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Name | Symbol | Market | Type |
---|---|---|---|
Alpha Partners Technology Merger Corporation | NASDAQ:APTMU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.60 | 9.70 | 16.96 | 0 | 01:00:00 |
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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10001
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Large accelerated filer ☐
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Accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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Page
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PART 1 - FINANCIAL INFORMATION
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Item 1.
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CONDENSED FINANCIAL STATEMENTS
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3
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4
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5
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6
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7
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Item 2.
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23
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Item 3.
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29
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Item 4.
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29
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PART II - OTHER INFORMATION
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Item 1.
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30
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Item 1A.
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30
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Item 2.
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30
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Item 3.
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30
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Item 4.
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30
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Item 5.
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30
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Item 6.
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30
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31
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June 30, 2023
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December 31, 2022
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|||||||
(Unaudited)
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ASSETS
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Current assets:
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Cash
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$
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$
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Prepaid expenses
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Total current assets
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Investments held in Trust Account
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Total Assets
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$
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$
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LIABILITIES AND SHAREHOLDERS’ DEFICIT
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Current liabilities:
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||||||||
Accounts payable
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$
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$
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Accounts payable - related party
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Accrued expenses and other current liabilities
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Total current liabilities
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Warrant liabilities
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Deferred underwriting fee payable
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Total Liabilities
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Commitments (Note 6)
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Class A ordinary shares subject to possible redemption,
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Shareholders’ Deficit
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Preference shares, $
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Class A ordinary shares, $
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Class B ordinary shares, $
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Additional paid-in capital
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Accumulated deficit
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(
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)
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(
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)
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Total Shareholders’ Deficit
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(
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)
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(
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)
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||||
Total Liabilities and Shareholders’ Deficit
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$
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$
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Three Months
Ended June 30,
2023
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Three Months
Ended June 30,
2022
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Six Months
Ended June 30,
2023
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Six Months
Ended June 30,
2022
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|||||||||||||
Operating and formation costs
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$
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$
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$
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$
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||||||||
Loss from operations
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(
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)
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(
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)
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(
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(
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Other income:
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||||||||||||||||
Interest income on bank account
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Interest and dividend income on investments held in Trust Account
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Gain related to potential business combination
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Gain on change in fair value of warrant liabilities
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Net income
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$
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$
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$
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$
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||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares
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||||||||||||
Basic and diluted net income per share, Class A ordinary shares
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$
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$
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$
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$
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||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares
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|
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||||||||||||
Basic and diluted net income per share, Class B ordinary shares
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$
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$
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$
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$
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Class A Ordinary Shares
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Class B Ordinary Shares
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Additional
Paid-in
Capital
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Accumulated
Deficit
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Total
Shareholders’
Deficit
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||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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|||||||||||||||||||||||||
Balance as of January 1, 2023
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$
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|
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$
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$
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$
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(
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)
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$
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(
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)
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||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of March 31, 2023
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—
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—
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(
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)
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(
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)
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|||||||||||||||||||
Net income
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—
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—
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—
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—
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—
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Balance as of March 31, 2023
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$
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(
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)
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(
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)
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||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2023
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—
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—
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(
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)
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(
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)
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|||||||||||||||||||
Net income
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—
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—
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—
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—
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—
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|||||||||||||||||||||
Balance as of June 30, 2023
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|
$
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$
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$
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$
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(
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)
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$
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(
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)
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Class A Ordinary Shares
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Class B Ordinary Shares
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Additional
Paid-in Capital
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Accumulated Deficit
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Total
Shareholders’
Deficit
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||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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|||||||||||||||||||||||||
Balance as of January 1, 2022
|
|
$
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|
|
$
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|
$
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$
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(
|
)
|
$
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(
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)
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||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of March 31, 2022
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—
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—
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(
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)
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(
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)
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|||||||||||||||||||
Net income
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—
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—
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—
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—
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—
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|||||||||||||||||||||
Balance as of March 31, 2022
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(
|
)
|
(
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)
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|||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2022
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—
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—
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(
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)
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(
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)
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|||||||||||||||||||
Net income
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—
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—
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—
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—
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—
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|||||||||||||||||||||
Balance as of June 30, 2022
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Six Months
Ended June 30,
2023
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Six Months
Ended June 30,
2022
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|||||||
Cash Flows from Operating Activities:
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Net income
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$
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$
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||||
Adjustments to reconcile net income to net cash used in operating activities:
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||||||||
Interest and dividend income on investments held in Trust Account
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(
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(
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Gain on change in fair value of warrant liability
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(
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|||||
Changes in operating assets and liabilities:
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Prepaid expenses
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Accounts payable
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(
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)
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|||||
Accounts payable - related party
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(
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)
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|||||
Accrued expenses and other current liabilities
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(
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)
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|||||
Net cash used in operating activities
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(
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)
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(
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)
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Net Change in Cash
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(
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(
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Cash - Beginning of period
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||||||
Cash - End of period
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$
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$
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Non-cash investing and financing activities
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||||||||
Remeasurement of Class A ordinary shares subject to redemption to redemption value
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$
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$
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|
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Class A ordinary shares subject to possible redemption as of December 31, 2022
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$
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|
||
Remeasurement of carrying value to redemption value as of March 31, 2023
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|||
Class A ordinary shares subject to possible redemption as of March 31, 2023
|
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|||
Remeasurement of carrying value to redemption value as of June 30, 2023
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|||
Class A ordinary shares subject to possible redemption as of June 30, 2023
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$
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|
|
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Three Months Ended
June 30, 2023
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Three Months
Ended June 30, 2022
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Six Months Ended
June 30, 2023
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Six Months Ended
June 30, 2022
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Class A
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Class B
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Class A
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Class B
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Class A
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Class B
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Class A
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Class B
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Basic and diluted net income per share:
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||||||||||||||||||||||||||||||||
Numerator:
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||||||||||||||||||||||||||||||||
Net income
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$
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$
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$
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$
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$
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$
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$
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$
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Denominator:
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||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
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||||||||||||||||||||||||
Basic and diluted net income per share
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$
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$
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$
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$
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$
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$
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$
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$
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|
|
|
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• |
in whole and not in part;
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• |
at a price of $
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• |
upon not less than
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• |
if, and only if, the last reported closing price of the Class A ordinary shares for any
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• |
in whole and not in part;
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• |
at $
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• |
if, and only if, the Reference Value equals or exceeds $
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Description
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Amount at
Fair Value
|
Level 1
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Level 2
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Level 3
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||||||||||||
June 30, 2023
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||||||||||||||||
Assets
|
||||||||||||||||
Investments held in Trust Account:
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||||||||||||||||
Money Market investments
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$
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$
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$
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$
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||||||||
Liabilities
|
||||||||||||||||
Warrant liability – Founder Warrants
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$
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$
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$
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$
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||||||||
Warrant liability – Private Placement Warrants
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$
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$
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$
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$
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||||||||
Warrant liability – Public Warrants
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$
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$
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|
$
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$
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|
||||||||
December 31, 2022
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||||||||||||||||
Assets
|
||||||||||||||||
Investments held in Trust Account:
|
||||||||||||||||
Money Market investments
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Liabilities
|
||||||||||||||||
Warrant liability – Founder Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Warrant liability – Private Placement
|
|
|
|
|
||||||||||||
Warrant liability – Public Warrants
|
|
|
|
|
|
Fair value as of December 31, 2021
|
$
|
|
||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(
|
)
|
||
Fair value as of March 31, 2022
|
|
|||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(
|
)
|
||
Fair value as of June 30, 2022
|
|
|||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(
|
)
|
||
Fair value as of September 30, 2022
|
|
|||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(
|
)
|
||
Transfer of Private Warrants, and Founder Warrants to Level 2 measurement
|
(
|
)
|
||
Fair value as of December 31, 2022
|
$
|
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk.
