sponsor”), pursuant to which the New Sponsor, or an entity designated by
the New Sponsor, will purchase from the Original Sponsor
Class B ordinary shares of the Company, par value $
per share and
Private Placement Warrants, each of which is exercisable to purchase one Class A ordinary share of the Company, par value $
per share, for an aggregate purchase price of $
payable at the time the Company effects the initial Business Combination. The Class B ordinary shares which the New
Sponsor will purchase from the Original Sponsor will include 75,000 Founder Shares transferred by the Original Sponsor to the
independent directors and 50,000 Founder Shares transferred by the Original Sponsor to the former advisors, which have been
purchased by the New Sponsor and are pending transfer at closing by the exchange agent. Upon the closing of the initial Business
Combination, New Sponsor shall also convey
Class B ordinary shares to the equity holders of the Original Sponsor, as of December 28, 2022, pro rata based on the
equity holders’ underlying interest in the Company’s Class B ordinary shares as of December 28, 2022 (see Note
4).
Upon
the closing of the Initial Public Offering and the Private Placement, approximately $304.8 million ($10.00 per Unit) of the net proceeds
of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in the Trust Account with Continental
Stock Transfer & Trust Company (“Continental”) acting as trustee and has been invested in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “Investment Company Act”),
as amended, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the
earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public
Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied
generally toward consummating a Business Combination. The
Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal
to at least 80% of the net assets held in the Trust Account (excluding taxes payable on the interest earned on the Trust Account) at
the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will
only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting
securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be
required to register as an investment company under the Investment Company Act.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company will provide its holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a
portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to
approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval
of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00
per share, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). These Public Shares will
be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance
with Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” In such case,
the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination.
If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold
a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association
(the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer
rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing
a Business Combination. If, however, a shareholder approval of the transactions is required by applicable law or stock exchange listing
requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares
in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public
Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or whether
they were a Public Shareholder on the record date for the general meeting held to approve the proposed transaction. If the Company seeks
shareholder approval in connection with a Business Combination, the holders of the Founder Shares (as defined in Note 4) prior to this
Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares and any Public Shares purchased
during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive
their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.
In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior
consent of the New Sponsor.
Notwithstanding
the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together
with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group”
(as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted
from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the
Company.
The
Company’s New Sponsor, officers and directors agreed not to propose an amendment to 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 the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public
Shares if the Company does not complete a Business Combination within 42 months (including three six-month extensions) from
the closing of the Initial Public Offering, or August 5, 2024 (the “Combination Period”) or (B) with respect to any
other provisions relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides
the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.
If
the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except
for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public
Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any (less up to $100,000
of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely
extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any);
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the
board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
In
connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust
Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less taxes
payable and up to $100,000 of interest to pay dissolution expenses).
The
Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a
Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after
the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public
Shares if the Company fails to complete a Business Combination within the Combination Period. On May 24, 2023, the underwriters
agreed to waive their rights to their deferred underwriting commissions held in the Trust Account in the event the
Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included
with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the
event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution in
the Trust Account will be less than the $10.00
per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it
will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the
Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or
other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of
(i) $10.00
per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the
Trust Account, if less than $10.00
per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any
claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust
Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the
underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as
amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third
party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to
reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have
vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses
or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or
claim of any kind in or to monies held in the Trust Account. There can be no guarantee that the Company will be successful in
obtaining such waivers from its targeted vendors and service providers.
Charter
Amendments and Share Redemptions
In
an extraordinary general meeting held on February 3, 2023, shareholders approved a charter amendment (the “February Charter Amendment”),
changing the structure and cost of the Company’s right to extend the date by which the Company must (i) consummate a Business Combination, (ii) cease its operations if it fails to complete such Business Combination, and (iii)
redeem or repurchase 100% of the Company’s Public Shares (the “Termination Date”), which was previously February 5,
2023 (the “Extension Amendment Proposal”). The February Charter Amendment allowed the Company to extend the Termination
Date by up to six (6) one-month extensions to August 5, 2023 (each, an “Extension,” and such later date, the “Extended
Deadline”) provided that if any Extended Deadline ends on a day that is not a business day, such Extended Deadline will be automatically
extended to the next succeeding business day. To effect each one-month Extension, the Company, its Sponsor or any of their affiliates or
designees must deposit into the Company’s Trust Account with Continental by the applicable Extended Deadline (the “Extension
Payment”), the lesser of (x) $300,000 or (y) $0.06 per share for each of the Company’s publicly held shares outstanding as
of the deadline prior to the Extension (after giving effect to redemptions in connection with the approval of the February Charter Amendment
by the Company’s shareholders with respect to the first such Extension). In connection with the approval of the Extension Amendment
Proposal, the shareholders also approved a proposal to amend the Trust Agreement,
pursuant to which the Company’s Trust Agreement with Continental was amended to conform the procedures in the Trust Agreement by
which the Company may extend the date on which Continental must liquidate the Trust Account if the Company has not completed its initial
Business Combination to the procedures in the February Charter Amendment (the “Trust Amendment Proposal”). In connection
with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the shareholders meeting, holders of 22,848,122
of the Company’s Public Shares exercised their right to redeem those shares for cash at an approximate price of $10.15 per share,
for an aggregate of approximately $231.9 million. Following the payment of the redemptions, the Trust Account had a balance of approximately
$74.7 million before the first Extension Payment.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
shareholders of the Company approved the Amendment to the Amended and Restated Memorandum and Articles of Association of the Company
(the “August Charter Amendment”) at the August 3, 2023 shareholders meeting, changing the structure and cost of the Company’s
right to extend the Termination Date by up to six (6) one-month Extensions to February 5, 2024, provided that if any Extended Deadline
ends on a day that is not a business day, such Extended Deadline will be automatically extended to the next succeeding business day (the
“Second Extension Amendment Proposal”). To effect each one-month Extension, the Company, its Sponsor or any of their affiliates
or designees must deposit into the Company’s Trust Account with Continental an Extension Payment (after giving effect to redemptions
in connection with the approval of the August Charter Amendment) the lesser of (x) $150,000 or (y) $0.04 per share for each
of the Company’s Public Shares outstanding as of the applicable Extended Deadline, unless the closing of the Company’s initial
Business Combination shall have occurred, in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a Business Combination. In connection with the approval of the Second Extension Amendment Proposal, the shareholders also approved
a proposal to amend the Trust Agreement, pursuant to which the Company’s Trust Agreement with Continental was amended to conform
the procedures in the Trust Agreement by which the Company may extend the date on which Continental must liquidate the Trust Account
if the Company has not completed its initial Business Combination to the procedures in the August Charter Amendment (the “Second
Trust Amendment Proposal”).
In
connection with the approval of the Section Extension Amendment Proposal and the Second Trust Amendment Proposal at the August 3,
2023 shareholders meeting, holders of 1,310,929
of the Company’s Class A ordinary shares exercised their rights to redeem those shares for cash at an approximate price of
$10.42
per share, for an aggregate of approximately $13.6
million.
On
February 1, 2024, the Company held an extraordinary general meeting of its shareholders pursuant to due notice. At the shareholders
meeting, the Company’s shareholders entitled to vote at the meeting cast their votes and approved a proposal to amend the
Trust Agreement to conform the procedures in the Trust Agreement by which the Company may extend the date on which Continental must
liquidate the Trust Account if the Company has not completed its initial Business Combination (the “Third Trust Amendment
Proposal”) to the procedures in an amendment to the Company’s Amended and Restated Memorandum and Articles of
Association which was also approved by the Company’s shareholders at the meeting (the “February Charter Extension
Amendment”). The February Charter Extension Amendment allows the Company to extend the Termination Date by up to six (6)
one-month Extensions to August 5, 2024 provided that if any Extended Deadline ends on a day that is not a business day, such Extended
Deadline will be automatically extended to the next succeeding business day(the “Third Extension Amendment Proposal”).
In
connection with the approval of the Third Extension Amendment Proposal and the Third Trust Amendment Proposal at the February 1,
2024 shareholders meeting, holders of 5,806,608
of the Company’s Class A ordinary shares exercised their rights to redeem those shares for cash at an approximate price of
$10.80
per share, for an aggregate of approximately $62.7
million. Following the payment of the redemptions, the Trust Account had a balance of approximately $5.6 million,
inclusive of Extension Payments, as of March 31, 2024.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
On
January 5, 2024, the Company deposited $150,000 into
the Trust Account to extend the date to consummate a Business Combination.
Proposed
Business Combination
On
March 3, 2023, the Company entered into an agreement by and among the Company, AIRO Group, Inc., a Delaware corporation
and a wholly owned subsidiary of the Company (“ParentCo”), Kernel Merger Sub, Inc., a Delaware corporation and a wholly owned
subsidiary of ParentCo (“Kernel Merger Sub”), AIRO Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary
of ParentCo (“AIRO Merger Sub”), the Company’s Sponsor, Dr. Chirinjeev Kathuria, in the capacity as the representative
for the Company’s shareholders (the “Seller Representative”), and AIRO Group Holdings, Inc., a Delaware corporation
(“AIRO Group Holdings” ), referred to collectively as the Parties (as may be amended and/or restated
from time to time, the “Business Combination Agreement”), pursuant to which, among other things, the Company will change
the Company’s jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating
as a corporation incorporated under the laws of the State of Delaware (the “Domestication”).
In
connection with the Domestication, each Class B ordinary share, par value $0.0001 per share, shall convert into a share of Class B common
stock, par value $0.0001 per share, and each Class A ordinary share, par value $0.0001 per share, shall convert into a share of Class
A common stock, par value $0.0001 per share. Further, each share of Class B common stock and each share of Class A common stock that
is then issued and outstanding shall convert automatically, on a one-for-one basis, into one share of Kernel common stock (the “Kernel
Common Stock”).
Following
the Domestication, the Parties will effect the merger of Kernel Merger Sub with and into the Company, with the Company continuing as
the surviving entity as a wholly owned subsidiary of ParentCo (the “First Merger”). Immediately following the First Merger,
AIRO Merger Sub will merge with and into AIRO Group Holdings, with AIRO Group Holdings continuing as the surviving entity as a wholly
owned subsidiary of ParentCo (the “Second Merger” and the other transactions contemplated by the Business Combination Agreement,
together, the “Transaction”).
As
consideration for the Second Merger, the
holders of AIRO Group Holdings’ securities collectively shall be entitled to receive from ParentCo, in the aggregate, a number
of shares of ParentCo common stock with an aggregate value equal to (the “AIRO Merger Consideration”) (a) $770.0 million
minus (b) the amount, if any, by which the net working capital is less than negative $500,000, plus (c) the amount, if any, by which
the net working capital exceeds $500,000 (but not less than zero), minus (d) the amount, if any, by which the closing net debt
exceeds the target net debt of $75.0 million, by more than $500,000 (but not less than zero), plus (e) the amount, if any, by which
the target net debt of $75.0 million exceeds closing net debt, minus (f) the amount, if any, by which the company transaction
expenses exceed the target company transaction expenses of $14.0 million (but not less than zero). In addition, holders of AIRO
Group Holdings’ securities shall have the contingent right to receive from ParentCo, in the aggregate, up to 33,000,000
additional shares of ParentCo common stock, and the Sponsor shall have the contingent right to receive up to 3,300,000 shares of
ParentCo common stock (the “Earnout Shares”). In the event that for any full 12-month period (each an “Earnout
Period”) commencing on or after the closing date (the “Earnout Start Date”) and ending on or before the last day
of the thirteenth full calendar quarter following the closing date (the “Earnout End Date,” and the period between the
Earnout Start Date and the Earnout End Date, the “Earnout Eligibility Period”) ParentCo’s revenue is (i) greater
than or equal to $42.6 million for the first time during the Earnout Eligibility Period, (ii) greater than or equal to $141.4
million for the first time during the Earnout Eligibility Period, and (iii) greater than or equal to $358.9 million for the first
time during the Earnout Eligibility Period, then upon the occurrence of each (i), (ii), and (iii), ParentCo shall issue to each of
the stockholders of AIRO Group Holdings such stockholder’s pro rata share of 6,600,000 Earnout Shares and the Sponsor shall be
issued 660,000 Earnout Shares. In the event that ParentCo’s EBITDA for any Earnout Period is (x) less than or equal to
negative $19.3 million for the first time during the Earnout Eligibility Period, (y) greater than or equal to $4.0 million for the
first time during the Earnout Eligibility Period and (z) greater than or equal to $98.6 million for the first time during the Earnout
Eligibility Period, then upon the occurrence of each (x), (y), and (z), ParentCo shall issue to each of the stockholders of AIRO
Group Holding such stockholder’s pro rata share of 4,400,000 Earnout Shares and the Sponsor shall be issued 440,000 Earnout
Shares.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Business Combination Agreement contains customary conditions to closing, including the following mutual conditions of the parties (unless
waived): (i) approval of the shareholders of Kernel and AIRO Group Holdings of the Transaction and the other matters requiring shareholder
approval; (ii) approvals of any required governmental authorities and completion of any antitrust expiration periods; (iii) receipt of
specified third party consents; (iv) no law or order preventing the Transaction; (v) the registration statement having been declared
effective by the SEC; (vi) no material uncured breach by the other party; (vii) no occurrence of a material adverse effect with respect
to the other party; (viii) approval from Nasdaq for the listing of the shares of ParentCo’s common to be issued in connection with
the Transaction; and (ix) reconstitution of the post-closing board as contemplated under the Business Combination Agreement.
