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

Share Name	Share Symbol	Market	Type
Bukit Jalil Global Acquisition 1 Ltd	NASDAQ:BUJAU	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	11.05	0.0001	2,147.48				0	00:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2024

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

For the transition period from to

Commission file number: 001-41729

BUKIT JALIL GLOBAL ACQUISITION 1 LTD.

(Exact name of registrant as specified in its charter)

Cayman Islands		N/A
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

31-1 Taman Miharja Phase 3B, Jalan 3/93, 2 ½ Miles, Cheras

Kuala Lumpur, Malaysia 55200

(Address of principal executive offices)

+603-91339688

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, consisting of one Ordinary Share, $0.0001 par value, one-half of one redeemable Warrant to acquire one Ordinary Share, and one Right to acquire one-tenth of one Ordinary Share	BUJAU	The Nasdaq Stock Market LLC
Ordinary Shares, par value $0.0001 per share	BUJA	The Nasdaq Stock Market LLC
Redeemable Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50	BUJAW	The Nasdaq Stock Market LLC
Rights, each whole right to acquire one-tenth of one Ordinary Share	BUJAR	The Nasdaq Stock Market LLC

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

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

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

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

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

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

As of the date hereof, there were 4,941,322 ordinary shares of the Company, par value $0.0001 per share, issued and outstanding.

BUKIT JALIL GLOBAL ACQUISITION 1 LTD.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

TABLE OF CONTENTS

		Page
Part I.	Financial Information	3
Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
Part II	Other Information	27
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
Signatures		29

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

BUKIT JALIL GLOBAL ACQUISITION 1 LTD

BALANCE SHEETS

	June 30, 2024			December 31, 2023
	(Unaudited)			(Audited)
ASSETS
Current assets
Cash	$	54,466		$	295,372
Prepaid expenses		76,834			101,684
Total current asset		131,300			397,056

Investments held in Trust Account		61,455,203			59,884,239
TOTAL ASSETS	$	61,586,503		$	60,281,295

Liabilities and Shareholders' Equity (Deficit)
Current Liabilities
Due to related party	$	30,524		$	38,676
Sponsor Loan		133,000
Other payable and accrued expenses		199,014			118,920
Total Current Liabilities		362,538			157,596

Deferred underwriters' discount		1,150,000			1,150,000
Total Liabilities		1,512,538			1,307,596

Commitments and contingencies

Ordinary shares subject to possible redemption, 5,750,000 shares at redemption value		61,455,203			54,526,904

Shareholders' (Deficit) Equity:
Preference shares, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
Ordinary shares, $0.0001 par value, 490,000,000 shares authorized, 2,011,807 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (excluding 5,750,000 shares subject to possible redemption)		202			202
Additional paid-in capital		-			4,446,593
Accumulated deficit		(1,381,440	)		-
Total Shareholder's (Deficit) Equity		(1,381,238	)		4,446,795

Total Liabilities and Shareholders' (Deficit) Equity	$	61,586,503		$	60,281,295

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

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BUKIT JALIL GLOBAL ACQUISITION 1 LTD

STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended June 30, 2024			For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2024			For the Six Months Ended June 30, 2023

Formation and operating costs	$	238,012		$	4,081		$	470,697		$	4,138
Share-based compensation expense					125,350						125,350
Loss from Operations		(238,012	)		(129,431	)		(470,697	)		(129,488	)

Other income:
Interest income		-			157			-			504
Dividend income on investments held in Trust		789,818			-			1,570,964			-

Net Income (Loss)	$	551,806		$	(129,274	)	$	1,100,267		$	(128,984	)

Basic and diluted weighted ordinary average shares outstanding, subject to possible redemption		5,750,000			63,187			5,750,000			31,768
Basic and diluted net income (loss) per ordinary shares subject to possible redemption	$	0.23		$	(0.09	)	$	0.45		$	(0.09	)
Basic and diluted weighted average ordinary shares outstanding		2,011,807			1,443,811			2,011,807			1,440,673
Basic and diluted net loss per ordinary share attributable to non-redeemable ordinary shares	$	(0.38	)	$	(0.09	)	$	(0.75	)	$	(0.09	)

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

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BUKIT JALIL GLOBAL ACQUISITION 1 LTD

STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY

	For the Three and Six Months Ended June 30, 2024
					Additional						Total
	Ordinary Shares				Paid-in			Accumulated			Shareholder's
	Shares		Amount		Capital			Deficit			Equity (Deficit)
Balance as of December 31, 2023 (Audited)		2,011,807	$	202	$	4,446,593		$	-		$	4,446,795
Accretion of ordinary share subject to redemption value						(2,846,887	)		(548,461	)		(3,395,348	)
Net Income		-		-		-			548,461			548,461
Balance as of March 31, 2024 (Unaudited)		2,011,807		202		1,599,706			-			1,599,908
Accretion of ordinary share subject to redemption value		-		-		(1,599,706	)		(1,933,246	)		(3,532,952	)
Net Income									551,806			551,806
Balance as of June 30, 2024 (Unaudited)		2,011,807	$	202	$	-		$	(1,381,440	)	$	(1,381,238	)