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Item 4. |
Controls and Procedures.
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ITEM 1. |
LEGAL PROCEEDINGS
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ITEM 1A. |
RISK FACTORS
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ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES
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ITEM 4. |
MINE SAFETY DISCLOSURES
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ITEM 5. |
OTHER INFORMATION
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ITEM 6. |
EXHIBITS
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Exhibit No.
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Description
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Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS*
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XBRL Instance Document
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101.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.SCH*
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XBRL Taxonomy Extension Schema Document
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101.DEF*
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB*
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XBRL Taxonomy Extension Labels Linkbase Document
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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104*
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
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* |
Filed herewith.
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** |
Furnished.
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Alpha Partners Technology Merger Corp.
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Date: August 21, 2023
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By:
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/s/ Matthew R. Krna
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Matthew R. Krna
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Chief Executive Officer
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Alpha Partners Technology Merger Corp.
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Date: August 21, 2023
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By:
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/s/ Sean O’Brien
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Sean O’Brien
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Chief Financial Officer
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Date: August 21, 2023
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By:
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/s/ Matthew R. Krna
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Matthew R. Krna
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Chief Executive Officer
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(Principal Executive Officer)
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Date: August 21, 2023
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By:
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/s/ Sean O’Brien
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Sean O’Brien
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Chief Financial Officer
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(Principal Financial and Accounting Officer)
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Date: August 21, 2023
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By:
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/s/ Matthew R. Krna
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Matthew R. Krna
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Chief Executive Officer
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(Principal Executive Officer)
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Date: August 21, 2023
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By:
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/s/ Sean O’Brien
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Sean O’Brien
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Chief Financial Officer
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(Principal Financial and Accounting Officer)
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CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Preferred stock par or stated value per share | $ 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 |
Class A Ordinary Shares [Member] | ||
Temporary equity, shares outstanding | 28,250,000 | 28,250,000 |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 200,000,000 | 200,000,000 |
Common stock shares issued | 865,000 | 865,000 |
Common stock shares outstanding | 865,000 | 865,000 |
Class B Ordinary Shares [Member] | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 7,062,500 | 7,062,500 |
Common stock shares outstanding | 7,062,500 | 7,062,500 |
CONDENSED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Operating and formation costs | $ 353,926 | $ 575,990 | $ 804,694 | $ 1,200,530 |
Loss from operations | (353,926) | (575,990) | (804,694) | (1,200,530) |
Other income : | ||||
Interest income on bank account | 617 | 0 | 624 | 0 |
Interest and dividend income on investments held in Trust Account | 3,453,154 | 381,481 | 6,493,944 | 409,811 |
Gain related to potential business combination | 0 | 0 | 374,975 | 0 |
Gain on change in fair value of warrant liabilities | 844,141 | 3,203,124 | 0 | 7,017,383 |
Net income | 3,943,986 | 3,008,615 | 6,064,849 | 6,226,664 |
Class A Ordinary Shares [Member] | ||||
Other income : | ||||
Net income | $ 3,174,049 | $ 2,421,279 | $ 4,880,881 | $ 5,011,107 |
Basic weighted average shares outstanding | 29,115,000 | 29,115,000 | 29,115,000 | 29,115,000 |
Diluted weighted average shares outstanding | 29,115,000 | 29,115,000 | 29,115,000 | 29,115,000 |
Basic net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 |
Diluted net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 |
Class B Ordinary Shares [Member] | ||||
Other income : | ||||
Net income | $ 769,937 | $ 587,336 | $ 1,183,968 | $ 1,215,557 |
Basic weighted average shares outstanding | 7,062,500 | 7,062,500 | 7,062,500 | 7,062,500 |
Diluted weighted average shares outstanding | 7,062,500 | 7,062,500 | 7,062,500 | 7,062,500 |
Basic net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 |
Diluted net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 |
Description of Organization and Business Operations and Liquidity |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations and Liquidity |
NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND LIQUIDITY
Alpha Partners Technology Merger Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on February 5, 2021. The Company was formed for the purpose of entering into a merger, share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business
Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of
the risks associated with early stage and emerging growth companies.
As of June 30, 2023, the Company had not commenced any operations. All activity for the three
and six months ended June 30, 2023 and for the three and six months ended June 30, 2022 relates to the Company’s formation, the initial public offering (“Initial Public Offering”) which is described
below, and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest.
The Company generates non-operating income in the form of interest and dividend income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.