In
addition, unless waived by AIRO Group Holdings, the obligations of AIRO Group Holdings to consummate the Transaction are subject to the
satisfaction of the following additional Closing conditions, in addition to the delivery by Kernel of the related agreements, customary certificates and other closing deliverables: (i) the representations and warranties
of Kernel being true and correct as of the date of the Business Combination Agreement and as of the closing (subject to customary exceptions,
including materiality qualifiers); (ii) Kernel having performed in all material respects its obligations and complied in all material
respects with its covenants and agreements under the Business Combination Agreement required to be performed or complied with by it on
or prior to the date of the closing; (iii) absence of any material adverse effect with respect to Kernel since the date of the Business
Combination Agreement which is continuing and uncured; (iv) the replacement of the replacement warrants and replacement options; (v)
at the closing, Kernel having $50.0 million in unencumbered cash, including funds remaining in the Trust Account (after giving effect to
the completion and payment of any redemptions and any transaction expenses) and the proceeds of the private investment in public equity or convertible note investments,
fifty percent (50%) of any net cash proceeds of any capital investment raise and/or convertible debt raise conducted by the Company during
the period beginning on the effective date of the Business Combination and ending on the closing date, and any net cash proceeds of any
executed agreements regarding a capital investment raise and/or convertible debt raise conducted by Kernel or ParentCo in which such
cash proceeds are required to be paid to ParentCo during the thirty (30) day period beginning on the closing date.
Finally,
unless waived by Kernel, the obligations of Kernel to consummate the Transaction are subject to the satisfaction of the following
additional closing conditions, in addition to the delivery by Kernel of the related agreements, customary certificates and other
closing deliverables: (i) the representations and warranties of AIRO Group Holdings being true and correct as of the date of the
Business Combination Agreement and as of the closing (subject to customary exceptions, including materiality qualifiers); (ii) AIRO
Group Holdings having performed in all material respects their respective obligations and complied in all material respects with
their respective covenants and agreements under the Business Combination Agreement required to be performed or complied with by them
on or prior to the date of the closing; (iii) absence of any material adverse effect with respect to AIRO Group Holdings and its
subsidiaries on a consolidated basis since the date of the Business Combination Agreement which is continuing and uncured; (iv)
delivery of AIRO’s 2022 audited financials statements within 60 days of the Business Combination Agreement’s signing;
(v) the completion of Kernel’s legal due diligence of AIRO Group Holdings and its subsidiaries to Kernel’s reasonable
satisfaction; (vi) the replacement of the replacement warrants and replacement options; and (vii) the aggregate amount of all
indebtedness of the target companies due earlier than 180 days after the closing (less Company cash at closing) is less than $50.0 million.
On
August 29, 2023, the Parties entered into the First Amendment to the Business Combination Agreement (the “First
Amendment”). The First Amendment amends the Business Combination Agreement to make certain changes to the earnout provisions
to fix the number of Earnout Shares that can be granted in each Earnout Period based on a $10.00
per share price.
On
January 16, 2024, the Parties entered into the Second Amendment to the Business Combination Agreement (the “Second Amendment”).
The Second Amendment amends the Business Combination Agreement to change the terms under which the AIRO Group Holdings shareholders and
the Sponsor shall have a contingent right to receive the Earnout Shares as additional consideration based on ParentCo’s achievement
of certain revenue thresholds. The Second Amendment also amended the termination date pursuant to the original Business Combination Agreement,
from August 2, 2023 to August 5, 2024.
On
February 5, 2024, the Parties entered into the Third Amendment to the Business Combination Agreement (the “Third Amendment”).
The Third Amendment amends the Business Combination Agreement and removed the previous requirement of the Company to satisfy
maintain a minimum of $5.0 million in net tangible assets at closing.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Risks
and Uncertainties
In
February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus.
The
escalation in October 2023 of the conflict between Israel and Hamas also could cause disruptions to global economic conditions and effect
the stability of the Middle East region. It is unknown how long any of these disruptions will continue and whether such disruptions will
become more severe.
The
impact of these conflicts on the world economy is not determinable as of the date of these consolidated financial statements and the
specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the
date of these unaudited condensed consolidated financial statements.
As
a result of political tensions in the Middle East and the military action commenced in February 2022 by the Russian Federation and
Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination,
or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and
adversely affected. Further, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity
and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market
liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and
related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations
and/or ability to consummate a Business Combination are not yet determinable. The unaudited condensed consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Going
Concern
As
of March 31, 2024, the Company had $804
in its operating bank account and a working capital deficit of approximately $8.4
million.
The
Company’s liquidity needs to date have been satisfied through a contribution of $25,000
from the Original Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares, the loan of $
from the Original Sponsor under a note, certain portion of the proceeds from the consummation of the Private Placement not held in
the Trust Account, the promissory notes of $2.5
million, and Convertible Promissory Notes (as defined below) of approximately $2.0
million. The Company repaid $
of the loan from the Original Sponsor in February 2021. In addition, in order to finance transaction costs in connection with a
Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but
are not obligated to, provide the Company Working Capital Loans (as defined below). If the Company completes a Business Combination, the Company may
repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital
Loans may 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.
In connection with the Company’s assessment of going concern considerations in
accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15,
“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has
determined that the liquidity condition, the date of the mandatory liquidation and subsequent dissolution raises substantial doubt
about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or
liabilities should the Company be required to liquidate after August 5, 2024. The unaudited condensed consolidated financial
statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The
Company’s management plans to complete a Business Combination prior to the mandatory liquidation date.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with
the instructions to Form 10-Q and Article 8 of Regulation S-X and pursuant to the rules and regulations of the SEC. Accordingly,
certain disclosures included in the annual consolidated financial statements have been condensed or omitted from these unaudited
condensed consolidated financial statements as they are not required for interim financial statements under U.S. GAAP and the rules
of the SEC. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which
include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented.
Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected
through December 31, 2024, or any future period. The accompanying unaudited condensed consolidated financial statements should be
read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K filed with the SEC.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012, 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.
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. 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 unaudited condensed consolidated financial statements and the reported amounts of revenues
and expenses during the reporting periods. Making estimates requires the Company’s 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 consolidated statements, which the Company’s management considered in formulating its
estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting
estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the
warrant liabilities. Actual results could differ from those estimates.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial
institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000
and investments held in the Trust Account. The Company has significant cash balances at financial institutions which throughout the
year regularly exceed the federally insured limit of $250,000.
Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial
condition, results of operations, and cash flows.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of March 31, 2024 or December 31, 2023.
Cash
and Investments Held in Trust Account
Until
February 2023, the Company’s portfolio of investments held in the Trust Account was comprised of U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments
in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a
combination thereof. In February 2023, the Company transferred the funds in the Trust Account into cash. In July 2023, the Company
instructed Continental to instead hold the funds in the Trust Account in an interest-bearing demand deposit account, and in August
2023, the Company transferred the Trust Account funds to an interest-bearing demand deposit account. When the Company’s
investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading
securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are
recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated
balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in income from investments held in Trust Account in the accompanying condensed consolidated statements of
operations. The estimated fair values of investments held in the Trust Account are determined using available market information.
During the three months ended March 31, 2024, $62.7
million was paid to redeeming shareholders. At March 31, 2024 and December 31, 2023, the cash held in the Trust Account totaled
approximately $5.6
million and cash and investments held in the Trust Account totaled approximately $67.8
million, respectively.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under Accounting Standards
Codification (“ASC”) Topic 820, “Fair Value Measurements” (“ASC 820”), equals or
approximates the carrying amounts represented in the consolidated balance sheets, except for warrant liabilities (see Note
10).
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly
transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). These tiers consist of:
|
● |
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 valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company
evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are
derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480, “Distinguishing
Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging”
(“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as
liabilities or as equity, is re-assessed at the end of each reporting period.
The
warrants issued in connection with the Initial Public Offering and the Private Placement Warrants are recognized as derivative
liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and
adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet
date until exercised. The fair value of warrants issued in connection with the Private Placement has been measured by using the
market value of the Public Warrants (as defined below). The fair value of the warrants issued in connection with the Initial Public
Offering was initially measured using a Monte-Carlo simulation and subsequently has been measured based on the market price at each
measurement date when separately listed and traded. The determination of the fair value of the derivative liability may be subject
to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative
liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current
assets or require the creation of current liabilities. The Company’s public and private warrant liabilities (see Notes 7 and
10) are classified as derivatives in the condensed consolidated balance sheets with changes in the fair value recognized in the
condensed consolidated statements of operations.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Convertible
Promissory Notes
On
March 23, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $600,000
(the “First Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 600,000
Class A common stock at the closing of a Business Combination (“Share Rights”). At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $600,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (60,000
shares).
On
April 4, 2023, Aesther Healthcare Sponsor agreed to loan the Company an aggregate principal amount of $50,000
(“the Aesther Healthcare Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 50,000 Share Rights. At the option of Aesther Healthcare
Sponsor, upon the closing of a Business Combination, the outstanding principal of $50,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A Common Stock for each $10
of additional capital contribution (5,000
shares).
On
April 25, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $800,000
(the “Second Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 800,000 Share Rights. At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $800,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (80,000
shares).
On
December 6, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $250,000
(the “Third Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 250,000 Share Rights. At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $250,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A Common Stock for each $10
of additional capital contribution (25,0000
shares).
On
February 23, 2024, three accredited investors (RLH SPAC Fund LP, TQ Master Fund LP and Sternstar LLC) agreed to loan the Company an
aggregate principal amount of $250,000 ($100,000 pursuant to the RLH SPAC Fund convertible note, $100,000
pursuant to the TQ Master Fund convertible note, and $50,000
pursuant to the Sternstar convertible note), to be used for a portion of the expenses of the Company in exchange for the issuance of
an aggregate 250,000
Share Rights. At the option of the investors, upon the closing of a Business Combination, the outstanding principal of $250,000
may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (25,000
shares).
The Convertible Promissory Notes (as defined
below) are non-interest bearing and are due within five business days from the date on which the Company consummates a Business Combination.
If the Company does not consummate a Business Combination, the Company may use a portion of any funds held outside the Trust Account
to repay the Convertible Promissory Notes; however, no proceeds from the Trust Account may be used for such repayment if the Company
does not consummate the Business Combination.
Collectively,
the First Polar Fund Convertible Note, the Aesther Healthcare Convertible Note, Second Polar Fund Convertible Note, the Third Polar
Fund Convertible Note, the RLH SPAC Fund convertible note, the TQ Master Fund convertible note, and the Sternstar convertible note,
are referred to as the Convertible Promissory Notes. The Company accounted for its Share Rights as equity-classified instruments
based on an assessment of the Share Right’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The
assessment considers whether the Share Rights are freestanding financial instruments pursuant to ASC 480, meet the definition of a
liability pursuant to ASC 480, and whether the Share Rights meet all the requirements for equity classification under ASC 815,
including whether the Share Rights are indexed to the Company’s own common stock, among other conditions for the equity
classification. This assessment, which requires the use of professional judgment, was conducted at the time of Share Rights
issuance. Both the Convertible Promissory Notes and the Share Rights meet the scope exception of ASC 815-10-15-74(a). The Company
applied the guidance in ASC 470-20-25-2, “Debt With Conversion and Other Options”, requiring that the loan
proceeds be allocated to the two instruments based on their relative fair values. At March 23, 2023, the Company allocated $53,191
of the proceeds to the First Polar Fund Convertible Note and $546,809
for the Share Rights. At April 4, 2023, the Company allocated $4,409
of the proceeds to the Aesther Healthcare Convertible Note and $45,591
for the Share Rights. At April 25, 2023, the Company allocated $70,299
of the proceeds to the Second Polar Fund Convertible Note and $729,701
for the Share Rights. At December 6, 2023, the Company allocated $21,441
of the proceeds to the Third Polar Fund Convertible Note and $228,559
for the Share Rights. At February 23, 2024, the Company allocated $8,482
of the proceeds to the RLH SPAC Fund convertible note and $91,518
for the Share Rights. At February 23, 2024, the Company allocated $8,482
of the proceeds to the TQ Master Fund convertible note, and $91,518
to the Share Rights. At February 23, 2024, the Company allocated $4,241
of the proceeds to the Sternstar convertible note and $45,759
to the Share Rights. The Share Rights are recognized as a debt discount to the Convertible Promissory Notes and accreted through
interest expense to the face value of the Convertible Promissory Notes utilizing an effective interest method. At March 31, 2024,
the carrying value of the Convertible Promissory Notes (see Note 5) was approximately $1.8
million, reflecting an unamortized discount of $159,654
and at December 31, 2023, the carrying value of the Convertible Promissory Notes (see Note 5) was approximately $1.6
million, reflecting an unamortized discount of $134,887.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were
directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the
Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with
derivative warrant liabilities are expensed as incurred, and presented as other income (expenses) in the condensed consolidated
statements of operations. Offering costs associated with the Class A ordinary shares issued were charged against the carrying value
of Class A ordinary shares upon the completion of the Initial Public Offering.