	For the Three and Six Months Ended June 30, 2023
							Additional						Total
	Ordinary Shares						Paid-in			Accumulated			Shareholders'
	Shares			Amount			Capital			Deficit			Equity
Balance as of December 31, 2022 (Audited)		1,437,500		$	144		$	24,856		$	(18,504	)	$	6,496
Net Income		-			-			-			290			290
Balance as of March 31, 2023 (Unaudited)		1,437,500			144			24,856			(18,214	)		6,786
Sale of public units through public offering		5,750,000			575			57,499,425			-			57,500,000
Sale of private placement shares		424,307			43			4,243,027			-			4,243,070
Issuance of representative shares		150,000			15			817,485			-			817,500
Share compensation expense								125,350			-			125,350
Underwriters' discount		-			-			(3,162,500	)		-			(3,162,500	)
Other offering expenses		-			-			(1,540,024	)		-			(1,540,024	)
Reclassification of ordinary shares subject to redemption		(5,750,000	)		(575	)		(52,349,725	)		-			(52,350,300	)
Allocation of offering costs to ordinary shares subject to redemption								4,236,160			-			4,236,160
Net Income		-			-			-			(129,274	)		(129,274	)
Balance as of June 30, 2023 (Unaudited)		2,011,807		$	202		$	9,894,054		$	(147,488	)	$	9,746,768

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

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BUKIT JALIL GLOBAL ACQUISITION 1 LTD
STATEMENTS OF CASH FLOWS
(Unaudited)

	For the Six Months Ended June 30 2024			For the Six Months Ended June 30, 2023

Cash Flows from Operating Activities:
Net Income	$	1,100,267		$	(128,984	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Dividend income on investments held in Trust		(1,570,964	)		-
Share-Based compensation expense					125,350
Changes in operating assets and liabilities:
Other receivable		-			70,278
Prepaid expenses		24,850			(120,000	)
Due to related party payable		(8,152	)		-
Other payable and accrued expenses		80,094			(51,760	)
Net Cash (Used in) Operating Activities		(373,905	)		(105,116	)

Cash Flows from Investing Activities:
Purchase of investments held in Trust Account		-			(58,362,500	)
Proceeds form promissory note - related party		-			-
Payment on promissory note - related party		-			-
Net Cash (Used In) Investing Activities		-			(58,362,500	)

Cash Flows from Financing Activities:
Proceeds from sale of public units through public offerings, net of underwriters’ discount		-			55,487,500
Proceeds from sale of private placement units		-			4,243,070
Proceeds from issuance of promissory note to related party		-			168,135
Repayment of promissory note to related party		-			(433,508	)
Proceeds from Sponsor Loan		133,000			15,438
Payment of offering costs		-			(331,388	)
Net Cash Provided by Financing Activities		133,000			59,149,247

Net Change in Cash		(240,905	)		681,631

Cash, beginning of period		295,372			-
Cash, end of year	$	54,466		$	681,631

Supplemental Disclosure of noncash investing and financing activities:
Deferred offering costs included in accrued expenses	$	-		$	134,285
Deferred offering costs paid by promissory note					7,147
Deferred underwriter's discount	$	-		$	1,150,000
Issuance of representative shares				$	817,500
Allocation of offering costs to ordinary shares subject to redemption	$	-			4,236,160
Accretion of ordinary shares subject to redemption value	$	6,928,300		$	-

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

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Note 1 — Organization and Business Operation

Bukit Jalil Global Acquisition 1 Ltd. (the “Company”) is a blank check company incorporated in the Cayman Islands on September 15, 2022. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”). The Company has selected December 31 as its fiscal year end.

As of June 30, 2024 and December 31, 2023, the Company had not commenced any operations. For the period from September 15, 2022 (inception) through June 30, 2024, the Company’s efforts have been limited to organizational activities as well as activities related to its IPO (as defined below) and searches for targets for a business combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generated non-operating income in the form of interest income from the proceeds derived from the IPO (as defined below).

The registration statement for the Company’s initial public offering (“IPO”) became effective on June 27, 2023. On June 30, 2023, the Company consummated the IPO of 5,750,000 units (including 750,000 units issued upon the full exercise of the over-allotment option, the “Public Units”). Each Public Unit consists of one ordinary share, $0.0001 par value per share, one-half of one redeemable warrant (the “Warrant”), each whole Warrant entitling the holder thereof to purchase one ordinary share at an exercise price of $11.50 per share, and one right (the “Right”), each one Right entitling the holder thereof to exchange for one-tenth of one ordinary share upon the completion of the Company’s initial Business Combination. The Public Units were sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.

Substantially concurrently with the closing of the IPO, the Company completed the private sale of 424,307 units (the “Private Placement Unit”) at a purchase price of $10.00 per Private Placement Units to Bukit Jalil Global Investment Ltd., a Cayman Islands company (the “Sponsor”), generating gross proceeds to the Company of $4,243,070. Each Private Placement Unit consists of one ordinary share, one-half of one warrant, and one right. These Private Placement Units are identical to the Public Units, subject to limited exceptions. However, the holder of the Private Placement Units is entitled to registration rights. In addition, the Private Placement Units and the underlying securities may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until completion of the initial Business Combination.

Following the closing of the IPO and the issuance and the sale of Private Placement Units on June 30, 2023, $58,362,500 ($10.15 per Public Unit) from the net proceeds of the sale of the Public Units in the IPO and the sale of Private Placement Units was placed into a U.S. based trust account (the “Trust Account”) with Continental Stock Transfer & Trust Company, acting as trustee, and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to pay the Company’s tax obligations, the proceeds from the IPO and the sale of the Private Placement Units that are deposited in the Trust Account will not be released from the Trust Account until the earliest to occur of: (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company does not complete the initial Business Combination by June 30, 2024 (or up to December 30, 2024 if the Company extends the period of time to consummate a Business Combination) (the “Combination Period”), provided that the Sponsor or designee must deposit into the Trust Account for each three-month extension $575,000 ($0.10 per Public Units), up to an aggregate of $1,150,000, on or prior to the date of the applicable deadline), or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity and (c) the redemption of the public shares if the Company is unable to complete the Business Combination within the Combination Period, subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the public shareholders.

