Registration of securities issued in business combination transactions

Class A Ordinary Shares Subject to Possible Redemption

v3.24.0.1
Class A Ordinary Shares Subject to Possible Redemption
12 Months Ended
Dec. 31, 2023
Class A Ordinary Shares Subject to Possible Redemption [Abstract]  
Class A Ordinary Shares Subject to Possible Redemption

Note 7 — 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 200,000,000 shares of 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 ordinary share. As of December 31, 2023 and 2022, there were 2,811,744 and 29,550,000 shares of Class A ordinary shares outstanding, of which 1,872,928 and 28,750,000 shares were subject to possible redemption and are classified outside of permanent equity in the consolidated balance sheets, respectively.

The Class A ordinary shares subject to possible redemption reflected on the consolidated balance sheets is reconciled on the following table:

Gross Proceeds

 

$

287,500,000

 

Less:

 

 

 

 

Proceeds allocated to Public Warrants

 

 

(10,350,000

)

Class A ordinary shares issuance costs

 

 

(15,806,778

)

Plus:

 

 

 

 

Accretion of carrying value to redemption value

 

 

26,156,778

 

Class A ordinary shares subject to possible redemption at December 31, 2021

 

 

287,500,000

 

Increase in Class A ordinary shares subject to possible redemption

 

 

3,925,100

 

Class A ordinary shares subject to possible redemption at December 31, 2022

 

 

291,425,100

 

Less:

 

 

 

 

Redemption of Class A ordinary shares subject to possible redemption

 

 

(273,410,361

)

Decrease in Class A ordinary shares subject to possible redemption

 

 

(7,635,278

)

Plus:

 

 

 

 

Waiver of Class A shares issuance costs

 

 

9,700,250

 

Class A ordinary shares subject to possible redemption at December 31, 2023

 

$

20,079,711