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A
ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value.
Conditionally redeemable Class A ordinary shares (including Class A 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, Class A ordinary shares are classified within the
shareholders’ deficit section of the Company’s condensed consolidated balance sheets. The Company’s Class A
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. Accordingly, as of March 31, 2024 and December 31, 2023, the Company had 509,341 and 6,315,949 Class
A ordinary shares subject to possible redemption, respectively, that are presented as temporary equity, outside of the
shareholders’ deficit section of the Company’s condensed consolidated balance sheets. During the three months ended
March 31, 2024, 5,806,608 Class
A ordinary shares were redeemed by shareholders.
Under
ASC 480-10 S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying
value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering, the Company
recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to
the extent available) and accumulated deficit.
Net
Loss per Ordinary Share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” The Company
has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared
pro rata between the two classes of shares. This presentation assumes a Business Combination as the most likely outcome. Net loss per
ordinary share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding for the respective
period.
The
calculation of diluted net loss per ordinary share does not consider the effect of the warrants underlying the Units sold in the
Initial Public Offering and the Private Placement Warrants to purchase 23,987,500
Class A ordinary shares, nor the effect of the conversion features under the Convertible Promissory Notes to issue up to 195,000
additional Class A ordinary shares, in the calculation of diluted loss per share, because their exercise is contingent upon future
events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per share is the
same as basic net loss per share for the three months ended March 31, 2024 and 2023. Accretion associated with the redeemable Class
A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company has considered the effect of Class B ordinary shares that were excluded from the weighted average number as they were
contingent on the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, the Company included
these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these
shares.
SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE OF ORDINARY SHARE
| |
For the Three Months Ended
March 31, 2024 | | |
For the Three Months Ended
March 31,
2023 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net loss - basic
and diluted | |
$ | (205,843 | ) | |
$ | (614,710 | ) | |
$ | (1,909,942 | ) | |
$ | (818,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average ordinary shares outstanding,
basic and diluted | |
| 2,551,225 | | |
| 7,618,750 | | |
| 17,781,598 | | |
| 7,618,750 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per ordinary share | |
$ | (0.08 | ) | |
$ | (0.08 | ) | |
$ | (0.11 | ) | |
$ | (0.11 | ) |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes” (“ASC
740”). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no
amounts accrued for interest and penalties as of March 31, 2024 and December 31, 2023. The Company’s management determined
that the Cayman Islands is the Company’s only major tax jurisdiction. The Company is currently not aware of any issues under
review that could result in significant payments, accruals or material deviation from its position.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman federal income tax
regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s
consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.
Recent
Accounting Pronouncements
Recently
Adopted Pronouncements
In June 2016, the FASB
issued ASU No. 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial
Instruments”, which changes the impairment model for most financial assets. The ASU introduces a new credit loss
methodology, current expected credit losses (“CECL”), which requires earlier recognition of credit losses, while also
providing additional transparency about credit risk. Since its original issuance in 2016, the FASB has issued several updates to the
original ASU. The CECL framework utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses
for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected
credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple
existing impairment methods, which generally require that a loss be incurred before it is recognized. The Company adopted this
standard on January 1, 2023 and the impact was not material to the unaudited condensed consolidated financial statements.
In
June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered
in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to
contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and
equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning
after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual
financial statements that have not yet been issued or made available for issuance. The Company adopted this standard on January 1,
2024 and the impact was not material to the unaudited condensed consolidated financial statements.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
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v3.24.1.1.u2
INITIAL PUBLIC OFFERING
|
3 Months Ended |
Mar. 31, 2024 |
Initial Public Offering |
|
INITIAL PUBLIC OFFERING |
NOTE
3. INITIAL PUBLIC OFFERING
On
February 5, 2021, the Company consummated its Initial Public Offering of 30,475,000 Units, including 3,975,000 Over-Allotment Units,
at $10.00 per Unit, generating gross proceeds of approximately $304.8 million, and incurring offering costs of approximately $17.4 million,
of which approximately $10.7 million was for deferred underwriting commissions. For the three months ended March 31, 2024, 5,806,608 Class A ordinary shares were redeemed by shareholders.
Each
Unit consists of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”). Each whole Public
Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment
(see Note 7).
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
4. RELATED PARTY TRANSACTIONS
Founder
Shares
On
November 19, 2020, the Original Sponsor paid an aggregate of $ for certain expenses on behalf of the Company in exchange for issuance
of Class B ordinary shares (the “Founder Shares”). On January 11, 2021, the Company effected a 1 for 1.25 forward
stock split of the Founder Shares that increased the number of outstanding Founder Shares from 5,750,000 to 7,187,500 shares, and the
Original Sponsor transferred an aggregate of 75,000 Founder Shares to the independent directors and an aggregate of 50,000 Founder Shares
to the former advisors (the number of shares are after the effect of the forward stock split discussed in the next sentence). On February 2, 2021, the Company effected a 1 for 1.06 forward stock split of the Founder Shares that increased
the number of outstanding Founder Shares from 7,187,500 to 7,618,750 shares and resulted in the Original Sponsor holding 7,493,750 Founder
Shares. The Original Sponsor agreed to forfeit up to an aggregate of 993,750 Founder Shares to the extent that the option to purchase
additional Units was not exercised in full by the underwriters or was reduced, so that the Founder Shares would represent 20% of the
Company’s issued and outstanding shares after the Initial Public Offering. On February 5, 2021, the underwriter fully exercised
its over-allotment option; thus, these 993,750 Founder Shares are no longer subject to forfeiture.
The
Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after
the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of
the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading-day period commencing at least 150 days after the initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar
transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or
other property.
On
December 28, 2022, the Company entered into a purchase agreement with the Original Sponsor and the New Sponsor, pursuant to which
the New Sponsor, or an entity designated by the New Sponsor, will purchase from the Original Sponsor
Class B ordinary shares of the Company, par value $
per share and
Private Placement Warrants, each of which is exercisable to purchase one Class A ordinary share of the Company, par value $
per share, for an aggregate purchase price of $
payable at the time the Company effects the initial Business Combination. The Class B ordinary shares which the New
Sponsor will purchase from the Original Sponsor will include 75,000 Founder Shares transferred by the Original Sponsor to the
independent directors and 50,000 Founder Shares transferred by the Original Sponsor to the former advisors, which have been
purchased by the New Sponsor and are pending transfer at closing by the exchange agent. Upon the closing of the initial Business
Combination, the New Sponsor shall also convey
Class B ordinary shares to the equity holders of the Original Sponsor, as of the Effective Date, pro rata based on the
equity holders’ underlying interest in the Company’s Class B ordinary shares as of December 28, 2022.
Private
Placement Warrants
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the Private Placement of
8,750,000 Private Placement Warrants, at a price of $1.00 per Private Placement Warrant with the Original Sponsor, generating gross proceeds
of approximately $8.8 million.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
On
December 28, 2022, the Original Sponsor transferred all Private Placement Warrants to the exchange agent, and upon closing of a Business Combination, the Private Placement Warrants will be transferred to
the New Sponsor.
Each
whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the
proceeds from the sale of the Private Placement Warrants to the Original Sponsor was added to the proceeds from the Initial Public Offering
held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement
Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as
they are held by the Sponsor or its permitted transferees.
The
Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of
their Private Placement Warrants until 30 days after the completion of the initial Business Combination.
Related
Party Loans
In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an
affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds
as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the
Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may 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 Working Capital Loans would either be repaid upon consummation of a Business Combination, without
interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of
the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants.
Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with
respect to such loans.
During the year ended December 31, 2023, the
Company entered into loan agreements with eleven investors and the Sponsor (the “Loan Agreements”). Pursuant to the Loan
Agreements, the investors loaned the Sponsor a total of $2.5 million,
which will in turn be loaned by the Sponsor to the Company, to cover a portion of the Extension Payments with any remaining balance
to be used for the Company’s working capital. The Loan Agreements accrue 8%
interest per annum and shall be repaid upon closing the initial Business Combination. The Company intends to pay all principal under
the Loan Agreements and shall not be responsible for the payment of any interest on the loans. As of March 31, 2024 and December 31,
2023, the total amount drawn on the Loan Agreements was approximately $2.4 million
and $2.2 million, respectively.
Administrative
Support Agreement
Commencing
on the date that the Company’s securities were first listed on Nasdaq through the earlier of consummation of the initial Business
Combination or its liquidation, the Company agreed to pay the Sponsor $10,000 per month for office space, administrative and support
services. For the three months ended March 31, 2024 and 2023, the Company incurred $30,000 and $30,000 for such services, respectively.
As of March 31, 2024 and December 31, 2023, $320,000 and $290,000 were outstanding, respectively, and included in accrued expenses –
related party as reflected in the accompanying condensed consolidated balance sheets.
In
addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses
incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due
diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the
Company to the Sponsor, officers or directors, or their affiliates. Any such payments prior to an initial Business
Combination will be made from funds held outside the Trust Account. For the three months ended March 31, 2024 and 2023, the Company did
not incur or reimburse any Business Combination costs to the Sponsor or any related party.
|
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v3.24.1.1.u2
DEBT
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE
5. DEBT
The
Convertible Promissory Notes are non-interest bearing and are due within five business days from the date on which the Company
consummates a Business Combination. If the Company does not consummate a Business Combination, the Company may use a portion of any
funds held outside the Trust Account to repay the Convertible Promissory Notes; however, no proceeds from the Trust Account may be
used for such repayment if the Company does not consummate a Business Combination. The Convertible Promissory Notes may be
converted into Class A common stock at one share for each $10
of additional capital contribution at the option of the investor.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company complies with ASC Topic 835, “Interest” (“ASC 835”). In accordance with ASC 835-30, discounts
to the principal amounts are included in the carrying value of the Convertible Promissory Notes and amortized to “Interest
expense” over the remaining term of the underlying debt to the Convertible Promissory Notes’ maturity date.
As
described in Note 2, on March 23, 2023, the Company entered into the First Polar Fund Convertible Note pursuant to which Polar
Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $600,000.
The Company on April 25, 2023 entered into the Second Polar Fund Convertible Note, pursuant to which Polar Multi-Strategy Master
Fund agreed to loan the Company an aggregate principal amount of $800,000.
Additionally, on December 6, 2023, the Company entered into the Third Polar Fund Convertible Note, pursuant to which Polar
Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $250,000.
As of March 31, 2024 and December 31, 2023, the outstanding balance under the First, Second, and Third Polar Fund Convertible
Promissory Notes amounted to an aggregate of approximately $1.7
million. The Company recorded $546,809,
$729,701,
and $228,559
for debt discount upon issuance of the First Polar Fund Convertible Note, Second Polar Fund Convertible Note, and Third Polar Fund
Convertible Note, respectively. For the three months ended March 31, 2024, and the year ended December 31, 2023, the amortization of
the discount resulted in total interest expense of $134,887
and $1,370,182 for these loans, respectively.
As
described in Note 2, the Company entered into the Aesther Healthcare Convertible Note on April 4, 2023, pursuant to which Aesther
Healthcare Sponsor agreed to loan the Company an aggregate principal amount of $.
As of March 31, 2024 and December 31, 2023, the outstanding balance under the Aesther Healthcare Convertible Note amounted to an
aggregate of $50,000.
The Company recorded a $45,591
debt discount upon issuance of the Aesther Healthcare Convertible Promissory Note. As of January 1, 2024, the discount recognized at
issuance was fully amortized.
As
described in Note 2, on February 23, 2024, three accredited investors (RLH SPAC Fund LP, TQ Master Fund LP and Sternstar LLC) agreed
to loan the Company $100,000,
$100,000,
and $50,000 respectively.
For the three months ended March 31, 2024, the outstanding balance for the three accredited investors amounted to an aggregate of
$250,000.
The Company recorded $69,141 to
interest expense for these loans for the three months ended March 31, 2024.
For
the three months ended March 31, 2024, the amortization of the discount resulted in total interest expense of $204,028 for all of the
Company’s Convertible Promissory Notes. For the three months ended March 31, 2023, the amortization of the discount resulted in interest
expense of $32,404.