The Company’s initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding deferred underwriting commissions and interest income earned on the Trust Account that is released for working capital purposes or to pay taxes) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

The ordinary shares subject to possible redemption are being recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. If the Company cannot complete a Business Combination by June 30, 2024 (or up to December 30, 2024 if the Company extends the period of time to consummate a Business Combination), unless the Company extends such period pursuant to its amended and restated memorandum and articles of association, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company for working capital purposes or to pay the taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and board of directors, dissolve and liquidate, subject in each case to the Company’s 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 warrants and rights, which will expire worthless if the Company fails to complete a Business Combination by June 30, 2024 (or up to December 30, 2024 if the Company extends the time needed to complete a Business Combination).

On June 29, 2024, the Company held an extraordinary general meeting (the “Extraordinary Meeting”), where the shareholders of the Company approved the proposal to amend Articles 48.7 and 48.8 of the Company’s Amended and Restated Memorandum and Articles of Association (the “Current MAA”) to provide that the Company must (i) consummate a business combination, or (ii) cease its operations except for the purpose of winding up if it fails to complete such Business Combination and redeem or repurchase 100% of the Company’s public shares included as part of the public units issued in the Company’s initial public offering, by June 30, 2024 (the “Termination Date”), and if the Company does not consummate a business combination by June 30 2024, the Termination Date may be extended up to twelve times, each by a Monthly Extension, for a total of up to twelve months to June 30, 2025, without the need for any further approval of the Company’s shareholders (the “Extension”).

In addition, at the Extraordinary Meeting, the shareholders of the Company also approved the proposal to amend Articles 48.2, 48.4, 48.5, and 48.8 of the Current MAA (such amendment, together with the amendment mentioned in the last paragraph, the “MAA Amendment”) to eliminate the limitation that the Company may not redeem the Company’s public shares in an amount that would cause the Company’s net tangible assets to be less than US$5,000,001 following such redemptions.

In connection with the MMA Amendment, the Company and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”) amended the Investment Management Trust Agreement dated June 27, 2023 (the “Trust Agreement”), to provide that the Trustee must commence liquidation of the Company’s Trust Account by the 12-month anniversary of the closing of the IPO, or, in the event that the Company extended ( on a monthly basis), the time to complete the business combination for up to 24-month from the closing of the IPO (each of such monthly extensions, the “Monthly Extension”) but has not completed the business combination within the applicable monthly anniversary of the closing of the IPO.

In connection with the votes to approve the MAA Amendment Proposal and the NTA Requirement Amendment Proposal, 2,820,485 ordinary shares of the Company were rendered for redemption, and $30,153,549.88 were paid to the redeeming shareholders accordingly in July 2024.

To effectuate each Monthly Extension, on or about July 1, 2024, Bukit Jalil Global Investment Ltd., a Cayman Islands company, the sponsor of the Company (the “Sponsor”) deposited the monthly extension fee in the amount of $100,000 for all remaining public share in the Trust Account (the “July 2024 Extension Payment”) so that the Company has until July 30, 2024 to complete its initial business combination. In connection with the July 2024 Extension Payment, the Company issued the Sponsor an unsecured promissory note of $100,000 (the “July 2024 Extension Note”).

Subsequently, on August 1, 2024, the Sponsor deposited another $100,000 into the Trust Account (the “August 2024 Extension Payment”) resulting the Company having until August 30, 2024 to complete its initial business combination. The Company issued the Sponsor an unsecured promissory note of $100,000 (the “August 2024 Extension Note”, together with the July 2024 Extension Note, the “Extension Notes”).

The Note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company (the “Maturity Date”). The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of the Company’s obligations thereunder; (iv) any cross defaults; (v) an enforcement proceedings against the Company; and (vi) any unlawfulness and invalidity in connection with the performance of the obligations thereunder, in which case the Note may be accelerated.

The payees of the Note, the Sponsor, has the right, but not the obligation, to convert the Note, in whole or in part, respectively, into private units (the “Units”) of the Company, each consisting of one ordinary share, par value $0.0001 per share (the “Ordinary Share”), one-half of one warrant, and one right to receive one-tenth (1/10) of one Ordinary Share upon the consummation of a business combination. The number of Units to be received by the Sponsor in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to the Sponsor by (y) $10.00.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Going Concern Consideration

As of June 30, 2024, the Company had cash of $54,466 and a working capital deficit of $231,238.

The Company’s liquidity needs prior to the consummation of the IPO had been satisfied through a payment from the Sponsor of $25,000 for the Founder Shares and the loan under an unsecured promissory note from the Sponsor of $433,508. Subsequent to the consummation of the IPO, the Company’s liquidity has been satisfied through the net proceeds from the IPO and the Private Placement not held in the Trust Account and Sponsor loan.

The Company’s cash and working capital as of June 30, 2024, are not sufficient to complete its planned activities to consummate a business combination for the upcoming year. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” management believes that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional conditions also raise substantial doubt about the Company’s ability to continue as a going concern. Management expects to obtain additional funds from related parties to provide the additional working capital necessary to carry out its objective to consummate a business combination. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements 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 Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of results to be expected for any other interim period or for the full year. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on April 2, 2024.