The registration statement for the Company’s Initial Public Offering was declared effective on July 27, 2021. On July 30, 2021, the Company consummated the Initial Public Offering of 25,000,000 units (the “Units”
and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $250,000,000,
which is discussed in Note 3.
Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 800,000 units (the “Private Placement Units”) at a price of $10.00
per Private Placement Unit in a private placement to Alpha Partners Technology Merger Sponsor LLC (the “Sponsor”) and certain anchor investors (the “Anchor Investors”), generating gross proceeds of $8,000,000, which is described in Note 4.
The Company had granted the underwriters in the Initial Public Offering a 45-day option to purchase up to 3,750,000 additional Units to cover
over-allotments, if any (see Note 6). On August 5, 2021, the underwriters partially exercised the over-allotment option and purchased an additional 3,250,000 Units (the “Over-Allotment Units”), generating gross proceeds of $32,500,000.
Simultaneously with the closing of the exercise of the over-allotment option, the Company consummated the sale of 65,000 units (the “Over-Allotment Private Placement Units”) at a purchase price of $10.00 per unit in a private placement to the Sponsor, generating gross proceeds of $650,000.
Upon closing of the Initial Public Offering, the sale of the Private Placement Units, the sale of the Over-Allotment Units, and the sale of the Over-Allotment
Private Placement Units, a total of $282,500,000 was placed in a trust account (the “Trust
Account”) and was invested only in U.S. government treasury obligations with maturities of 185 days or less or in money market funds
meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the
funds held in the Trust Account, as described below.
The Company will provide the holders of its outstanding 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 shareholder 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, solely in its discretion. 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 $10.00 per Public Share, plus any pro rata interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.
The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the
Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its 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 (“SEC”) and file tender offer documents with the SEC prior
to completing a Business Combination. If, however, shareholder approval of the transaction is required by law, 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. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares
(as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether
they vote for or against the proposed transaction or don’t vote at all.
Notwithstanding the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer
rules, the Amended and Restated Memorandum and Articles of Association provides 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 Sponsor, officers and directors have agreed to waive (i) redemption rights with respect to their Founder Shares and Public Shares held by them in
connection with the completion of a Business Combination, (ii) redemption rights with respect to any Founder Shares and Public Shares held by them in connection with a shareholder vote to approve an amendment to the Amended and Restated
Memorandum and Articles of Association that would modify the substance or timing of the obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection with an initial Business Combination or to
redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within 24 months from the closing of the Initial Public Offering or with respect to any other provision relating to the rights of holders of the Class A
ordinary shares or pre-initial Business Combination activity and (iii) rights to liquidating distributions from the Trust Account with respect to any Founder Shares held if the Company fails to complete an initial Business Combination within 24
months from the closing of the Initial Public Offering. However, if the Sponsor or officers and directors acquire Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the
Trust Account if the Company fails to complete a Business Combination within 24 months from the closing of the Initial Public Offering.
The Company previously had until 24 months from the closing of the Initial Public Offering to complete a Business Combination.
On July 27, 2023, the Company’s shareholders approved a proposal to amend the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate a Business Combination from July 30, 2023
to July 30, 2024 (the “Combination Period”) (see note 10). 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 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 the income 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 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 obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There
will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.
The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not
complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of
such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).
In order to protect the amounts held in the Trust Account, the Sponsor has 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 partner business with which the Company has discussed entering into a transaction agreement, reduce the amounts 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 Public Share due to reductions in the value of the trust assets, in each case net of the interest that may be
withdrawn to pay tax obligations, provided that such liability will not apply to any claims by a third party or prospective partner business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any
claims under the 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”). 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 all vendors, service providers (excluding the Company’s independent registered public accounting firm), prospective partner 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.
Previous Business Combination
In the Company’s Form 10-Q as of and for the period ending March 31, 2023, the Company had recorded a balance of $374,975 in the Receivable related to potential business combination line item on the condensed balance sheet. That balance represented an invoice issued to a potential
business combination company during the Three Months Ended March 31, 2023 for transaction expenses and merger-related activities incurred through that date related to a prospective merger which was not completed. The Company determined that it
was entitled to that balance and as such, has recorded a resulting gain on the condensed statement of operations for the Six Months Ended June 30, 2023. The Company received payment of the invoice in April 2023.
Liquidity and Going Concern
As of June 30, 2023, the Company had $304,513 in cash held outside of the Trust Account and a working capital deficit of $776,843, which may not be sufficient for the Company to operate for at least the next 12 months from the issuance of the unaudited condensed financial statements. 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 under the Working Capital Loans (as defined in Note 5). There is no assurance that the Company’s
attempts to find a partner for an initial Business Combination will be successful or successful within the Combination Period or that the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors will loan the
Company funds as may be required under the Working Capital Loans (as defined in Note 5).
The Company will have until July 30, 2024 to complete a Business Combination. If a Business Combination is not consummated by
July 30, 2024 there will be a mandatory liquidation and subsequent dissolution of the Company.
In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Codification (“ASC”) Topic 205-40 Presentation of Financial Statements- Going Concern, management has determined the factors disclosed above and the July 30, 2024 Combination Period deadline raise substantial doubt about the Company’s ability
to continue as a going concern through one year from the date that these unaudited condensed financial statements are filed. These unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded
assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Risks and Uncertainties
Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have
a negative effect on the Company’s financial position, results of its operations, and/or search for a prospective partner company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements.
The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Additionally, as a result of 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. In addition, 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 which may be 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 financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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Summary of Significant Accounting Policies |
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Summary of Significant Accounting Policies |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to
the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In
the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and
cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Form 10-K as filed with the SEC on April 17, 2023. The interim results for
the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future periods.
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 (the
“JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with
the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. The Company has elected to implement the aforementioned exemptions.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial
accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can
adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth
company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of condensed 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 financial statements and the reported amounts of expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the
actual results could differ from those estimates. The initial valuation of the Public Warrants (as defined in Note 3) and Class A ordinary shares subject to redemption, and the quarterly valuation of the Private Placement Warrants (as defined in
Note 4) required management to exercise significant judgement in its estimates.
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $304,513 and $726,869 in cash as of June 30, 2023 and December 31, 2022, respectively. The Company did not have any cash equivalents as of June 30, 2023 or December 31, 2022.