The
following table presents the aggregate of Convertible Promissory Notes as of March 31, 2024:
SCHEDULE OF CONVERTIBLE PROMISSORY NOTES
| |
| | |
Principal
value | |
$ | 1,950,000 | |
Debt
discount | |
| (159,654 | ) |
Carrying
value | |
$ | 1,790,346 | |
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
6. 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 Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon
the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding
short form demands, that the Company registers such securities. In addition, the holders will be entitled to certain demand and “piggyback”
registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
Premium
Finance Agreement - D&O Insurance
In
order to obtain a public company directors and officers insurance policy (“D&O Insurance”), the Company entered into
two agreements with premium financing lenders, whereby the lenders paid the D&O Insurance premium for the Company (“Premium
Finance Agreements”). If the Company were to not pay the lenders monthly installment payments, the lenders would cancel the D&O
Insurance and the remaining D&O Insurance premium would be returned to the lenders. In addition, if the Company were to cancel the
D&O Insurance, the remaining D&O Insurance premium would be returned to the lenders.
The
first Premium Finance Agreement is for $350,000 and accrues interest at a fixed rate of 7.5% per annum for a total of $3,136 over the
term of the Premium Finance Agreement. Monthly payments of $35,784, were paid in four monthly installments, which commenced on February
28, 2023 with a maturity date of May 28, 2023. Upon entering into the Premium Finance Agreement, an upfront payment of $210,000 was due
and paid on March 27, 2023.
The
second Premium Finance Agreement is for $194,569 and accrues interest at a fixed rate of 7.5% per annum for a total of $1,744 over the
term of the Premium Finance Agreement. Monthly payments of $19,893, were paid in four monthly installments, which commenced on February
28, 2023 with a maturity date of May 28, 2023. Upon entering into the Premium Finance Agreement, an upfront payment of $116,741 was due
and paid on March 27, 2023.
The
total expenses incurred under the Premium Finance Agreements, covering upfront, monthly, and interest payments, were $206,043
during the three months ended March 31, 2023 and are included in general and administrative expenses on the accompanying condensed
consolidated statements of operations. The total cash disbursements made under the Finance Agreements for upfront, monthly, and
interest payments totaled $438,095
during the three months ended March 31, 2023.
The
total expenses incurred for D&O Insurance for the three months ended March 31, 2024 and 2023 were $105,848
and $206,043, respectively are included in general and administrative expenses on the accompanying condensed consolidated statements
of operations. Total cash disbursements made for D&O Insurance for the three months ended March 31, 2024 and 2023 totaled $105,848
and $438,095, respectively.
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v3.24.1.1.u2
WARRANTS
|
3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
WARRANTS |
NOTE
7. WARRANTS
As
of both March 31, 2024 and December 31, 2023, the Company had 15,237,500 Public Warrants and 8,750,000 Private Placement Warrants outstanding.
Public
Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units
and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has
an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public
Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants
on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than twenty (20)
business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with
the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current
prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement.
If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th
day after the closing of the initial Business Combination, 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 warrants
on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the
above, if the Class A ordinary shares are at the time of any exercise of a 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 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, it will not be required to file or maintain in effect
a registration statement.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business
Combination or earlier upon redemption or liquidation. 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 the initial Business Combination at an issue price or effective
issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the
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 the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z)
the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior
to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20
per share, 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, the $18.00 per share redemption trigger price described under “Redemption of warrants when the
price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary
share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and
the Newly Issued Price, and the $10.00 per share redemption trigger price described under “Redemption of warrants when the price
per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market
Value and the Newly Issued Price.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except (i)
that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not
be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions,
(ii) except as described below, the Private Placement Warrants will be non-redeemable so long as they are held by the Sponsor or such
its permitted transferees and (iii) the Sponsor or its permitted transferees will have the option to exercise the Private Placement Warrants
on a cashless basis and have certain registration rights. If the Private Placement Warrants are held by someone other than the Sponsor
or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable
by such holders on the same basis as the Public Warrants.
Redemption
of warrants when the price per Class A ordinary share equals or exceeds $18.00:
Once
the warrants become exercisable, the Company may call the outstanding warrants (except as described herein with respect to the Private
Placement Warrants):
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption; and |
|
|
|
|
● |
if,
and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per
share (as adjusted) for any 20 trading days within a 30-trading-day period ending on the third trading day prior to the date on which
the Company sends the notice of redemption to the warrant holders. |
The
Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance
of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class
A ordinary shares is available throughout the 30-day redemption period.
Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00:
Once
the warrants become exercisable, the Company may redeem the outstanding warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
$0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise
their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference
to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
|
|
|
|
● |
if,
and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days
within the 30-trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders;
and |
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
|
● |
if
the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading-day period ending on the third trading
day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as
adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public
Warrants, as described above. |
The
“fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class
A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders
of warrants. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than
0.361 Class A ordinary shares per warrant (subject to adjustment).
In
no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such
funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust
Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
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v3.24.1.1.u2
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
|
3 Months Ended |
Mar. 31, 2024 |
Class Ordinary Shares Subject To Possible Redemption |
|
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION |
NOTE
8. CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
The
Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control
and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value
of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31,
2024 and December 31, 2023, there were 509,341 and 6,315,949, respectively, of Class A ordinary shares outstanding, which were all subject
to possible redemption and are classified outside of permanent equity in the balance sheets.
The
Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled on the
following table:
SCHEDULE OF CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
Gross
proceeds received from Initial Public Offering | |
$ | 304,750,000 | |
Less: | |
| | |
Fair
value of Public Warrants at issuance | |
| (23,922,875 | ) |
Offering
costs allocated to Class A ordinary shares | |
| (16,172,159 | ) |
Plus: | |
| | |
Accretion
on Class A ordinary shares to redemption value | |
| 44,479,800 | |
Class
A ordinary shares subject to possible redemption as of December 31, 2022 | |
| 309,134,766 | |
Redemption
of shares | |
| (246,225,327 | ) |
Derecognition
of deferred underwriting fee payable allocated to Class A ordinary shares | |
| 9,910,904 | |
Accretion
on Class A ordinary shares subject to possible redemption | |
| (5,100,681 | ) |
Class
A ordinary shares subject to possible redemption as of December 31, 2023 | |
| 67,719,662 | |
Redemption
of shares | |
| (62,727,099 | ) |
Accretion
on Class A ordinary shares subject to possible redemption | |
| 471,077 | |
Class
A ordinary shares subject to possible redemption as of March 31, 2024 | |
$ | 5,463,640 | |
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v3.24.1.1.u2
SHAREHOLDERS’ DEFICIT
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ DEFICIT |
NOTE
9. SHAREHOLDERS’ DEFICIT
Preference
Shares - The Company is authorized to issue 1,000,000
preference shares with a par value of $0.0001
per share. As of March 31, 2024 and December 31, 2023, there were no
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 the Company’s Class A ordinary shares are entitled to one
vote for each share. For the three months ended March 31, 2024, 5,806,608
Class A ordinary shares were redeemed by shareholders. As of March 31, 2024 and December 31, 2023, there were 509,341
and 6,315,949
Class A ordinary shares outstanding, all of which were subject to possible redemption and included as temporary equity (see Note
8).
Class
B Ordinary Shares - There were 7,618,750
shares issued and outstanding as of March 31, 2024 and December 31, 2023.
Class
A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be
voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote
together as a single class on all matters submitted to a vote of the shareholders except as required by law.
The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination at a
ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on
an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial
Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise
of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation
to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable
for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination
and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the management team upon conversion of Working
Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
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v3.24.1.1.u2
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
10. FAIR VALUE MEASUREMENTS
The
following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a
recurring basis as of March 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs the Company
utilized to determine such fair value:
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
Description | |
Amount
at Fair Value | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
March
31, 2024 | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
liability – Public Warrants | |
$ | 609,500 | | |
$ | — | | |
$ | 609,500 | | |
$ | — | |
Warrant
liability – Private Placement Warrants | |
$ | 350,000 | | |
$ | — | | |
$ | 350,000 | | |
$ | — | |
Description | |
Amount
at Fair Value | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
December
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investments
held in Trust Account: | |
| | | |
| | | |
| | | |
| | |
Cash
or demand deposit account | |
$ | 67,819,662 | | |
$ | 67,819,662 | | |
$ | — | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
liability – Public Warrants | |
$ | 304,750 | | |
$ | — | | |
$ | 304,750 | | |
$ | — | |
Warrant
liability – Private Placement Warrants | |
$ | 175,000 | | |
$ | — | | |
$ | 175,000 | | |
$ | — | |
Warrant
liability | |
$ | 175,000 | | |
$ | — | | |
$ | 175,000 | | |
$ | — | |
Transfers
to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers during March 31, 2024 and
December 31, 2023.
Level
1 assets include cash, demand deposit account and investments in money market funds that invest solely in U.S. Treasury securities. The
Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources
to determine the fair value of its investments.
For
periods where no observable traded price was available, which was prior to March 2021 for the Public Warrants, and prior to December
2022 for the Private Placement Warrants, the fair value of the Public Warrants issued in connection with the Initial Public Offering
was estimated using a Black-Scholes option pricing model. The Company utilized a Black-Scholes option pricing model to estimate the
fair value of the Private Placement Warrants at each of the relevant reporting periods as described above, with changes in fair value recognized in the
condensed consolidated statements of operations.
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
11. SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred up to the date the unaudited condensed consolidated financial
statements were issued. Based upon this review, other than as described below, the Company did not identify any other subsequent
events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.
On
April 5, 2024, the Company elected to extend the period of time it has to consummate its initial Business Combination by one month from
April 5, 2024 to May 5, 2024. The Extension is the third of up to six monthly Extensions permitted under
the Company’s governing documents.
On May 3, 2024, the Company elected to extend the period of time it has
to consummate its initial Business Combination by one month from May 5, 2024 to June 5, 2024. The Extension is the fourth of up to six
monthly Extensions permitted under the Company’s governing documents.
On
April 4, 2024, the Company entered into a subscription agreement with an investor and the Sponsor to loan an aggregate principal
amount of $250,000 (the
“April 2024 Convertible Promissory Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of an aggregate of
$250,000 Share Rights. At the option of the investor, upon the closing of a Business Combination, the outstanding principal amount
of $250,000 may
be converted into Class A common stock at a rate of one Class A common stock for each $10 of
additional capital contribution (25,000 shares).
The April 2024 Convertible Promissory Note is non-interest bearing and due within five business days from the date on which the
Company consummates a Business Combination. If the Company does not consummate a Business Combination, the Company may use a portion
of any funds held outside the Trust Account to repay the April 2024 Convertible Promissory Note; however, no proceeds from the Trust
Account may be used for such repayment if the Company does not consummate the Business Combination.
On
February 5, 2024, the Company received a notice (the “February 5, 2024 Nasdaq Notice”) from the Listing Qualifications
Department of Nasdaq stating that the Company was not in compliance with Nasdaq IM-5102-2, which requires that a special purpose
acquisition company complete one or more Business Combinations within 36 months of the effectiveness of its initial public offering
registration statement. With respect to the February 5, 2024 Nasdaq Notice, a hearing on the matter was held on April 11, 2024. On
April 19, 2024, the Nasdaq Hearings Panel issued written notice of its decision to grant the Company’s request for an
exception to its listing deficiencies until July 1, 2024 in view of the Company’s substantial steps toward closing its
previously announced initial Business Combination with AIRO Group Holdings and its plan for achieving compliance with Nasdaq listing
rules upon closing of the transaction for listing on The Nasdaq Capital Market.
On May 2, 2024, the Company received
a written notice (the “May 2, 2024 Notice”) from the Listing Qualifications Department of Nasdaq notifying the Company
that, for the last 32 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was
below the minimum of $35
million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rules 5550(b)(2) (the “Market
Value Standard”). The Nasdaq also noted that the Company does not meet the requirements under Nasdaq Listing Rules 5550(b)(1)
and 5550(b)(3). An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com
and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the May 2, 2024 Notice
does not impact the listing of the Company’s securities on The Nasdaq Capital Market at this time.
The May 2, 2024 Notice provided
that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the “Compliance Period Rule”), the Company has a period of
180 calendar days from the date of the May 2, 2024 Notice, or until October 29, 2024 (the “Compliance Date”), to regain
compliance with the Market Value Standard. During this period, the Company’s securities will continue to trade on The Nasdaq
Capital Market. If at any time before the Compliance Date the Company’s MVLS closes at or above $35
million for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written
notification to the Company that it has regained compliance with the Market Value Standard and will close the matter.
If the Company does not regain
compliance with the Market Value Standard by the Compliance Date, the Staff will provide a written notification to the Company that its
securities are subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Hearings Panel
(the “Panel”). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting
determination by the Staff to the Panel, such appeal would be successful.
The Company intends to monitor its MVLS
between now and the Compliance Date, and may, if appropriate, evaluate available options to resolve the deficiency under the Market Value
Standard and regain compliance with the Market Value Standard. However, there can be no assurance that the Company will be able to regain
or maintain compliance with Nasdaq listing criteria.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with
the instructions to Form 10-Q and Article 8 of Regulation S-X and pursuant to the rules and regulations of the SEC. Accordingly,
certain disclosures included in the annual consolidated financial statements have been condensed or omitted from these unaudited
condensed consolidated financial statements as they are not required for interim financial statements under U.S. GAAP and the rules
of the SEC. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which
include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented.
Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected
through December 31, 2024, or any future period. The accompanying unaudited condensed consolidated financial statements should be
read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K filed with the SEC.
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012, 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.
|
Use of Estimates |
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. 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 unaudited condensed consolidated financial statements and the reported amounts of revenues
and expenses during the reporting periods. Making estimates requires the Company’s 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 consolidated statements, which the Company’s management considered in formulating its
estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting
estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the
warrant liabilities. Actual results could differ from those estimates.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial
institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000
and investments held in the Trust Account. The Company has significant cash balances at financial institutions which throughout the
year regularly exceed the federally insured limit of $250,000.
Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial
condition, results of operations, and cash flows.
|
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.
The Company did not have any cash equivalents as of March 31, 2024 or December 31, 2023.
|
Cash and Investments Held in Trust Account |
Cash
and Investments Held in Trust Account
Until
February 2023, the Company’s portfolio of investments held in the Trust Account was comprised of U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments
in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a
combination thereof. In February 2023, the Company transferred the funds in the Trust Account into cash. In July 2023, the Company
instructed Continental to instead hold the funds in the Trust Account in an interest-bearing demand deposit account, and in August
2023, the Company transferred the Trust Account funds to an interest-bearing demand deposit account. When the Company’s
investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading
securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are
recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated
balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in income from investments held in Trust Account in the accompanying condensed consolidated statements of
operations. The estimated fair values of investments held in the Trust Account are determined using available market information.
During the three months ended March 31, 2024, $62.7
million was paid to redeeming shareholders. At March 31, 2024 and December 31, 2023, the cash held in the Trust Account totaled
approximately $5.6
million and cash and investments held in the Trust Account totaled approximately $67.8
million, respectively.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under Accounting Standards
Codification (“ASC”) Topic 820, “Fair Value Measurements” (“ASC 820”), equals or
approximates the carrying amounts represented in the consolidated balance sheets, except for warrant liabilities (see Note
10).
|
Fair Value Measurements |
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly
transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). These tiers consist of:
|
● |
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 valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
|
Derivative Financial Instruments |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company
evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are
derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480, “Distinguishing
Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging”
(“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as
liabilities or as equity, is re-assessed at the end of each reporting period.
The
warrants issued in connection with the Initial Public Offering and the Private Placement Warrants are recognized as derivative
liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and
adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet
date until exercised. The fair value of warrants issued in connection with the Private Placement has been measured by using the
market value of the Public Warrants (as defined below). The fair value of the warrants issued in connection with the Initial Public
Offering was initially measured using a Monte-Carlo simulation and subsequently has been measured based on the market price at each
measurement date when separately listed and traded. The determination of the fair value of the derivative liability may be subject
to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative
liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current
assets or require the creation of current liabilities. The Company’s public and private warrant liabilities (see Notes 7 and
10) are classified as derivatives in the condensed consolidated balance sheets with changes in the fair value recognized in the
condensed consolidated statements of operations.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
|
Convertible Promissory Notes |
Convertible
Promissory Notes
On
March 23, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $600,000
(the “First Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 600,000
Class A common stock at the closing of a Business Combination (“Share Rights”). At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $600,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (60,000
shares).
On
April 4, 2023, Aesther Healthcare Sponsor agreed to loan the Company an aggregate principal amount of $50,000
(“the Aesther Healthcare Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 50,000 Share Rights. At the option of Aesther Healthcare
Sponsor, upon the closing of a Business Combination, the outstanding principal of $50,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A Common Stock for each $10
of additional capital contribution (5,000
shares).
On
April 25, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $800,000
(the “Second Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 800,000 Share Rights. At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $800,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (80,000
shares).
On
December 6, 2023, Polar Multi-Strategy Master Fund agreed to loan the Company an aggregate principal amount of $250,000
(the “Third Polar Fund Convertible Note”) to be used for a portion of the expenses of the Company in exchange for the
issuance of 250,000 Share Rights. At the option of Polar Multi-Strategy
Master Fund, upon the closing of a Business Combination, the outstanding principal of $250,000
at March 31, 2024 may be converted into shares of Class A common stock at a rate of one Class A Common Stock for each $10
of additional capital contribution (25,0000
shares).
On
February 23, 2024, three accredited investors (RLH SPAC Fund LP, TQ Master Fund LP and Sternstar LLC) agreed to loan the Company an
aggregate principal amount of $250,000 ($100,000 pursuant to the RLH SPAC Fund convertible note, $100,000
pursuant to the TQ Master Fund convertible note, and $50,000
pursuant to the Sternstar convertible note), to be used for a portion of the expenses of the Company in exchange for the issuance of
an aggregate 250,000
Share Rights. At the option of the investors, upon the closing of a Business Combination, the outstanding principal of $250,000
may be converted into shares of Class A common stock at a rate of one Class A common stock for each $10
of additional capital contribution (25,000
shares).
The Convertible Promissory Notes (as defined
below) are non-interest bearing and are due within five business days from the date on which the Company consummates a Business Combination.
If the Company does not consummate a Business Combination, the Company may use a portion of any funds held outside the Trust Account
to repay the Convertible Promissory Notes; however, no proceeds from the Trust Account may be used for such repayment if the Company
does not consummate the Business Combination.
Collectively,
the First Polar Fund Convertible Note, the Aesther Healthcare Convertible Note, Second Polar Fund Convertible Note, the Third Polar
Fund Convertible Note, the RLH SPAC Fund convertible note, the TQ Master Fund convertible note, and the Sternstar convertible note,
are referred to as the Convertible Promissory Notes. The Company accounted for its Share Rights as equity-classified instruments
based on an assessment of the Share Right’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The
assessment considers whether the Share Rights are freestanding financial instruments pursuant to ASC 480, meet the definition of a
liability pursuant to ASC 480, and whether the Share Rights meet all the requirements for equity classification under ASC 815,
including whether the Share Rights are indexed to the Company’s own common stock, among other conditions for the equity
classification. This assessment, which requires the use of professional judgment, was conducted at the time of Share Rights
issuance. Both the Convertible Promissory Notes and the Share Rights meet the scope exception of ASC 815-10-15-74(a). The Company
applied the guidance in ASC 470-20-25-2, “Debt With Conversion and Other Options”, requiring that the loan
proceeds be allocated to the two instruments based on their relative fair values. At March 23, 2023, the Company allocated $53,191
of the proceeds to the First Polar Fund Convertible Note and $546,809
for the Share Rights. At April 4, 2023, the Company allocated $4,409
of the proceeds to the Aesther Healthcare Convertible Note and $45,591
for the Share Rights. At April 25, 2023, the Company allocated $70,299
of the proceeds to the Second Polar Fund Convertible Note and $729,701
for the Share Rights. At December 6, 2023, the Company allocated $21,441
of the proceeds to the Third Polar Fund Convertible Note and $228,559
for the Share Rights. At February 23, 2024, the Company allocated $8,482
of the proceeds to the RLH SPAC Fund convertible note and $91,518
for the Share Rights. At February 23, 2024, the Company allocated $8,482
of the proceeds to the TQ Master Fund convertible note, and $91,518
to the Share Rights. At February 23, 2024, the Company allocated $4,241
of the proceeds to the Sternstar convertible note and $45,759
to the Share Rights. The Share Rights are recognized as a debt discount to the Convertible Promissory Notes and accreted through
interest expense to the face value of the Convertible Promissory Notes utilizing an effective interest method. At March 31, 2024,
the carrying value of the Convertible Promissory Notes (see Note 5) was approximately $1.8
million, reflecting an unamortized discount of $159,654
and at December 31, 2023, the carrying value of the Convertible Promissory Notes (see Note 5) was approximately $1.6
million, reflecting an unamortized discount of $134,887.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were
directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the
Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with
derivative warrant liabilities are expensed as incurred, and presented as other income (expenses) in the condensed consolidated
statements of operations. Offering costs associated with the Class A ordinary shares issued were charged against the carrying value
of Class A ordinary shares upon the completion of the Initial Public Offering.
|
Class A Ordinary Shares Subject to Possible Redemption |
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A
ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value.
Conditionally redeemable Class A ordinary shares (including Class A 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, Class A ordinary shares are classified within the
shareholders’ deficit section of the Company’s condensed consolidated balance sheets. The Company’s Class A
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. Accordingly, as of March 31, 2024 and December 31, 2023, the Company had 509,341 and 6,315,949 Class
A ordinary shares subject to possible redemption, respectively, that are presented as temporary equity, outside of the
shareholders’ deficit section of the Company’s condensed consolidated balance sheets. During the three months ended
March 31, 2024, 5,806,608 Class
A ordinary shares were redeemed by shareholders.
Under
ASC 480-10 S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying
value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting
period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering, the Company
recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to
the extent available) and accumulated deficit.
|
Net Loss per Ordinary Share |
Net
Loss per Ordinary Share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” The Company
has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared
pro rata between the two classes of shares. This presentation assumes a Business Combination as the most likely outcome. Net loss per
ordinary share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding for the respective
period.
The
calculation of diluted net loss per ordinary share does not consider the effect of the warrants underlying the Units sold in the
Initial Public Offering and the Private Placement Warrants to purchase 23,987,500
Class A ordinary shares, nor the effect of the conversion features under the Convertible Promissory Notes to issue up to 195,000
additional Class A ordinary shares, in the calculation of diluted loss per share, because their exercise is contingent upon future
events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per share is the
same as basic net loss per share for the three months ended March 31, 2024 and 2023. Accretion associated with the redeemable Class
A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.
KERNEL
GROUP HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
The
Company has considered the effect of Class B ordinary shares that were excluded from the weighted average number as they were
contingent on the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, the Company included
these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these
shares.
SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE OF ORDINARY SHARE
| |
For the Three Months Ended
March 31, 2024 | | |
For the Three Months Ended
March 31,
2023 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net loss - basic
and diluted | |
$ | (205,843 | ) | |
$ | (614,710 | ) | |
$ | (1,909,942 | ) | |
$ | (818,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average ordinary shares outstanding,
basic and diluted | |
| 2,551,225 | | |
| 7,618,750 | | |
| 17,781,598 | | |
| 7,618,750 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per ordinary share | |
$ | (0.08 | ) | |
$ | (0.08 | ) | |
$ | (0.11 | ) | |
$ | (0.11 | ) |
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes” (“ASC
740”). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no
amounts accrued for interest and penalties as of March 31, 2024 and December 31, 2023. The Company’s management determined
that the Cayman Islands is the Company’s only major tax jurisdiction. The Company is currently not aware of any issues under
review that could result in significant payments, accruals or material deviation from its position.
There
is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman federal income tax
regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s
consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Recently
Adopted Pronouncements
In June 2016, the FASB
issued ASU No. 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial
Instruments”, which changes the impairment model for most financial assets. The ASU introduces a new credit loss
methodology, current expected credit losses (“CECL”), which requires earlier recognition of credit losses, while also
providing additional transparency about credit risk. Since its original issuance in 2016, the FASB has issued several updates to the
original ASU. The CECL framework utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses
for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected
credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple
existing impairment methods, which generally require that a loss be incurred before it is recognized. The Company adopted this
standard on January 1, 2023 and the impact was not material to the unaudited condensed consolidated financial statements.
In
June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered
in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to
contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and
equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning
after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual
financial statements that have not yet been issued or made available for issuance. The Company adopted this standard on January 1,
2024 and the impact was not material to the unaudited condensed consolidated financial statements.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE OF ORDINARY SHARE |
SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE OF ORDINARY SHARE
| |
For the Three Months Ended
March 31, 2024 | | |
For the Three Months Ended
March 31,
2023 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net loss - basic
and diluted | |
$ | (205,843 | ) | |
$ | (614,710 | ) | |
$ | (1,909,942 | ) | |
$ | (818,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average ordinary shares outstanding,
basic and diluted | |
| 2,551,225 | | |
| 7,618,750 | | |
| 17,781,598 | | |
| 7,618,750 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per ordinary share | |
$ | (0.08 | ) | |
$ | (0.08 | ) | |
$ | (0.11 | ) | |
$ | (0.11 | ) |
|
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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- DefinitionTabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.