Emerging Growth Company Status

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

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

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

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

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $54,466 and $295,372 in cash and did not have any cash equivalents as of June 30, 2024 and December 31 2023, respectively. As of June 30, 2024 $0 was over the Federal Deposit Insurance Corporation (FDIC) limit.

Furthermore, bank failures, non-performance, or other adverse developments that affect financial institutions could impair the ability of one or more of the banks participating in the credit facility from honoring their commitments. Such events could have a material adverse effect on the Company’s financial condition or results of operations.

Investments Held in Trust Account

At June 30, 2024 and December 31, 2023, the assets held in the Trust Account were substantially held in BlackRock Liquidity Treasury Trust Fund, a money market mutual funds. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. Income earned on these investments will be fully reinvested into the investments held in the Trust Account and therefore considered as an adjustment to reconcile net income (loss) to net cash used in operating activities in the statements of cash flows. Such income reinvested will be used to redeem all or a portion of the ordinary shares upon the completion of Business Combination. For the three months ended June 30, 2024 and 2023, there were $789,818 and $0 of dividend income recognized, respectively. For the six months ended June 30, 2024 and 2023, there were $1,570,964 and $0 of dividend income recognized, respectively.

As of June 30, 2024 and December 31, 2023, the assets held in the Trust Account was $61,455,203 and $59,884,239, respectively.

Warrants

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

For issued or modified warrants that meet all the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. As the Company’s warrants meet all the criteria for equity classification, so the Company will classify each warrant as its own equity.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Ordinary Shares Subject to Possible Redemption

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s public shares feature certain redemption rights that are outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the Shareholders’ equity section of the Company’s balance sheet.

The Company has made a policy election in accordance with ASC 480-10-S99-3A and to accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument, and recognizes changes in redemption value in additional paid-in capital (or accumulated deficit in the absence of additional paid-in capital) over an expected 12-month period leading up to a Business Combination. As of June 30, 2024, the Company recognized accumulated accretion of ordinary shares subject to redemption value of $10,248,360 with unrecognized accretion of $0 based on $58,362,500 ($10.15 per Public Unit) deposited into the Trust Account upon IPO closing. In addition, the Company recognized $1,570,964 of dividend income earned from the Trust Account as the additional accretion for the six months ended June 30, 2024.

Offering Costs

The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Offering costs were $4,777,524 consisting principally of underwriting, legal, accounting and other expenses that are directly related to the IPO and charged to shareholders’ equity upon the completion of the IPO.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

ASC Topic 820 “Fair Value Measurements and Disclosures” defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair value. ASC Topic 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer and seller would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

·	Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

·	Level 2 - Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

·	Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

At June 30, 2024 and December 31, 2023, the assets held in the Trust Account were substantially held in a money market mutual funds. All of the Company’s investments held in the Trust Account are classified as trading securities.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

	June 30, 2024				December 31, 2022
	Level		Investment		Level		Investment

Assets:
Investments held in Trust Account		1		61,455,203		1		59,884,239
Total			$	61,455,203			$	59,884,239

Income Taxes

The Company accounts for income taxes under ASC740 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 financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company has identified Cayman Islands as its only “major” tax jurisdiction, as defined. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on September 15, 2022, the evaluation was performed for 2023 and 2022 tax years which will be the only period subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income tax expense.

The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws.

The Company’s tax provision was deemed to be de minimis for the period presented. The Company is considered to be 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.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Net Income (Loss) per Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the shares subject to possible redemption was considered to be dividends paid to the public stockholders. For the six months ended June 30, 2024, the Company has not considered the effect of the Warrants sold in the IPO to purchase an aggregate of 5,750,000 shares in the calculation of diluted net income (loss) per share, since the exercise of the Warrants is contingent upon the occurrence of future events and the inclusion of such Warrants would be anti-dilutive in period which the Company incurred net loss and the Company did not have any other dilutive securities and other contracts that could, potentially, be exercised or converted into shares and then share in the earnings of the Company. For the six months ended June 30, 2024 and 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic (income) loss per share for the period presented.

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

	For the Three Months			For the Three Months			For the Six Months			For the Six Months
	Ended			Ended			Ended			Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income (loss)	$	551,806		$	(129,274	)	$	1,100,267		$	(128,984	)
Accretion of carrying value to redemption value		(3,532,952	)		-			(6,928,300	)		-
Net loss including accretion of carrying value of Redemption value	$	(2,981,146	)	$	(129,274	)	$	(5,828,033	)	$	(128,984	)

	For the Three Months Ended						For the Three Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(2,208,454	)	$	(772,692	)	$	(5,420	)	$	(123,854	)
Accretion of carrying value to redemption value		3,532,953			-			-			-
Allocation of net income/(loss)	$	1,324,499		$	(772,692	)	$	(5,420	)	$	(123,854	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			63,187			1,443,811
Basic and diluted net income/ (loss) per share	$	0.23		$	(0.38	)	$	(0.09	)	$	(0.09	)

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

	For the Six Months Ended						For the Six Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(4,317,447	)	$	(1,510,586	)	$	(2,783	)	$	(126,201	)
Accretion of carrying value to redemption value		6,928,300			-			-			-
Allocation of net income/(loss)	$	2,610,853		$	(1,510,586	)	$	(2,783	)	$	(126,201	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			31,768			1,440,673
Basic and diluted net income/ (loss) per share	$	0.45		$	(0.75	)	$	(0.09	)	$	(0.09	)

Recent Accounting Pronouncements

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

Note 3 — Initial Public Offering

On June 30, 2023, the Company consummated the IPO of 5,750,000 Public Units, (including 750,000 Public Units issued upon the full exercise of the over-allotment option). Each Public Unit consists of one ordinary share, one-half of one redeemable Warrant, and one Right to receive one-tenth of one ordinary share. Each whole redeemable Warrant entitles the holder thereof to purchase one ordinary share at an exercise price of $11.50 per share. Each Right entitles the holder thereof to receive one-tenth of one ordinary share upon the consummation of the Business Combination. The Public Units were sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.