Investments Held in Trust Account
Investments Held in Trust Account are classified as trading securities which are presented on the condensed balance sheets at fair value at the end of each reporting
period. At June 30, 2023 and December 31, 2022, the investments held in the Trust Account totaled $293,076,995 and $286,583,051, respectively.
Warrant Liabilities
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and
applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The
assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under
ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant
issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional
paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and
each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the condensed statements of operations. The initial fair value of the Public Warrants (as defined in Note 3) was
estimated using a binomial/lattice model and the fair value of the Founder Warrants (as defined in Note 5) and Private Placement Warrants (as defined in Note 4) was estimated using a Black-Scholes Option Pricing Model (see Note 9). Due to the
options pricing model not producing a meaningful volatility for the Founder Warrants and Private Placement Warrants as of June 30, 2023 and December 31, 2022, the fair
value of the Founder Warrants and Private Placement Warrants were set equal to the fair value of the Public Warrants.
Class A Ordinary Shares Subject to Possible Redemption
All of the 28,250,000 Class A ordinary shares sold as
part of the Units in the Initial Public Offering and subsequent partial exercise of the underwriters’ over-allotment option contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s
liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Amended and Restated Memorandum and Articles of Association. In accordance with SEC and its
staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent
equity. Therefore, all Public Shares have been classified outside of permanent equity.
The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption
value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.
As of June 30, 2023 and December 31, 2022, the Class A ordinary shares subject to
possible redemption reflected in the condensed balance sheets are reconciled in the following table:
Offering Costs associated with the Initial Public Offering
The Company complies with the requirements of ASC Topic 340, Other Assets and Deferred Costs and SEC Staff Accounting Bulletin Topic 5A—Expenses of Offering. Offering costs consist principally of professional and registration fees incurred through the condensed balance sheet dates that are related to the Initial Public Offering. Offering costs directly
attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity. Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately. For the period from
February 5, 2021 (inception) through December 31, 2021, the Company incurred offering costs amounting to $16,641,377 as a result of the
Initial Public Offering (consisting of $5,650,000 of underwriting fees, 9,887,500 of deferred underwriting fees, $136,679 of the costs
connected to the over-allotment option, and $967,198 of other offering costs).
The Company was reimbursed $1,169,000 by the
underwriters for offering costs associated with the Initial Public Offering. The Company recorded $14,937,225 of offering costs as a
reduction of temporary equity in connection with the redeemable Class A ordinary shares included in the Units. The Company immediately expensed $540,944
of offering costs in connection with the Public Warrants and Private Placement Warrants that were classified as liabilities.
Income Taxes
The Company accounts for income taxes under ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of
deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry
forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.
ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s unaudited condensed financial statements and prescribes a
recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to
be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company’s evaluation, it has been
concluded that there are no significant uncertain tax positions requiring recognition in the Company’s unaudited condensed financial statements.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or
material deviation from its position. The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. Consequently, income
taxes are not reflected in the Company’s unaudited condensed financial statements.
Net Income Per Ordinary Share
Net income per ordinary share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. Remeasurement
associated with the redeemable Class A ordinary shares is excluded from net income per share as the redemption value approximates fair value. Therefore, the income per share calculation allocates income shared pro rata between Class A and Class B
ordinary shares. As a result, the calculated net income per share is the same for Class A and Class B ordinary shares. Class B ordinary shares subject to forfeiture are included in the calculation of basic income per share as of the date that the
forfeiture contingency has lapsed (see Note 5). Class B ordinary shares subject to forfeiture are included in the calculation of diluted income per share as of the beginning of the interim period in which the forfeiture contingency lapsed. The
Company has not considered the effect of the Public Warrants (as defined in Note 3), Private Placement Warrants (as defined in Note 4), and Founder Warrants (as defined in Note 5) to purchase an aggregate of 12,059,166 shares in the calculation of income per share, since the exercise of the warrants is contingent upon the occurrence of future events.
The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may
exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management
believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments
The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair
value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most
advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the
reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on
the best information available in the circumstances.
The carrying amounts reflected in the condensed balance sheets for current assets and current liabilities approximate fair value due to their short-term nature.
Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such
as quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as
direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists
for the assets or liabilities.
See Note 9 for additional information on assets and liabilities measured at fair value.
Recent Accounting Pronouncements
The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the accompanying unaudited condensed financial statements.
|
Initial Public Offering |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Initial Public Offering [Abstract] | |
Initial Public Offering |
NOTE 3. INITIAL PUBLIC OFFERING
The registration statement for the Company’s Initial Public Offering was declared effective on July 27, 2021. On July 30, 2021, the Company completed its Initial Public Offering of 25,000,000 Units, at $10.00 per Unit, generating gross proceeds of $250,000,000. Each Unit consists of one Class A ordinary share and . Each Public
Warrant entitles the holder to purchase of one redeemable warrant (“Public Warrant”)one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).
The Company had granted the underwriters in the Initial Public Offering a 45-day option to purchase up to 3,750,000 additional Units to cover over-allotments, if any (see
Note 6). On August 5, 2021, the underwriters partially exercised the over-allotment option and purchased an additional 3,250,000 Over-Allotment Units, generating gross proceeds of $32,500,000.
|
Private Placement |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Private Placement [Abstract] | |
Private Placement |
NOTE 4. PRIVATE PLACEMENT
Simultaneously with the closing of the Initial Public Offering, the Sponsor and certain Anchor Investors purchased an aggregate of 800,000 Units at a price of $10.00 per Private Placement Unit ($8,000,000
in the aggregate). Each Private Placement Unit is exercisable to purchase one Class A ordinary share
(the “Private Placement Shares”) and ) at a price of
of one redeemable warrant (the “Private Placement Warrants”)$11.50 per share. A portion of the proceeds from the Private Placement Units were added to the net
proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units will be used to fund the
redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the
Private Placement Warrants.