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v3.24.1.1.u2
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Class Ordinary Shares Subject To Possible Redemption |
|
SCHEDULE OF CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION |
The
Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled on the
following table:
SCHEDULE OF CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
Gross
proceeds received from Initial Public Offering | |
$ | 304,750,000 | |
Less: | |
| | |
Fair
value of Public Warrants at issuance | |
| (23,922,875 | ) |
Offering
costs allocated to Class A ordinary shares | |
| (16,172,159 | ) |
Plus: | |
| | |
Accretion
on Class A ordinary shares to redemption value | |
| 44,479,800 | |
Class
A ordinary shares subject to possible redemption as of December 31, 2022 | |
| 309,134,766 | |
Redemption
of shares | |
| (246,225,327 | ) |
Derecognition
of deferred underwriting fee payable allocated to Class A ordinary shares | |
| 9,910,904 | |
Accretion
on Class A ordinary shares subject to possible redemption | |
| (5,100,681 | ) |
Class
A ordinary shares subject to possible redemption as of December 31, 2023 | |
| 67,719,662 | |
Redemption
of shares | |
| (62,727,099 | ) |
Accretion
on Class A ordinary shares subject to possible redemption | |
| 471,077 | |
Class
A ordinary shares subject to possible redemption as of March 31, 2024 | |
$ | 5,463,640 | |
|
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v3.24.1.1.u2
FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS |
The
following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a
recurring basis as of March 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs the Company
utilized to determine such fair value:
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
Description | |
Amount
at Fair Value | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
March
31, 2024 | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
liability – Public Warrants | |
$ | 609,500 | | |
$ | — | | |
$ | 609,500 | | |
$ | — | |
Warrant
liability – Private Placement Warrants | |
$ | 350,000 | | |
$ | — | | |
$ | 350,000 | | |
$ | — | |
Description | |
Amount
at Fair Value | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
December
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investments
held in Trust Account: | |
| | | |
| | | |
| | | |
| | |
Cash
or demand deposit account | |
$ | 67,819,662 | | |
$ | 67,819,662 | | |
$ | — | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
liability – Public Warrants | |
$ | 304,750 | | |
$ | — | | |
$ | 304,750 | | |
$ | — | |
Warrant
liability – Private Placement Warrants | |
$ | 175,000 | | |
$ | — | | |
$ | 175,000 | | |
$ | — | |
Warrant
liability | |
$ | 175,000 | | |
$ | — | | |
$ | 175,000 | | |
$ | — | |
|
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v3.24.1.1.u2
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, RISKS AND UNCERTAINTIES AND GOING CONCERN (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
|
Feb. 01, 2024 |
Aug. 03, 2023 |
Mar. 03, 2023 |
Feb. 03, 2023 |
Dec. 28, 2022 |
Feb. 05, 2021 |
Nov. 19, 2020 |
Feb. 28, 2021 |
Mar. 31, 2024 |
Dec. 31, 2022 |
Feb. 05, 2024 |
Jan. 05, 2024 |
Dec. 31, 2023 |
Aug. 29, 2023 |
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
Share price |
|
|
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
Share issued price per shares |
$ 10.80
|
$ 10.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital requirements on trust assets, description |
|
|
|
|
|
|
|
|
The
Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal
to at least 80% of the net assets held in the Trust Account (excluding taxes payable on the interest earned on the Trust Account) at
the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will
only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting
securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be
required to register as an investment company under the Investment Company Act
|
|
|
|
|
|
Liquidation preference per share |
|
|
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
Public shares subjects to redemptions, descriptions |
|
|
|
|
|
|
|
|
Company’s
obligation to allow the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public
Shares
|
|
|
|
|
|
Share redemption percentage |
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
Percentage of repurchase of ordinary shares |
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
$ 150,000
|
|
|
Stock redeemed shares |
5,806,608
|
1,310,929
|
|
22,848,122
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
$ 10.15
|
|
|
|
|
|
|
|
|
|
|
Stock redeemed value |
$ 62,700,000
|
$ 13,600,000
|
|
$ 231,900,000
|
|
|
|
|
$ 62,700,000
|
|
|
|
|
|
Payment of redemptions amount |
|
|
|
$ 74,700,000
|
|
|
|
|
|
|
|
|
|
|
Amendment proposal description |
|
shareholders meeting, changing the structure and cost of the Company’s
right to extend the Termination Date by up to six (6) one-month Extensions to February 5, 2024, provided that if any Extended Deadline
ends on a day that is not a business day, such Extended Deadline will be automatically extended to the next succeeding business day (the
“Second Extension Amendment Proposal”). To effect each one-month Extension, the Company, its Sponsor or any of their affiliates
or designees must deposit into the Company’s Trust Account with Continental an Extension Payment (after giving effect to redemptions
in connection with the approval of the August Charter Amendment) the lesser of (x) $150,000 or (y) $0.04 per share for each
of the Company’s Public Shares outstanding as of the applicable Extended Deadline, unless the closing of the Company’s initial
Business Combination shall have occurred, in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a Business Combination. In connection with the approval of the Second Extension Amendment Proposal, the shareholders also approved
a proposal to amend the Trust Agreement, pursuant to which the Company’s Trust Agreement with Continental was amended to conform
the procedures in the Trust Agreement by which the Company may extend the date on which Continental must liquidate the Trust Account
if the Company has not completed its initial Business Combination to the procedures in the August Charter Amendment (the “Second
Trust Amendment Proposal”)
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of redemption |
|
|
|
|
|
|
|
|
5,600,000
|
|
|
|
|
|
Aggregate amount of indebtedness |
|
|
$ 50,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets held in trust account |
|
|
|
|
|
|
|
|
5,563,640
|
|
|
|
$ 67,819,662
|
|
Cash in bank |
|
|
|
|
|
|
|
|
804
|
|
|
|
|
|
Working capital deficit |
|
|
|
|
|
|
|
|
8,400,000
|
|
|
|
|
|
Contribution from sale of founder shares |
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
|
|
|
|
|
|
|
|
2,500,000
|
|
|
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
|
|
|
|
|
|
|
|
2,000,000.0
|
|
|
|
|
|
Promissory Note [Member] | Original Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment to related party |
|
|
|
|
|
|
|
$ 77,000
|
77,000
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits interest earned in trust account to pay dissolution expenses |
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets held in trust account |
|
|
|
|
|
|
|
|
|
|
$ 5,000,000.0
|
|
|
|
New Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per shares |
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
Airo Group Holdings [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combination description |
|
|
the
holders of AIRO Group Holdings’ securities collectively shall be entitled to receive from ParentCo, in the aggregate, a number
of shares of ParentCo common stock with an aggregate value equal to (the “AIRO Merger Consideration”) (a) $770.0 million
minus (b) the amount, if any, by which the net working capital is less than negative $500,000, plus (c) the amount, if any, by which
the net working capital exceeds $500,000 (but not less than zero), minus (d) the amount, if any, by which the closing net debt
exceeds the target net debt of $75.0 million, by more than $500,000 (but not less than zero), plus (e) the amount, if any, by which
the target net debt of $75.0 million exceeds closing net debt, minus (f) the amount, if any, by which the company transaction
expenses exceed the target company transaction expenses of $14.0 million (but not less than zero). In addition, holders of AIRO
Group Holdings’ securities shall have the contingent right to receive from ParentCo, in the aggregate, up to 33,000,000
additional shares of ParentCo common stock, and the Sponsor shall have the contingent right to receive up to 3,300,000 shares of
ParentCo common stock (the “Earnout Shares”). In the event that for any full 12-month period (each an “Earnout
Period”) commencing on or after the closing date (the “Earnout Start Date”) and ending on or before the last day
of the thirteenth full calendar quarter following the closing date (the “Earnout End Date,” and the period between the
Earnout Start Date and the Earnout End Date, the “Earnout Eligibility Period”) ParentCo’s revenue is (i) greater
than or equal to $42.6 million for the first time during the Earnout Eligibility Period, (ii) greater than or equal to $141.4
million for the first time during the Earnout Eligibility Period, and (iii) greater than or equal to $358.9 million for the first
time during the Earnout Eligibility Period, then upon the occurrence of each (i), (ii), and (iii), ParentCo shall issue to each of
the stockholders of AIRO Group Holdings such stockholder’s pro rata share of 6,600,000 Earnout Shares and the Sponsor shall be
issued 660,000 Earnout Shares. In the event that ParentCo’s EBITDA for any Earnout Period is (x) less than or equal to
negative $19.3 million for the first time during the Earnout Eligibility Period, (y) greater than or equal to $4.0 million for the
first time during the Earnout Eligibility Period and (z) greater than or equal to $98.6 million for the first time during the Earnout
Eligibility Period, then upon the occurrence of each (x), (y), and (z), ParentCo shall issue to each of the stockholders of AIRO
Group Holding such stockholder’s pro rata share of 4,400,000 Earnout Shares and the Sponsor shall be issued 440,000 Earnout
Shares.
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Business combination agreement description |
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(i) approval of the shareholders of Kernel and AIRO Group Holdings of the Transaction and the other matters requiring shareholder
approval; (ii) approvals of any required governmental authorities and completion of any antitrust expiration periods; (iii) receipt of
specified third party consents; (iv) no law or order preventing the Transaction; (v) the registration statement having been declared
effective by the SEC; (vi) no material uncured breach by the other party; (vii) no occurrence of a material adverse effect with respect
to the other party; (viii) approval from Nasdaq for the listing of the shares of ParentCo’s common to be issued in connection with
the Transaction; and (ix) reconstitution of the post-closing board as contemplated under the Business Combination Agreement.
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Business combination receivables description |
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In
addition, unless waived by AIRO Group Holdings, the obligations of AIRO Group Holdings to consummate the Transaction are subject to the
satisfaction of the following additional Closing conditions, in addition to the delivery by Kernel of the related agreements, customary certificates and other closing deliverables: (i) the representations and warranties
of Kernel being true and correct as of the date of the Business Combination Agreement and as of the closing (subject to customary exceptions,
including materiality qualifiers); (ii) Kernel having performed in all material respects its obligations and complied in all material
respects with its covenants and agreements under the Business Combination Agreement required to be performed or complied with by it on
or prior to the date of the closing; (iii) absence of any material adverse effect with respect to Kernel since the date of the Business
Combination Agreement which is continuing and uncured; (iv) the replacement of the replacement warrants and replacement options; (v)
at the closing, Kernel having $50.0 million in unencumbered cash, including funds remaining in the Trust Account (after giving effect to
the completion and payment of any redemptions and any transaction expenses) and the proceeds of the private investment in public equity or convertible note investments,
fifty percent (50%) of any net cash proceeds of any capital investment raise and/or convertible debt raise conducted by the Company during
the period beginning on the effective date of the Business Combination and ending on the closing date, and any net cash proceeds of any
executed agreements regarding a capital investment raise and/or convertible debt raise conducted by Kernel or ParentCo in which such
cash proceeds are required to be paid to ParentCo during the thirty (30) day period beginning on the closing date
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Common Class B [Member] |
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Ordinary shares, par value |
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$ 0.0001
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$ 0.0001
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$ 0.0001
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Common Class B [Member] | Original Sponsor [Member] |
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Contribution from sale of founder shares |
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$ 25,000
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Common Class B [Member] | Director [Member] |
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Stock issued during period, shares, acquisitions |
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75,000
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Common Class B [Member] | Former Advisors [Member] |
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Stock issued during period, shares, acquisitions |
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50,000
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Common Class B [Member] | New Sponsor [Member] |
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Stock issued during period, shares, acquisitions |
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7,618,750
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Share issued price per shares |
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$ 0.0001
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Common Class B [Member] | Original Sponsor [Member] |
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Stock issued during period, shares, acquisitions |
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2,000,000
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Ordinary Class B [Member] |
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|
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Ordinary shares, par value |
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0.0001
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Ordinary Class A [Member] |
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Stock redeemed shares |
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5,806,608
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Ordinary shares, par value |