All of the 5,750,000 public shares sold as part of the Public Units in the IPO contain a redemption feature which allows for the redemption of such public shares if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association, or in connection with the Company’s liquidation. In accordance with the Securities and Exchange Commission (the “SEC”) and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity.

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

As of June 30, 2024 and December 31, 2023, the amount of ordinary shares reflected on the balance sheet are reconciled in the following table.

	As of June 30, 2024
Gross proceeds	$	57,500,000
Less:
Proceeds allocated to public rights and warrants		(5,149,700	)
Allocation of offering costs of public shares		(4,236,160	)
Plus:
Accretion of carrying value to redemption value		6,412,764
Ordinary shares subject to possible redemption, December 31, 2023	$	54,526,904
Plus:
Subsequent accretion of carrying value to redemption value		6,928,300
Ordinary shares subject to possible redemption, June 30, 2024	$	61,455,203

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Note 4 — Private Placement

Substantially concurrently with the closing of the IPO, the Company completed the private sale of 424,307 Private Placement Units at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds of $4,243,070. Each Private Placement Unit consists of one ordinary share, one-half of one whole warrant with each whole warrant to obtain one ordinary share and one right to receive one-tenth of one ordinary share. The Private Placement Units are identical to the Public Units sold in the IPO. However, the holder of the Private Placement Units will be entitled to registration rights. In addition, the Private Placement Units and the underlying securities may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until after the completion of the initial Business Combination.

Note 5 — Related Party Transactions

Insider Shares

On September 15, 2022, the Company issued 500,000,000 ordinary shares of a par value of $0.0001 each to the Sponsor. On November 16, 2022, the Sponsor acquired 1,437,500 insider shares for a purchase price of $25,000 and surrendered 500,000,000 ordinary shares. On June 30, 2023, the underwriters exercised the over-allotment option in full, so there are no insider shares subject to forfeiture.

Simultaneously with the effectiveness of the registration statement and prior to the closing of the IPO (including the full exercise of over-allotment option), the Sponsor transferred to the Company’s directors an aggregate of 23,000 insider shares , among which, 8,000 insider shares were transferred to Seck Chyn “Neil” Foo, and 5,000 insider shares were transferred to each of Bee Lian Ooi, Phui Lam Lee, and Suwardi Bin Hamzah Syakir, pursuant to a certain securities transfer agreement (the “Securities Transfer Agreement”) dated April 12, 2023.

The transfer of the insider shares to the Company’s directors, as described above, is within the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, share-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 23,000 shares transferred to the Company’s directors was approximately $125,350 or $5.45 per share which was charged to statements of operations as a share-based compensation expense assuming the completion of business combination would be possibly occurred.

The Company used the following assumptions to estimate the fair value of the shares using Level 3 fair value measurements inputs at the measurement date:

Time to expiration	2.0
Risk-free rate	4.9	%
Volatility	5.0	%
Dividend yield	0.0	%
Expected likelihood of a successful business combination	60	%

Due to Related Party

On June 27, 2023, in connection with the IPO, the Company entered into an administrative service agreement with the Sponsor (the “Administrative Service Agreement”). Pursuant to the Administrative Service Agreement, the Company shall pay the Sponsor $10,000 per month (the “Administrative Service Fee”) from June 27, 2023, the date of the Company’s final prospectus for the IPO till the earlier of the consummation of an initial business combination or the Company’s liquidation. The Administrative Service Agreement provides that any unpaid amount of the Administrative Service Fee will accrue without interest and be due and payable no later than the date of the consummation of the Company’s initial business combination. On October 14, 2023, upon the approval of the Board of Directors and Audit Committee of the Company, the Company and the Sponsor agreed to waive full payment of the Administrative Service Fee from the start date up to 12 months. The total of $120,000 has been waived including the accrued liabilities of $35,000 as of October 14, 2023 and the remaining commitment balance $85,000. As of June 30, 2024 and December 31, 2023, there was no balance payable in relations to the Administrative Service Agreement to the Sponsor.

As of June 30, 2024 and December 31, 2023, the total amount due to related party were $30,524 and $38,676, respectively.

Sponsor Loan

On May 6, 2024, the Company entered into a loan agreement with the Sponsor (the “Advance Agreement”). Pursuant to the Advance agreement, the Sponsor agreed to make an advance up to RM1,000,000 (approximately US$250,000). The loan is free of any interest and will be repaid upon demand.

As of June 30, 2024 and December 31, 2023, the Company had $133,000 and $0, respectively, under the Sponsor loan.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Working Capital Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required. Any such loans would be on an interest-free basis and would be repaid only from funds held outside the Trust Account or from funds released to the Company upon completion of the Company’s initial Business Combination. Up to $3,000,000 of such loans may be convertible into units at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to the Sponsor. The Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company’s Trust Account, but if the Company does, it will request such lender to provide a waiver against any and all rights to seek access to funds in the Trust Account.