Simultaneously with the closing of the exercise of the over-allotment option (see Note 6), the Company consummated the sale of 65,000 Over-Allotment Private Placement Units at a purchase price of $10.00 per unit in a private placement to the Sponsor, generating gross proceeds of $650,000.
|
Related Party Transactions |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions |
NOTE 5. RELATED PARTY TRANSACTIONS
Founder Shares
On February 5, 2021, an affiliate of the Sponsor paid an aggregate of $25,000 to cover certain expenses on behalf of the Company in exchange for the issuance of 7,187,500 founder units (“Founder Units”), which were subsequently transferred to the Sponsor. Each Founder Unit consists of one Class B ordinary share and of one warrant (the “Founder
Warrants”) that has the same terms as the Private Placement Warrants (2,395,833 Founder Warrants in the aggregate). The Class B
ordinary shares included in the Founder Units (“Founder Shares”) included an aggregate of up to 937,500 Class B ordinary shares
subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the Sponsor will own, on an as-converted basis, 20% of the Company’s issued and outstanding shares upon completion of the Initial Public Offering. The Founder Warrants included an aggregate of up to 312,500 Founder Warrants subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised. On August 5, the
underwriters partially exercised the over-allotment option to purchase an additional 3,250,000 Units (see Note 6), leaving 125,000 Class B ordinary shares and 41,667
Founder Warrants subject to forfeiture. On September 11, 2021, the remaining option expired. As a result, 125,000 Class B ordinary
shares and 41,667 Founder Warrants were forfeited.
The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell (i) any of their Founder Units or Founder Shares until the earliest of
(A) one year after the completion of an initial Business Combination and (B) subsequent to an 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 sub-divisions, share
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after an 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 and (ii) any of their Founder Warrants and Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion of an initial Business Combination. Notwithstanding the foregoing, if the closing price of the Company’s Class A ordinary shares equals or
exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading
day period commencing at least 150 days after an initial Business Combination, the Founder Units or Founder Shares will be released
from the lock-up.
Administrative Support Agreement
The Company entered into an agreement, commencing on the effective date of the Initial Public Offering, to pay an affiliate of the Sponsor $55,000 per month for office space, secretarial and administrative support services. Upon the completion of an initial Business Combination or
liquidation, the Company will cease paying these monthly fees. For the three and six months ended June 30, 2023, the Company incurred and paid expenses of $165,000 and $330,000, respectively, under this agreement. For the three and six months ended June 30, 2022, the Company incurred and paid expenses of $165,000
and $330,000, respectively.
Related Party Loans
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 directors and
officers 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 would repay the Working Capital Loans. 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. 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. Up to $1,500,000
of such loans may be convertible into units of the post-Business Combination entity at a price of $10.00
per unit at the option of the lender. The units would be identical to the Private Placement Units. As of June 30, 2023 and December 31,
2022, there were no Working Capital Loans outstanding.
Reimbursements—Related Party
For the three and six months ended June 30, 2023, the Company paid $8,376 and $14,006,
respectively, to the Sponsor as reimbursements for operating costs of the Company paid for by the Sponsor. For the three and six months ended June 30, 2022, the Company paid $9,081 and $16,808,
respectively, to the Sponsor as reimbursements.
Accounts Payable - Related Party
As of June 30, 2023 and December 31, 2022, $24,442 and $15,377,
respectively, was payable by the Company to the Sponsor for services related to the search for an initial Business Combination target.
|
Commitments |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments |
NOTE 6. COMMITMENTS
Registration and Shareholder Rights Agreement
The holders of the Founder Units, Private Placement Units, warrants underlying the Founder Units and Private Placement Units and units that may be issued upon
conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the warrants underlying the Founder Units and Private Placement Units and units issued upon conversion of the Working Capital Loans) have
registration and shareholder rights to require the Company to register a sale of any of its securities held by them pursuant to a registration and shareholder rights agreement entered into on the effective date of the Initial Public Offering. The
holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of an initial Business Combination. The Company will bear the expenses incurred in
connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriters a 45-day option
to purchase up to 3,750,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting
discounts and commissions. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 3,250,000 Units at an offering price of $10.00 per Unit for an
aggregate purchase price of $32,500,000. On September 11, 2021, the remaining option expired. As
a result, 125,000 Class B ordinary shares were forfeited.
The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $5,650,000
in the aggregate, upon the closing of the Initial Public Offering and partial exercise of the over-allotment option. In addition, $0.35 per unit, or $9,887,500 in the aggregate will be
payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject
to the terms of the underwriting agreement.
|
Warrants |
6 Months Ended | |||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||||
Warrants |
NOTE 7. WARRANTS
As of June 30, 2023 and December 31, 2022, there were 2,354,166 Founder Warrants, 288,334 Private Placement Warrants, and 9,416,666 Public Warrants outstanding. The exercise price of all warrants noted is $11.50.
Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants
will become exercisable 30 days after the completion of a Business Combination. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Founder Warrants and the Private Placement
Warrants will also expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to satisfying the obligations described
below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary
share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of an initial Business Combination, the Company will use the commercially reasonable efforts to file with the SEC a post-effective amendment to the
registration statement or a new registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use the commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of an initial Business Combination, and to maintain the effectiveness of such registration statement and a current
prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that 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 appoint, the Company will not be required to file or maintain in effect a registration statement. 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 an 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, but the Company will use the best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00—Once the warrants become exercisable, the Company may call the warrants for redemption (except with respect to the Private Placement Warrants):
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 shares is available throughout the 30-day
redemption period. If and when the warrants become redeemable by the Company, the Company may exercise the redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state
securities laws.
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:
The value of the Company’s Class A ordinary shares shall mean the volume weighted average price of the 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. The Company will provide its
warrant holders with the final fair market value no later than
after the 10-trading day period described above ends. 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 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
an initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A 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 initial shareholders or their affiliates, without taking into account any Founder Shares held by the
initial shareholders or such affiliates, as applicable, prior to such issuance including any transfer or reissuance of such shares (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 an initial Business Combination, and (z) the volume-weighted
average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day after the day on
which the Company consummates an initial Business Combination 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, and the $10.00 and $18.00 per share redemption
trigger prices adjacent to “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.” and “Redemption
of warrants when the price per Class A ordinary share equals or exceeds $18.00.” will be adjusted (to the nearest cent) to be equal to
100% and 180% of the
higher of the Market Value and the Newly Issued Price, respectively.