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|
$ 0.0001
|
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Private Placement Warrants [Member] | New Sponsor [Member] |
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|
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|
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Stock issued during period, shares, acquisitions |
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8,750,000
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Sale of stock, price per share |
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$ 1.00
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IPO [Member] |
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Shares issued in initial public offering |
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30,475,000
|
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Share price |
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|
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$ 10.00
|
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Proceeds from issuance initial public offering |
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$ 304,800,000
|
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$ 304,750,000
|
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Offering cost |
|
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|
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17,400,000
|
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|
|
|
|
Deferred underwriting commissions |
|
|
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|
|
$ 10,700,000
|
|
|
|
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|
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Share price |
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|
|
|
|
|
$ 10.00
|
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Over-Allotment Option [Member] |
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|
|
|
|
|
|
|
|
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|
|
Sale of stock, number of shares issued in transaction |
|
|
|
|
|
3,975,000
|
|
|
5,806,608
|
|
|
|
|
|
Share price |
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
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Private Placement [Member] |
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|
|
|
|
|
|
|
|
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Gross proceeds from issuance of warrants |
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|
|
$ 8,800,000
|
|
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Private Placement [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued (in shares) |
|
|
|
|
|
8,750,000
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Gross proceeds from issuance of warrants |
|
|
|
|
|
$ 8,800,000
|
|
|
|
|
|
|
|
|
Share issued price per shares |
|
|
|
|
|
$ 1.00
|
|
|
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|
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|
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v3.24.1.1.u2
SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE OF ORDINARY SHARE (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Common Class A [Member] |
|
|
Allocation of net (loss) income - basic |
$ (205,843)
|
$ (1,909,942)
|
Allocation of net (loss) income - diluted |
$ (205,843)
|
$ (1,909,942)
|
Weighted average ordinary shares outstanding, basic |
2,551,225
|
17,781,598
|
Weighted average ordinary shares outstanding, diluted |
2,551,225
|
17,781,598
|
Basic, net loss per ordinary share |
$ (0.08)
|
$ (0.11)
|
Diluted, net loss per ordinary share |
$ (0.08)
|
$ (0.11)
|
Common Class B [Member] |
|
|
Allocation of net (loss) income - basic |
$ (614,710)
|
$ (818,339)
|
Allocation of net (loss) income - diluted |
$ (614,710)
|
$ (818,339)
|
Weighted average ordinary shares outstanding, basic |
7,618,750
|
7,618,750
|
Weighted average ordinary shares outstanding, diluted |
7,618,750
|
7,618,750
|
Basic, net loss per ordinary share |
$ (0.08)
|
$ (0.11)
|
Diluted, net loss per ordinary share |
$ (0.08)
|
$ (0.11)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
|
Feb. 23, 2024 |
Feb. 01, 2024 |
Dec. 06, 2023 |
Aug. 03, 2023 |
Apr. 25, 2023 |
Apr. 04, 2023 |
Mar. 23, 2023 |
Feb. 03, 2023 |
Feb. 05, 2021 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Cash FDIC insured amount |
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
0
|
$ 0
|
Redeemed by shareholders |
|
$ 62,700,000
|
|
$ 13,600,000
|
|
|
|
$ 231,900,000
|
|
62,700,000
|
|
Investments held in Trust Account |
|
|
|
|
|
|
|
|
|
5,563,640
|
67,819,662
|
Per share |
|
$ 10.80
|
|
$ 10.42
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
1,950,000
|
|
Debt discount to working capital |
|
|
|
|
|
|
|
|
|
159,654
|
134,887
|
Carrying values of loan |
|
|
|
|
|
|
|
|
|
$ 1,800,000
|
1,600,000
|
Stock Redeemed or Called During Period, Shares |
|
5,806,608
|
|
1,310,929
|
|
|
|
22,848,122
|
|
|
|
Antidilutive securities |
|
|
|
|
|
|
|
|
|
23,987,500
|
|
Unrecognized tax benefits |
|
|
|
|
|
|
|
|
|
$ 0
|
0
|
Accrued interest and penalties |
|
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
|
|
|
|
|
195,000
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares |
|
|
|
|
|
|
|
|
30,475,000
|
|
|
Share Rights [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
250,000
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Per share |
$ 10
|
|
|
|
|
|
|
|
|
$ 10
|
|
Outstanding principal conversion of shares |
$ 250,000
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
Stock issued during period shares conversion of shares |
25,000
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares subject to possible redemption (in shares) |
|
|
|
|
|
|
|
|
|
509,341
|
6,315,949
|
Stock Redeemed or Called During Period, Shares |
|
|
|
|
|
|
|
|
|
5,806,608
|
|
Common Class A [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares subject to possible redemption (in shares) |
|
|
|
|
|
|
|
|
|
509,341
|
6,315,949
|
Ordinary Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Stock Redeemed or Called During Period, Shares |
|
|
|
|
|
|
|
|
|
5,806,608
|
|
First Polar Fund Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Aggregrate principal |
|
|
|
|
|
|
$ 600,000
|
|
|
|
|
Stock issued during period, shares |
|
|
|
|
|
|
600,000
|
|
|
|
|
Outstanding principal |
|
|
|
|
|
|
|
|
|
$ 600,000
|
|
Per share |
|
|
|
|
|
|
|
|
|
$ 10
|
|
Stock issued during period shares conversion of shares |
|
|
|
|
|
|
|
|
|
60,000
|
|
Proceeds from working capital loan |
|
|
|
|
|
|
$ 53,191
|
|
|
|
|
Debt discount to working capital |
|
|
|
|
|
|
$ 546,809
|
|
|
|
|
Aesther Health Care Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Aggregrate principal |
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
Stock issued during period, shares |
|
|
|
|
|
50,000
|
|
|
|
|
|
Outstanding principal |
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
Per share |
|
|
|
|
|
|
|
|
|
$ 10
|
|
Stock issued during period shares conversion of shares |
|
|
|
|
|
|
|
|
|
5,000
|
|
Proceeds from working capital loan |
|
|
|
|
|
$ 4,409
|
|
|
|
|
|
Debt discount to working capital |
|
|
|
|
|
$ 45,591
|
|
|
|
|
|
Second Polar Fund Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Aggregrate principal |
|
|
|
|
$ 800,000
|
|
|
|
|
|
|
Stock issued during period, shares |
|
|
|
|
800,000
|
|
|
|
|
|
|
Outstanding principal |
|
|
|
|
|
|
|
|
|
$ 800,000
|
|
Per share |
|
|
|
|
|
|
|
|
|
$ 10
|
|
Stock issued during period shares conversion of shares |
|
|
|
|
|
|
|
|
|
80,000
|
|
Proceeds from working capital loan |
|
|
|
|
$ 70,299
|
|
|
|
|
|
|
Debt discount to working capital |
|
|
|
|
$ 729,701
|
|
|
|
|
|
|
Third Polar Fund Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Aggregrate principal |
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
Stock issued during period, shares |
|
|
250,000
|
|
|
|
|
|
|
|
|
Outstanding principal |
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
Per share |
|
|
|
|
|
|
|
|
|
$ 10
|
|
Stock issued during period shares conversion of shares |
|
|
|
|
|
|
|
|
|
25.0000
|
|
Proceeds from working capital loan |
|
|
$ 21,441
|
|
|
|
|
|
|
|
|
Debt discount to working capital |
|
|
$ 228,559
|
|
|
|
|
|
|
|
|
RLH SPAC Fund LP, TQ Master Fund LP and Sternstar LLC [Member] | Three AccreditedInvestors [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
First TQ Master Fund Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
100,000
|
|
|
|
|
|
|
|
|
|
|
Proceeds from working capital loan |
8,482
|
|
|
|
|
|
|
|
|
|
|
Debt discount to working capital |
91,518
|
|
|
|
|
|
|
|
|
|
|
First Sternstar Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
50,000
|
|
|
|
|
|
|
|
|
|
|
Proceeds from working capital loan |
4,241
|
|
|
|
|
|
|
|
|
|
|
Debt discount to working capital |
45,759
|
|
|
|
|
|
|
|
|
|
|
First RLH SPAC Fund Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from working capital loan |
8,482
|
|
|
|
|
|
|
|
|
|
|
Debt discount to working capital |
$ 91,518
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.1.1.u2
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
|
3 Months Ended |
12 Months Ended |
|
Feb. 05, 2021 |
Mar. 31, 2024 |
Dec. 31, 2022 |
Aug. 29, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Sale of stock, price per share |
|
|
|
$ 10.00
|
Exercise price of warrant per share |
|
$ 11.50
|
|
|
IPO [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Shares issued |
30,475,000
|
|
|
|
Sale of stock, price per share |
$ 10.00
|
|
|
|
Gross proceeds from initial public offering |
$ 304,800,000
|
|
$ 304,750,000
|
|
Offering costs |
17,400,000
|
|
|
|
Deferred underwriting commissions |
$ 10,700,000
|
|
|
|
IPO [Member] | Public Warrants [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Exercise price of warrant per share |
$ 11.50
|
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Sale of stock, number of shares issued in transaction |
3,975,000
|
5,806,608
|
|
|
Sale of stock, price per share |
$ 10.00
|
|
|
|
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- DefinitionDeferred Underwriting Commissions.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative)
|
|
|
|
|
|
3 Months Ended |
12 Months Ended |
|
|
|
|
|
|
Dec. 28, 2022
$ / shares
shares
|
Feb. 05, 2021
USD ($)
$ / shares
shares
|
Feb. 02, 2021
shares
|
Jan. 11, 2021
shares
|
Nov. 19, 2020
USD ($)
shares
|
Mar. 31, 2024
USD ($)
Integer
$ / shares
shares
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
shares
|
Feb. 23, 2024
$ / shares
|
Feb. 01, 2024
$ / shares
|
Aug. 03, 2023
$ / shares
|
Feb. 03, 2023
$ / shares
|
Feb. 01, 2021
shares
|
Jan. 10, 2021
shares
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock | $ |
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.06
|
|
|
Share price (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
$ 10.80
|
$ 10.42
|
|
|
|
Exercise price of warrant (in dollars per share) | $ / shares |
|
|
|
|
|
$ 11.50
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount | $ |
|
|
|
|
|
$ 1,950,000
|
|
|
|
|
|
|
|
|
Fees outstanding | $ |
|
|
|
|
|
3,931,193
|
|
$ 3,729,095
|
|
|
|
|
|
|
Loan Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount | $ |
|
|
|
|
|
$ 2,400,000
|
|
$ 2,200,000
|
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from issuance of warrants | $ |
|
$ 8,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued (in shares) |
|
8,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from issuance of warrants | $ |
|
$ 8,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrant (in dollars per share) | $ / shares |
|
|
|
|
|
$ 11.50
|
|
|
|
|
|
|
|
|
Holding period for transfer, assignment or sale of warrants |
|
|
|
|
|
30 days
|
|
|
|
|
|
|
|
|
New Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Sponsor [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
8,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, price per share | $ / shares |
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, shares outstanding |
|
|
|
|
|
7,618,750
|
|
7,618,750
|
|
|
|
|
|
|
Founder shares as a percentage of issued and outstanding shares after Initial Public Offering |
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Former Advisors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | New Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
7,618,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Original Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Founder Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, shares outstanding |
|
|
7,618,750
|
7,187,500
|
|
|
|
|
|
|
|
|
7,187,500
|
5,750,000
|
Shares subject to forfeiture (in shares) |
|
|
993,750
|
|
|
|
|
|
|
|
|
|
|
|
Shares exercised |
|
993,750
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class B [Member] | Original Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, shares outstanding |
|
|
7,493,750
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, shares outstanding |
|
|
|
|
|
0
|
|
0
|
|
|
|
|
|
|
Threshold trading days | Integer |
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
Threshold consecutive trading days | Integer |
|
|
|
|
|
30
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
|
|
|
|
|
$ 10
|
|
|
$ 10
|
|
|
|
|
|
Common Class A [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued upon exercise of warrant (in shares) |
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price (in dollars per share) | $ / shares |
|
|
|
|
|
$ 12.00
|
|
|
|
|
|
|
|
|
Period after initial business combination |
|
|
|
|
|
150 days
|
|
|
|
|
|
|
|
|
Original Sponsor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock | $ |
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
Issuance of Class B ordinary shares to Sponsor (in shares) |
|
|
|
|
5,750,000
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Loan Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly expenses | $ |
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
Investor [Member] | Administrative Support Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly expenses | $ |
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
Investor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
1 for 1.06 forward stock split
|
1 for 1.25 forward
stock split
|
|
|
|
|
|
|
|
|
|
|
Director [Member] | Common Class B [Member] | Founder Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Class B ordinary shares to Sponsor (in shares) |
|
|
|
75,000
|
|
|
|
|
|
|
|
|
|
|
Advisor [Member] | Common Class B [Member] | Founder Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Class B ordinary shares to Sponsor (in shares) |
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
Sponsor, Affiliate of Sponsor, or Certain Company Officers and Directors [Member] | Working Capital Loans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans that can be converted into Warrants at lenders' discretion | $ |
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
Conversion price (in dollars per share) | $ / shares |
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Related Party [Member] | Administrative Support Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees incurred | $ |
|
|
|
|
|
$ 30,000
|
$ 30,000
|
|
|
|
|
|
|
|
Fees outstanding | $ |
|
|
|
|
|
$ 320,000
|
|
$ 290,000
|
|
|
|
|
|
|
X |
- DefinitionPeriod of time after the completion of the initial Business Combination in which the Sponsor and the Company's officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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X |
- DefinitionFounder shares as a percentage of the Company's issued and outstanding shares after the Initial Public Offering.