As of June 30, 2024 and December 31, 2023, the Company had no borrowings under the working capital loans.

Note 6 — Commitments & Contingencies

Registration Rights

The holders of the insider shares and Private Placement Units (and any securities underlying the private units) are entitled to registration rights pursuant to a registration rights agreement dated June 27, 2023 requiring the Company to register such securities for resale. The holders of these securities will be entitled to make up to two demands, excluding short form registration demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (1) in the case of the insider shares, (i) with respect to 50% of the insider shares, until the earlier to occur of six months after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (2) with respect to the remaining 50% of the insider shares, six months after the date of the consummation of the Company’s initial Business Combination, or earlier, in either case, if, subsequent to the Company’s initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which results in all of its shareholders having the right to exchange their shares for cash, securities or other property, and (2) in the case of the Private Placement Units and the securities underlying such units, until the completion of the Company’s initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriters Agreement

The Company made an underwriting discount of 3.5% of the gross proceeds of the IPO, or $2,012,500 to the underwriters at the closing of the IPO.

The Company will pay the underwriters a cash fee (the “Deferred Underwriting Fee”) of 2.0% of the gross proceeds of the IPO, or $1,150,000 upon the consummation of the Company’s initial Business Combination. As of June 30, 2024 and December 31, 2023, the deferred underwriters’ discount was $1,150,000 as a long-term liability on the balance sheets.

Representative Shares

The Company issued to the representative and/or its designees, 150,000 Representative Shares upon the consummation of the IPO. The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales of the IPO pursuant to FINRA Rule 5110(e)(1). The fair value of the 150,000 Representative Shares was approximately $817,500 or $5.45 per share which was charged to shareholders' equity upon the completion of the IPO.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

The Company used the following assumptions to estimate the fair value of the representative shares using Level 3 fair value measurements inputs at the measurement date:

Time to expiration	1.50
Risk-free rate	5.2	%
Volatility	5.0	%
Dividend yield	0.0	%
Expected likelihood of a successful business combination	60	%

Note 7 — Shareholders’ Equity

The Company is authorized to issue 500,000,000 shares, including 490,000,000 ordinary shares, par value $0.0001 per share, and 10,000,000 preferred shares, par value US$0.0001 per share.

On September 15, 2022, in connection with the incorporation of the Company, the Company issued 500,000,000 ordinary shares of a par value of $0.0001 each to the Sponsor. On November 16, 2022, the Sponsor acquired 1,437,500 shares at a price of approximately $0.02 per share for an aggregate of $25,000 and surrendered 500,000,000 ordinary shares. Those shares issuance and cancelation were considered as a recapitalization, which were recorded and presented retroactively. As a result of the underwriters’ election to fully exercise their over-allotment option on June 30, 2023, no ordinary shares are currently subject to forfeiture.

As of June 30, 2024 and December 31, 2023, there were 2,011,807 ordinary shares issued or outstanding, excluding 5,750,000 shares subject to possible redemption Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of ordinary shares will vote on all matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act (as the same may be supplemented or amended from time to time) of the Cayman Islands or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by the Company’s shareholders. The Company’s board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. The shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

Warrants — Each whole public warrant entitles the registered holder to purchase one whole ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of an initial Business Combination and one year from the date that the registration statement is declared effective. Pursuant to the warrant agreement, a public warrant holder may exercise its warrants only for a whole number of ordinary share. This means that only a whole warrant may be exercised at any given time by a public warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The public warrants will expire five years after the completion of the Company’s initial Business Combination, or earlier upon redemption or liquidation.

As of June 30, 2024 and December 31, 2023, 2,875,000 public warrants were outstanding. Substantially concurrently with the closing of the IPO, the Company issued 212,153 private warrants to the Sponsor included in the Private Placement Units. As of June 30, 2024 and December 31, 2023, there were 212,153 private warrants issued and outstanding. The Company will account for warrants as equity instruments in accordance with ASC 815, Derivatives and Hedging, based on the specific terms of the warrant agreement.

The Company has agreed that as soon as practicable after the closing of the initial Business Combination, the Company will use its best efforts to file, and within 60 business days following the closing of the initial Business Combination to have declared effective, a registration statement for the registration, under the Securities Act, of the ordinary shares issuable upon exercise of the warrants, and , and to maintain the effectiveness of such registration statement and a current prospectus relating to those ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Company’s 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 the Company’s option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, and the Company will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

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Bukit Jalil Global Acquisition 1 Ltd.

Notes To Condensed Financial Statements

(Unaudited)

Once the warrants become exercisable (for both Public and Private Warrant), the Company may redeem the outstanding warrants:

	●	in whole and not in part;

	●	at a price of $0.01 per warrant;

	●	upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

	●	if, and only if, the closing price of the ordinary shares equals or exceeds $16.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ Warrants-Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders)

	●	if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

Note 8 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that these financial statements were issued. Based on this review, management identified the following subsequent events that are required disclosure in the financial statements:

Shares redemptions

Monthly Extension Deposit and Notes

On July 1, 2024, the Sponsor deposited the monthly extension fee in the amount of $100,000 into the Trust Account (the “July 2024 Extension Payment”) so that the Company has until July 30, 2024 to complete its initial business combination. In connection with the July 2024 Extension Payment, the Company issued the Sponsor an unsecured promissory note of $100,000 (the “July 2024 Extension Note”).