The Private Placement Units (including the Private Placement Shares, the Private Placement Warrants and Class A ordinary shares issuable upon exercise of such
warrants) will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to
certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement
Units are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The Company accounts for the 9,705,000 warrants
issued in connection with the Initial Public Offering (including 9,416,666 Public Warrants and 288,334 Private Placement Warrants) and the 2,354,166
Founder Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. The Founder
Warrants and Private Placement Warrants are precluded from equity classification due to a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. The Public Warrants
are precluded from equity classification due to a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 65% of the outstanding ordinary shares, all holders of the warrants would be entitled to receive cash for their warrants.
The accounting treatment of derivative financial instruments required that the Company record the warrants as derivative liabilities at fair value at issuance. The
Public Warrants were allocated a portion of the proceeds from the issuance of the Units in the Initial Public Offering equal to its fair value. The Private Placement Warrants were allocated a portion of the proceeds from the issuance of the
Private Placement Units equal to its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liabilities are adjusted to current fair value, with the change in fair
value recognized in the Company’s condensed statements of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be
reclassified as of the date of the event that causes the reclassification.
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Shareholder's Deficit |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Stockholders' Deficit [Abstract] | |
Shareholder's Deficit |
NOTE 8. SHAREHOLDERS’ DEFICIT
Preference shares — The
Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s
board of directors. As of June 30, 2023 and December 31, 2022, there were no preference
shares issued or outstanding.
Class A ordinary shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of June 30, 2023 and December 31, 2022, there were 29,115,000 Class A ordinary shares issued and outstanding, including 28,250,000 Class A ordinary shares subject to possible redemption.
Class B ordinary shares — The
Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of June 30, 2023 and December 31, 2022, there were 7,062,500 Class B ordinary shares issued and outstanding.
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 Company’s shareholders except as required by law. Prior to an initial Business Combination, only holders
of the Founder Shares will have the right to vote on the election of directors. Holders of the Public Shares will not be entitled to vote on the appointment of directors during such time.
The Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation of an 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, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued or
issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of an 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 an initial Business Combination and any Private Placement Warrants issued to the Sponsor, members of
the team or any of their affiliates 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.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
NOTE 9. 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 June 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
The Company utilized a binomial/lattice model for the initial valuation the Public Warrants. The subsequent measurement of the Public Warrants as of June 30, 2023 and December 31, 2022 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker APTMW. The quoted price of the Public Warrants was $0.04 per warrant as of June 30, 2023 and December 31, 2022.
In prior periods, Company utilized a Black-Scholes Option Pricing model for the initial valuation of the Founder Warrants and Private Placement Warrants and the
subsequent measurement of the Founder Warrants and Private Placement Warrants. Inherent in pricing models are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield, which are considered
Level 3 inputs. However, since a reasonable and acceptable volatility cannot be inferred from the option pricing model performed for the Founder Warrants and Private Placement Warrants as of June 30, 2023 and
December 31, 2022, the fair value of the Founder Warrants and Private Placement Warrants were set equal to the fair value of the Public Warrants. The fair value of the Founder Warrants and Private Placement Warrants was $0.04 and $0.04
per warrant as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Founder Warrants and Private Placement Warrants are
classified as Level 2 due to the use of an observable market quote for a similar asset in an active market.
Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3
measurement to a Level 1 fair value measurement in September 2021 after the Public Warrants were separately listed and traded. The estimated fair value of the Founder Warrants, and Private Placement Warrants transferred from a Level 3 fair value
measurement to a Level 2 fair value measurement in the fourth quarter of 2022 due to the use of an observable market quote for a similar asset in an active market. There were no Level 3 assets or liabilities as of June
30, 2023.
The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring
basis:
The Company recognized a gain in connection with the change in the fair value of warrant liabilities of $844,141 and $0 in the condensed statements of operations for the three and six months ended June 30, 2023, respectively. The Company recognized a gain in
connection with the change in the fair value of warrant liabilities of $3,203,124 and $7,017,383 in the condensed statements of operations for the three and six months ended June 30, 2022,
respectively.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events |
NOTE 10. SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the condensed balance sheet date up to the date that the unaudited condensed financial
statements were issued. Other than those disclosed below, the Company did not identify any subsequent events that required adjustment or disclosure in the unaudited condensed financial statements.
Extraordinary General Meeting
On July 27, 2023, the Company held an Extraordinary General Meeting (the “Extraordinary General Meeting”) whereby shareholders of the Company
approved an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (the “Amendment”) in order to (i) extend the date by which the Company must consummate its initial business combination, cease its operations and
redeem all of its Class A ordinary shares (the “Extension Proposal”) to July 30, 2024, (ii) provide for the right of a holder of Class B ordinary shares of the Company to convert such Class B ordinary shares into Class A ordinary shares on a one-for-one basis prior to the closing of a Business Combination at the election of the holder (the “Founder Share Amendment Proposal”), and (iii)
eliminate from the Charter the limitation that the Company shall not redeem Public Shares, including any shares issued in exchange thereof to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001 (the “Redemption Limit” and, such proposal, the “Redemption Limitation Proposal”).
The Company filed the Charter Amendment with the Registrar of Companies in the Cayman Islands on July 28, 2023.
In connection with the Extension Proposal, the Founder Share Amendment Proposal and the Redemption Limitation Proposal, the holders of 13,532,591 Class A ordinary shares, properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.41 per share, for an aggregate redemption amount of approximately $140,838,808. After the redemptions, approximately $153,169,659 will remain in the Company’s Trust
Account. As a result of the Extension Proposal being approved by the Company’s shareholders, the Sponsor, or its designee is required to make monthly payments to the Company equal to the lesser of (a) an aggregate of $225,000 or (b) $0.03 per public share
that remains outstanding and is not redeemed in connection with the Extension for each of the twelve (12) subsequent calendar months commencing on July 30, 2023 to the earlier of the Termination Date as extended by the Extension Proposal and the
consummation of an initial Business Combination, which amount will be deposited into the Trust Account. On August 2, 2023, $225,000 was
deposited into the Company’s Trust Account as the first of these payments.