+ References
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DEBT (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
12 Months Ended |
|
|
Feb. 23, 2024 |
Dec. 06, 2023 |
Apr. 25, 2023 |
Mar. 23, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Feb. 01, 2024 |
Aug. 03, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued price per shares |
|
|
|
|
|
|
|
$ 10.80
|
$ 10.42
|
Principal amount |
|
|
|
|
$ 1,950,000
|
|
|
|
|
Outstanding balance, amount |
|
|
|
|
1,790,346
|
|
|
|
|
Debt discount |
|
|
|
|
204,028
|
$ 32,404
|
|
|
|
Aesther Healthcare Sponsor [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregrate principal amount |
|
|
|
|
50,000
|
|
|
|
|
Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
$ 134,887
|
|
$ 1,370,182
|
|
|
First Polar Fund Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued price per shares |
|
|
|
|
$ 10
|
|
|
|
|
Aggregrate principal amount |
|
|
|
$ 600,000
|
|
|
|
|
|
First Polar Fund Convertible Note [Member] | Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 600,000
|
|
|
|
|
|
Second Polar Fund Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued price per shares |
|
|
|
|
10
|
|
|
|
|
Aggregrate principal amount |
|
|
$ 800,000
|
|
|
|
|
|
|
Second Polar Fund Convertible Note [Member] | Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 800,000
|
|
|
|
|
|
|
Third Polar Fund Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued price per shares |
|
|
|
|
$ 10
|
|
|
|
|
Aggregrate principal amount |
|
$ 250,000
|
|
|
|
|
|
|
|
Third Polar Fund Convertible Note [Member] | Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 250,000
|
|
|
|
|
|
|
|
First Polar Fund Convertible Promissory Note [Member] | Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Outstanding balance, amount |
|
|
|
|
$ 1,700,000
|
|
1,700,000
|
|
|
Debt discount |
|
|
|
|
546,809
|
|
|
|
|
Second Polar Fund Convertible Promissory Note [Member] | Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Outstanding balance, amount |
|
|
|
|
1,700,000
|
|
1,700,000
|
|
|
Debt discount |
|
|
|
|
729,701
|
|
|
|
|
Third Polar Fund Convertible Promissory Note [Member] | Polar Multi Strategy Master Fund [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Outstanding balance, amount |
|
|
|
|
1,700,000
|
|
1,700,000
|
|
|
Debt discount |
|
|
|
|
228,559
|
|
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
204,028
|
$ 32,404
|
|
|
|
Convertible Promissory Note [Member] | Aesther Healthcare [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Outstanding balance, amount |
|
|
|
|
50,000
|
|
$ 50,000
|
|
|
Debt discount |
|
|
|
|
45,591
|
|
|
|
|
First RLH SPAC Fund Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
$ 69,141
|
|
|
|
|
Shares issued to investors |
100,000
|
|
|
|
|
|
|
|
|
First TQ Master Fund Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
$ 100,000
|
|
|
|
|
|
|
|
|
Shares issued to investors |
100,000
|
|
|
|
|
|
|
|
|
First Sternstar Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
$ 50,000
|
|
|
|
|
|
|
|
|
Shares issued to investors |
50,000
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued price per shares |
$ 10
|
|
|
|
$ 10
|
|
|
|
|
Outstanding principal conversion of shares |
$ 250,000
|
|
|
|
$ 250,000
|
|
|
|
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
3 Months Ended |
|
|
Feb. 28, 2023 |
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 27, 2023
USD ($)
|
Feb. 05, 2021
Demand
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Principal amount |
|
$ 1,950,000
|
|
|
|
Interest payment |
|
105,848
|
$ 438,095
|
|
|
Accrued insurance current |
|
105,848
|
206,043
|
|
|
First Premium Finance Agreement [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Accrued interest |
|
$ 350,000
|
|
|
|
Debt instrument interest rate |
|
7.50%
|
|
|
|
Principal amount |
|
$ 3,136
|
|
|
|
Interest payment |
|
35,784
|
|
|
|
Debt instrument maturity date |
May 28, 2023
|
|
|
|
|
Upfront payment |
|
|
|
$ 210,000
|
|
Second Premium Finance Agreement [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Accrued interest |
|
$ 194,569
|
|
|
|
Debt instrument interest rate |
|
7.50%
|
|
|
|
Principal amount |
|
$ 1,744
|
|
|
|
Interest payment |
|
19,893
|
$ 438,095
|
|
|
Debt instrument maturity date |
May 28, 2023
|
|
|
|
|
Upfront payment |
|
|
|
$ 116,741
|
|
Finance Agreement [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Interest costs incurred |
|
$ 206,043
|
|
|
|
Maximum [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Number of demands eligible security holder can make | Demand |
|
|
|
|
3
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v3.24.1.1.u2
WARRANTS (Details Narrative)
|
3 Months Ended |
|
|
Mar. 31, 2024
Integer
$ / shares
shares
|
Dec. 31, 2023
shares
|
Feb. 03, 2023
$ / shares
|
Period to exercise warrants after closing of Initial Public Offering |
12 months
|
|
|
Period to file registration statement after initial Business Combination |
20 days
|
|
|
Warrant redemption price per share |
$ 11.50
|
|
|
Share price per share |
|
|
$ 0.06
|
Threshold trigger price for redemption of warrants per share |
10.00
|
|
|
Redemption of Warrants When Price Equals or Exceeds $18.00 [Member] |
|
|
|
Warrant redemption price per share |
$ 0.01
|
|
|
Percentage multiplier |
180.00%
|
|
|
Redemption period | Integer |
30
|
|
|
Notice period to redeem warrants |
30 days
|
|
|
Redemption period |
30 days
|
|
|
Redemption of Warrants When Price Equals or Exceeds $10.00 [Member] |
|
|
|
Warrant redemption price per share |
$ 0.10
|
|
|
Redemption period | Integer |
30
|
|
|
Notice period to redeem warrants |
30 days
|
|
|
Additional Issue of Common Stock or Equity-Linked Securities [Member] |
|
|
|
Percentage multiplier |
115.00%
|
|
|
Warrant redemption price (in dollars per share) |
$ 18.00
|
|
|
Common Class A [Member] |
|
|
|
Threshold trading days | Integer |
20
|
|
|
Redemption period | Integer |
30
|
|
|
Common Class A [Member] | Redemption of Warrants When Price Equals or Exceeds $10.00 [Member] |
|
|
|
Threshold trading days | Integer |
20
|
|
|
Trading day period to calculate volume weighted average trading price |
10 days
|
|
|
Common Class A [Member] | Additional Issue of Common Stock or Equity-Linked Securities [Member] |
|
|
|
Threshold trading days | Integer |
20
|
|
|
Redemption period | Integer |
30
|
|
|
Maximum [Member] | Redemption of Warrants When Price Equals or Exceeds $10.00 [Member] |
|
|
|
Number of shares issued upon exercise of each warrant | shares |
0.361
|
|
|
Maximum [Member] | Common Class A [Member] | Additional Issue of Common Stock or Equity-Linked Securities [Member] |
|
|
|
Share price per share |
$ 9.20
|
|
|
Minimum [Member] | Additional Issue of Common Stock or Equity-Linked Securities [Member] |
|
|
|
Aggregate gross proceeds from issuance as a percentage of total equity proceeds |
60.00%
|
|
|
Minimum [Member] | Common Class A [Member] |
|
|
|
Share price per share |
$ 12.00
|
|
|
Minimum [Member] | Common Class A [Member] | Redemption of Warrants When Price Equals or Exceeds $18.00 [Member] |
|
|
|
Share price per share |
18.00
|
|
|
Minimum [Member] | Common Class A [Member] | Redemption of Warrants When Price Equals or Exceeds $10.00 [Member] |
|
|
|
Share price per share |
$ 10.00
|
|
|
Public Warrants [Member] |
|
|
|
Warrants outstanding | shares |
15,237,500
|
15,237,500
|
|
Expiration period of warrants |
5 years
|
|
|
Private Placement Warrants [Member] |
|
|
|
Warrants outstanding | shares |
8,750,000
|
8,750,000
|
|
X |
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v3.24.1.1.u2
SCHEDULE OF CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION (Details) - USD ($)
|
|
3 Months Ended |
12 Months Ended |
Feb. 05, 2021 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Remeasurement of carrying value to redemption value |
|
$ (479,750)
|
$ (2,704,146)
|
|
|
Class A ordinary shares subject to possible redemption,beginning |
|
67,719,662
|
|
|
|
Class A ordinary shares subject to possible redemption,ending |
|
5,463,640
|
|
$ 67,719,662
|
|
IPO [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Class A ordinary shares subject to possible redemption,beginning |
$ 304,800,000
|
|
|
|
$ 304,750,000
|
Remeasurement of carrying value to redemption value |
|
|
|
|
(23,922,875)
|
Derecognition of deferred underwriting fee payable allocated to Class A ordinary shares |
|
|
|
9,910,904
|
(16,172,159)
|
Accretion on Class A ordinary shares subject to possible redemption |
|
471,077
|
|
5,100,681
|
44,479,800
|
Class A ordinary shares subject to possible redemption,beginning |
|
67,719,662
|
$ 309,134,766
|
309,134,766
|
|
Redemption of shares |
|
(62,727,099)
|
|
(246,225,327)
|
|
Accretion on Class A ordinary shares subject to possible redemption |
|
(471,077)
|
|
(5,100,681)
|
(44,479,800)
|
Class A ordinary shares subject to possible redemption,ending |
|
$ 5,463,640
|
|
$ 67,719,662
|
$ 309,134,766
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v3.24.1.1.u2
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION (Details Narrative) - Common Class A [Member]
|
3 Months Ended |
|
Mar. 31, 2024
Vote
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Ordinary shares, shares authorized |
500,000,000
|
500,000,000
|
Ordinary shares, par value | $ / shares |
$ 0.0001
|
$ 0.0001
|
Number of votes per share | Vote |
1
|
|
Class A ordinary shares, shares subject to possible redemption, outstanding, shares |
509,341
|
6,315,949
|
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v3.24.1.1.u2
SHAREHOLDERS’ DEFICIT (Details Narrative)
|
|
|
|
3 Months Ended |
|
|
Feb. 01, 2024
shares
|
Aug. 03, 2023
shares
|
Feb. 03, 2023
shares
|
Mar. 31, 2024
Vote
$ / shares
shares
|
Dec. 31, 2023
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shares
|
Mar. 03, 2023
$ / shares
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preference shares, shares authorized |
|
|
|
1,000,000
|
1,000,000
|
|
Preference shares, par value | $ / shares |
|
|
|
$ 0.0001
|
$ 0.0001
|
|
Preference shares, shares outstanding |
|
|
|
0
|
0
|
|
Preference shares, shares outstanding |
|
|
|
0
|
0
|
|
Ordinary shares redeemed |
5,806,608
|
1,310,929
|
22,848,122
|
|
|
|
As-converted percentage for Class A ordinary shares after conversion of Class B shares |
|
|
|
20.00%
|
|
|
Stock conversion basis of Class B to Class A ordinary shares at time of initial Business Combination |
|
|
|
1
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Ordinary shares, shares authorized |
|
|
|
500,000,000
|
500,000,000
|
|
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|
|
|
$ 0.0001
|
$ 0.0001
|
|
Number of votes per share | Vote |
|
|
|
1
|
|
|
Ordinary shares redeemed |
|
|
|
5,806,608
|
|
|
Temporary equity, shares subject to possible redemption, outstanding |
|
|
|
509,341
|
6,315,949
|
|
Ordinary shares, shares issued |
|
|
|
0
|
0
|
|
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|
|
|
0
|
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|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
Ordinary shares, shares authorized |
|
|
|
50,000,000
|
50,000,000
|
|
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|
|
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Ordinary shares, shares issued |
|
|
|
7,618,750
|
7,618,750
|
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Ordinary shares, shares outstanding |
|
|
|
7,618,750
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v3.24.1.1.u2
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - Fair Value, Recurring [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Assets |
|
|
Cash or demand deposit account |
|
$ 67,819,662
|
Public Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
$ 609,500
|
304,750
|
Private Placement Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
350,000
|
175,000
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Assets |
|
|
Cash or demand deposit account |
|
67,819,662
|
Fair Value, Inputs, Level 1 [Member] | Public Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
|
|
Fair Value, Inputs, Level 1 [Member] | Private Placement Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Assets |
|
|
Cash or demand deposit account |
|
|
Fair Value, Inputs, Level 2 [Member] | Public Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
609,500
|
304,750
|
Fair Value, Inputs, Level 2 [Member] | Private Placement Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
350,000
|
175,000
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Assets |
|
|
Cash or demand deposit account |
|
|
Fair Value, Inputs, Level 3 [Member] | Public Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
|
|
Fair Value, Inputs, Level 3 [Member] | Private Placement Warrants [Member] |
|
|
Liabilities |
|
|
Warrant liability |
|
|
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v3.24.1.1.u2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
May 02, 2024 |
Apr. 04, 2024 |
Feb. 23, 2024 |
Mar. 31, 2024 |
Aug. 29, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
Principal amount |
|
|
|
$ 1,950,000
|
|
Sale of Stock, Price Per Share |
|
|
|
|
$ 10.00
|
Common Class A [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Stock issued during period shares conversion of shares |
|
|
25,000
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Principal amount |
|
$ 250,000
|
|
|
|
Minimum market value of listed securities |
$ 35,000,000
|
|
|
|
|
Subsequent Event [Member] | Share Rights [Member] | April 2024 Convertible Promissory Note [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Share issued value |
|
250,000
|
|
|
|
Subsequent Event [Member] | Common Class A [Member] | April 2024 Convertible Promissory Note [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Outstanding principal amount |
|
$ 250,000
|
|
|
|
Sale of Stock, Price Per Share |
|
$ 10
|
|
|
|
Stock issued during period shares conversion of shares |
|
25,000
|
|
|
|
X |
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