On August 1, 2024, the Sponsor deposited another $100,000 into the Trust Account (the “August 2024 Extension Payment”) resulting the Company having until August 30, 2024 to complete its initial business combination. The Company issued the Sponsor an unsecured promissory note of $100,000 (the “August 2024 Extension Note”, together with the July 2024 Extension Note, the “Extension Notes”).

Entry into a Business Combination Agreement with Global IBO Group Ltd.

On August 5, 2024, the Company entered into a business combination agreement (the “Business Combination Agreement”) with GIBO Holdings Limited, a Cayman Islands exempted company (“PubCo”), GIBO Merger Sub 1 Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo (“Merger Sub I”), GIBO Merger Sub 2 Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo (“Merger Sub II”), and Global IBO Group Ltd., a Cayman Islands exempted company limited by shares (“GIBO”).

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

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to the “Company”, “us”, “our”, or “we” refer to Bukit Jalil Global Acquisition 1 Ltd. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and related notes herein.

Overview

We are a blank check company formed under the laws of Cayman Island on September 15, 2022, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses. We intend to effectuate our business combination using cash derived from the proceeds of the initial public offering (the “IPO”), our securities, debt or a combination of cash, securities and debt, in effecting a business combination. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic location.

We presently have no revenue, have had losses since inception from incurring formation and operating costs and have had no operations other than identifying and evaluating suitable acquisition transaction candidates. We have relied upon the working capital available to us following the consummation of the IPO and the Private Placement (as defined below) to fund our operations, as well as the funds loaned by the Sponsor (as defined below), our officers, directors or their affiliates. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.

On June 30, 2023, we consummated the IPO of 5,750,000 units (including 750,000 units issued upon the full exercise of the over-allotment option, the “Public Units”). Each Public Unit consists of one ordinary share, $0.0001 par value per share (the “Ordinary Shares”), one-half of one redeemable warrant (the “Warrant”), each whole Warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per share, and one right (the “Right”), each one Right entitling the holder thereof to exchange for one-tenth of one Ordinary Share upon the completion of our initial business combination. The Public Units were sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.

On June 30, 2023, substantially concurrently with the closing of the IPO, we completed the private sale (the “Private Placement”) of 424,307 units (the “Private Units”) to the Company’s sponsor, Bukit Jalil Global Investment Ltd. (the “Sponsor”), at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $4,243,070.

The proceeds of $58,362,500 ($10.15 per Public Unit) in the aggregate from the IPO and the Private Placement, were placed in a trust account (the “Trust Account”) established for the benefit of the Company’s public shareholders and the underwriters of the IPO with Continental Stock Transfer & Trust Company acting as trustee.

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Recent Development

Extension, Amendments to Articles of Incorporation or Bylaws and Trust Agreement Amendment.

On June 29, 2024, the Company held an extraordinary general meeting (the “Extraordinary Meeting”), where the shareholders of the Company approved (1) the proposal to amend Articles 48.7 and 48.8 of the Company’s Amended and Restated Memorandum and Articles of Association (the “Current MAA”) to provide that the Company must (i) consummate a business combination, or (ii) cease its operations except for the purpose of winding up if it fails to complete such Business Combination and redeem or repurchase 100% of the Company’s public shares included as part of the public units issued in the Company’s initial public offering, by June 30, 2024 (the “Termination Date”), and if the Company does not consummate a business combination by June 30 2024, the Termination Date may be extended up to twelve times, each by a Monthly Extension, for a total of up to twelve months to June 30, 2025, without the need for any further approval of the Company’s shareholders (the “Extension”).

Monthly Extension Deposit and Notes

Pursuant to the Extension Notes, the Sponsor, has the right, but not the obligation, to convert the Notes, in whole or in part, respectively, into private units of the Company, each consisting of one ordinary share, par value $0.0001 per share, one-half of one warrant, and one right to receive one-tenth (1/10) of one ordinary share upon the consummation of a business combination, as described in the prospectus of the Company (File No: 333- 272605), by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the business combination. The number of units to be received by the Sponsor in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to the Sponsor by (y) $10.00.

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Entry into a Business Combination Agreement with Global IBO Group Ltd.

With an aim to revolutionize content creation and consumption through artificial intelligence ("AI"), GIBO, powered by its innovative platform GIBO.ai, enables content creators to automate tasks, create personalized audio and graphics, obtain data-driven insights into the content they created, and explore new ideas through collaboration. GIBO.ai is not only equipped with cutting-edge generative AI-powered technology, but also emphasizes the establishment of a sustainable ecosystem that can empower animation creators on the content creation process and provide distribution channels for their works to be accessed and monetized by viewers on its platform.