To cover these monthly payments and other associated
operating expenses, a newly formed affiliate of the Sponsor, APTM Sponsor Sub LLC (the “Affiliate”), is providing an Extension Loan Facility (the “Facility”) to the Company in the principal sum of $1,500,000, expected to be funded on an as-needed basis with the
first draw on or about August 14, 2023. The principal balance shall be payable on the earlier of (i) the date on which the Company liquidates its Trust Account or (ii) the date on which the Company consummates a Business Combination.
If a Business Combination is not consummated, the Facility will be repaid solely to the extent that the Company has funds available to it outside of its Trust Account, and all other amounts will be contributed to capital, forfeited,
eliminated, or otherwise forgiven or eliminated. Interest does not accrue on the related note. Officers and directors of the Company and their affiliated entities (the “Insiders”)
have committed to fund up to the entire amount of the Facility. At the election of the Affiliate, some or all of the principal amount of the Facility may be converted into Private Placement Units of the Company at a price of $10.00 per unit. The Affiliate will have no other recourse to the Sponsor or to the
Company.
Letter of Intent
On July 26, 2023, the Company signed a non-binding letter-of-intent (“LOI”) for a business combination with Glowforge Inc. (“Glowforge”), creator of award-winning 3D
laser printers.
Under the terms of the LOI, the Company and Glowforge would become a combined entity, with Glowforge’s existing equity holders rolling 100% of their equity into the combined public company. The Company expects to announce additional details regarding the proposed business combination
upon the execution of a definitive merger agreement, which is expected in the fourth quarter of 2023.
Advance from Sponsor
On July 27, 2023 and August 8, 2023 the SPAC received a $3,000
advance from the Sponsor. This amount is expected to be repaid to the Sponsor in the next quarter.
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Summary of Significant Accounting Policies (Policies) |
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Basis of Presentation |
Basis of Presentation
The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to
the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In
the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and
cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Form 10-K as filed with the SEC on April 17, 2023. The interim results for
the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future periods.
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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 (the
“JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with
the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. The Company has elected to implement the aforementioned exemptions.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial
accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can
adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth
company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
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Use of Estimates |
Use of Estimates
The preparation of condensed 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 financial statements and the reported amounts of expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the
actual results could differ from those estimates. The initial valuation of the Public Warrants (as defined in Note 3) and Class A ordinary shares subject to redemption, and the quarterly valuation of the Private Placement Warrants (as defined in
Note 4) required management to exercise significant judgement in its estimates.
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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 had $304,513 and $726,869 in cash as of June 30, 2023 and December 31, 2022, respectively. The Company did not have any cash equivalents as of June 30, 2023 or December 31, 2022.
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Investments Held in Trust Account |
Investments Held in Trust Account
Investments Held in Trust Account are classified as trading securities which are presented on the condensed balance sheets at fair value at the end of each reporting
period. At June 30, 2023 and December 31, 2022, the investments held in the Trust Account totaled $293,076,995 and $286,583,051, respectively.
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Warrant Liabilities |
Warrant Liabilities
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and
applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The
assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under
ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant
issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional
paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and
each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the condensed statements of operations. The initial fair value of the Public Warrants (as defined in Note 3) was
estimated using a binomial/lattice model and the fair value of the Founder Warrants (as defined in Note 5) and Private Placement Warrants (as defined in Note 4) was estimated using a Black-Scholes Option Pricing Model (see Note 9). Due to the
options pricing model not producing a meaningful volatility for the Founder Warrants and Private Placement Warrants as of June 30, 2023 and December 31, 2022, the fair
value of the Founder Warrants and Private Placement Warrants were set equal to the fair value of the Public Warrants.
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Class A Ordinary Shares Subject to Possible Redemption |
Class A Ordinary Shares Subject to Possible Redemption
All of the 28,250,000 Class A ordinary shares sold as
part of the Units in the Initial Public Offering and subsequent partial exercise of the underwriters’ over-allotment option contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s
liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Amended and Restated Memorandum and Articles of Association. In accordance with SEC and its
staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent
equity. Therefore, all Public Shares have been classified outside of permanent equity.
The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption
value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.
As of June 30, 2023 and December 31, 2022, the Class A ordinary shares subject to
possible redemption reflected in the condensed balance sheets are reconciled in the following table:
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Offering Costs associated with the Initial Public Offering |
Offering Costs associated with the Initial Public Offering
The Company complies with the requirements of ASC Topic 340, Other Assets and Deferred Costs and SEC Staff Accounting Bulletin Topic 5A—Expenses of Offering. Offering costs consist principally of professional and registration fees incurred through the condensed balance sheet dates that are related to the Initial Public Offering. Offering costs directly
attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity. Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately. For the period from
February 5, 2021 (inception) through December 31, 2021, the Company incurred offering costs amounting to $16,641,377 as a result of the
Initial Public Offering (consisting of $5,650,000 of underwriting fees, 9,887,500 of deferred underwriting fees, $136,679 of the costs
connected to the over-allotment option, and $967,198 of other offering costs).
The Company was reimbursed $1,169,000 by the
underwriters for offering costs associated with the Initial Public Offering. The Company recorded $14,937,225 of offering costs as a
reduction of temporary equity in connection with the redeemable Class A ordinary shares included in the Units. The Company immediately expensed $540,944
of offering costs in connection with the Public Warrants and Private Placement Warrants that were classified as liabilities.
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Income Taxes |
Income Taxes
The Company accounts for income taxes under ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of
deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry
forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.
ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s unaudited condensed financial statements and prescribes a
recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to
be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company’s evaluation, it has been
concluded that there are no significant uncertain tax positions requiring recognition in the Company’s unaudited condensed financial statements.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or
material deviation from its position. The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. Consequently, income
taxes are not reflected in the Company’s unaudited condensed financial statements.
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Net Income Per Ordinary Share |
Net Income Per Ordinary Share
Net income per ordinary share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. Remeasurement
associated with the redeemable Class A ordinary shares is excluded from net income per share as the redemption value approximates fair value. Therefore, the income per share calculation allocates income shared pro rata between Class A and Class B
ordinary shares. As a result, the calculated net income per share is the same for Class A and Class B ordinary shares. Class B ordinary shares subject to forfeiture are included in the calculation of basic income per share as of the date that the
forfeiture contingency has lapsed (see Note 5). Class B ordinary shares subject to forfeiture are included in the calculation of diluted income per share as of the beginning of the interim period in which the forfeiture contingency lapsed. The
Company has not considered the effect of the Public Warrants (as defined in Note 3), Private Placement Warrants (as defined in Note 4), and Founder Warrants (as defined in Note 5) to purchase an aggregate of 12,059,166 shares in the calculation of income per share, since the exercise of the warrants is contingent upon the occurrence of future events.
The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):
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Concentration of Credit Risk |
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may
exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management
believes the Company is not exposed to significant risks on such account.
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Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair
value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most
advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the
reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on
the best information available in the circumstances.
The carrying amounts reflected in the condensed balance sheets for current assets and current liabilities approximate fair value due to their short-term nature.
Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such
as quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as
direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists
for the assets or liabilities.
See Note 9 for additional information on assets and liabilities measured at fair value.
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Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the accompanying unaudited condensed financial statements.
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Summary of Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Class A ordinary shares reflected in the condensed balance sheet |
As of June 30, 2023 and December 31, 2022, the Class A ordinary shares subject to
possible redemption reflected in the condensed balance sheets are reconciled in the following table:
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Summary of basic and diluted loss per ordinary share |
The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of information about the Company's financial assets and liabilities that are measured at fair value on a 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 June 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
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Summary of changes in the fair value of the Company's Level 3 financial instruments that are measured at fair value |
The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring
basis:
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Summary of Significant Accounting Policies- Summary Of Class A Ordinary Shares Reflected In The Condensed Balance Sheet (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Plus: Remeasurement of carrying value to redemption value | $ 3,453,154 | $ 3,040,790 | ||
Class A ordinary shares subject to possible redemption | $ 293,076,995 | $ 289,623,841 | $ 293,076,995 | $ 286,583,051 |
IPO [Member] | Common Class A [Member] | ||||
Class A Ordinary Shares Subject to Possible Redemption [Abstract] | ||||
Stock issued during the period shares new issues | 28,250,000 |
Summary of Significant Accounting Policies- Summary Of Basic And Diluted Loss Per Ordinary Share (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||||
Net income | $ 3,943,986 | $ 2,120,863 | $ 3,008,615 | $ 3,218,049 | $ 6,064,849 | $ 6,226,664 |
Denominator: | ||||||
Class of warrants or rights, Securities called by warrants | 12,059,166 | 12,059,166 | ||||
Common Class A [Member] | ||||||
Numerator: | ||||||
Net income | $ 3,174,049 | $ 2,421,279 | $ 4,880,881 | $ 5,011,107 | ||
Denominator: | ||||||
Basic weighted average shares outstanding | 29,115,000 | 29,115,000 | 29,115,000 | 29,115,000 | ||
Diluted weighted average shares outstanding | 29,115,000 | 29,115,000 | 29,115,000 | 29,115,000 | ||
Basic net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 | ||
Diluted net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 | ||
Common Class B [Member] | ||||||
Numerator: | ||||||
Net income | $ 769,937 | $ 587,336 | $ 1,183,968 | $ 1,215,557 | ||
Denominator: | ||||||
Basic weighted average shares outstanding | 7,062,500 | 7,062,500 | 7,062,500 | 7,062,500 | ||
Diluted weighted average shares outstanding | 7,062,500 | 7,062,500 | 7,062,500 | 7,062,500 | ||
Basic net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 | ||
Diluted net income per share | $ 0.11 | $ 0.08 | $ 0.17 | $ 0.17 |
Summary of Significant Accounting Policies- Additional Information (Details) - USD ($) |
11 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Cash | $ 304,513 | $ 726,869 | |
Cash equivalents | 0 | 0 | |
Investments held in trust account | 293,076,995 | 286,583,051 | |
Unrecognized tax benefits | 0 | 0 | |
Accrued for interest and penalties | $ 0 | 0 | |
Class of warrants or rights, Securities called by warrants | 12,059,166 | ||
Cash, FDIC insured amount | $ 250,000 | ||
Transaction costs | $ 16,641,377 | ||
Underwriting fees Paid | 5,650,000 | ||
Deferred underwriting fees noncurrent | 9,887,500 | $ 9,887,500 | $ 9,887,500 |
Other Offering Costs | 967,198 | ||
Offering costs recognised as a reduction of temporary equity | 14,937,225 | ||
Expensed offering costs | 540,944 | ||
Over-Allotment Option [Member] | |||
Offering Cost Initial Public Offering | 136,679 | ||
IPO [Member] | |||
Reimbursement of offering costs | $ 1,169,000 |
Fair Value Measurements - Summary of changes in the fair value of the Company's Level 3 financial instruments that are measured at fair value (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Change in fair value | $ 844,141 | $ 3,203,124 | $ 0 | $ 7,017,383 | |||
Warrant [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair value | $ 290,675 | $ 317,100 | 977,725 | $ 2,061,150 | $ 0 | 2,061,150 | |
Change in fair value | (184,975) | (26,425) | (660,625) | (1,083,425) | |||
Transfer of Warrants | (105,700) | ||||||
Fair value | $ 0 | $ 290,675 | $ 317,100 | $ 977,725 | $ 317,100 |
Fair Value Measurements - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Class of warrant or right, Exercise price of warrant | $ 11.5 | $ 11.5 | |||
Gain (loss) due to change in the fair value of financial liability | $ 844,141 | $ 3,203,124 | $ 0 | $ 7,017,383 | |
Public Warrants [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Class of warrant or right, Exercise price of warrant | $ 0.04 | $ 0.04 | $ 0.04 | ||
Private Placement Warrants [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, fair value | 0.04 | 0.04 | 0.04 | ||
Founder Warrants [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, fair value | $ 0.04 | $ 0.04 | $ 0.04 |
1 Year Alpha Partners Technolog... Chart |
1 Month Alpha Partners Technolog... Chart |
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