Pursuant to the Business Combination Agreement, among other things, (i) Merger Sub I will merge with and into GIBO, with GIBO as the surviving entity and a wholly-owned subsidiary of PubCo (the “First Merger”), and (ii) following the First Merger, Merger Sub II will merge with and into the Company, with the Company as the surviving entity and a wholly-owned subsidiary of PubCo (the “Second Merger,” and together with the First Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). Upon the consummation of the Business Combination, each of the Company and GIBO would become a subsidiary of PubCo, and the Company’s shareholders and GIBO’s shareholders (except certain shareholders of GIBO (such shareholders, the “Founders”)) would receive Class A ordinary shares, par value $0.000001 per share, of PubCo (“PubCo Class A Ordinary Shares”) and the Founders would receive Class B ordinary shares, par value $0.000001 per share, of PubCo (“PubCo Class B Ordinary Shares” and together with PubCo Class A Ordinary Shares, “PubCo Ordinary Shares” ) as consideration and become the shareholders of PubCo. Each PubCo Class A Ordinary Share has one vote per share while each PubCo Class B Ordinary Share has one twenty (20) votes per share. Each PubCo Class B Ordinary Share is convertible into one (1) PubCo Class A Ordinary Share at any time at the option of the holder thereof and PubCo Class A Ordinary Shares are not convertible into PubCo Class B Ordinary Shares under any circumstances. The closing date of each of the First Merger and the Second Merger is hereinafter referred to as First Closing Date and the Second Closing Date respectively. The Company and GIBO expect PubCo Class A Ordinary Shares be listed and traded on the Nasdaq Stock Market LLC following the consummation of the Business Combination. The merger consideration for the Business Combination is $8.28 billion.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our activities since the IPO have involved mainly searching for a suitable target for our initial business combination and to facilitate the consummation of the business combination with GIBO. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. After the IPO, we incur increased expenses as a result of being a public company (for legal, financial reporting, accounting, and auditing compliance), as well as for expenses associated with the search for target opportunities.

For the three months ended June 30, 2024, we had a net income of $551,806 which consisted of interest and dividend income of $789,818 on investments held in Trust Account which was offset by operating cost of $238,012.

For the three months ended June 30, 2023, we had a net loss of $129,274 which mainly consisted of formation and operating costs.

For the six months ended June 30, 2024, we had a net income of $1,100,267 which consisted of interest and dividend income of $1,570,964 on investments held in Trust Account which was offset by operating cost of $470,697.

For the six months ended June 30, 2023, we had a net loss of $128,984 which mainly consisted of formation and operating costs.

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Liquidity and Capital Resources

For the six months ended June 30, 2024 and 2023, cash used in operating activities was $240,905 and $105,116, respectively. As of June 30, 2024 and 2023, we had cash of $54,466 and $681,631, respectively, available for working capital needs. All remaining cash is held in the Trust Account and is generally unavailable for our use, prior to an initial business combination, and is restricted for use either in a business combination or to redeem the ordinary shares. As of June 30, 2024, none of the amount on deposit in the Trust Account was available to be withdrawn as described above.

We intend to use substantially all of the net proceeds of the IPO, including the funds held in the Trust Account, to acquire a target business or businesses and to pay our expenses relating thereto, including deferred underwriting commissions of $1,150,000 payable to A.G.P. / Alliance Global Partners (“A.G.P.”), the representative of the underwriters of the IPO. To the extent that our share capital is used in whole or in part as consideration to effect our initial business combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our initial business combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

Over the next 12 months (assuming a business combination is not consummated prior thereto), we will be using the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination.

If our estimates of the costs of undertaking in-depth due diligence and negotiating our initial business combination is less than the actual amount necessary to do so, or the amount of interest available to us from the Trust Account is less than we expect as a result of the current interest rate environment, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial business combination. Following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

As of June 30, 2024, we had cash of $54,466 and working capital deficit of $231,238. The Company’s cash and working capital as of June 30, 2024, are not sufficient to complete its planned activities to consummate a business combination for the upcoming year. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” management believes that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional conditions also raise substantial doubt about the Company’s ability to continue as a going concern. Management expects to obtain additional funds from related parties to provide the additional working capital necessary to carry out its objective to consummate a business combination. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities that would be considered off-balance sheet arrangements as of June 30, 2024. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

As of June 30, 2024, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

We are obligated to pay the underwriters a deferred underwriting fees equal to 2.0% of the gross proceeds of the IPO. Upon completion of the business combination, $1,150,000 will be paid to the underwriters from the funds held in the Trust Account.

The founder shares, the Ordinary Shares included in the Private Units, and any Ordinary Shares that may be issued upon conversion of working capital loans (and any underlying securities) will be entitled to registration rights pursuant to a registration rights agreement entered into in connection with the IPO. The holders of these securities are entitled to make up to two demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

Critical Accounting Policies and Estimates

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

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results may differ from these estimates. We have identified the following critical accounting policies and estimates:

Investments Held in Trust Account

As of June 30, 2024, the assets held in the Trust Account were in the amount of $61,455,203.

Warrants

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

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. We determined that upon further review of the warrant agreements, we concluded that our warrants qualify for equity accounting treatment.

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Offering Costs

Offering costs consisting principally of underwriting, legal and other expenses that are directly related to the IPO and charged to shareholders’ deficit upon the completion of the IPO. We comply with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”.

Share-Based Compensation Expense

We account for share-based compensation expense in accordance with ASC 718, “Compensation - Stock Compensation” (“ASC 718”). Under ASC 718, share-based compensation associated with equity-classified awards is measured at fair value upon the grant date and recognized over the requisite service period. To the extent a share-based award is subject to a performance condition, the amount of expense recorded in a given period, if any, reflects an assessment of the probability of achieving such performance condition, with compensation recognized once the event is deemed probable to occur. Forfeitures are recognized as incurred.

Ordinary Shares Subject to Possible Redemption

We account for our Ordinary Shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders’ equity. Our public shares of Ordinary Shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, Ordinary Shares included in the Public Units subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of our balance sheet. We recognize 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 or accumulated deficit.

Net Income (Loss) Per Ordinary Share

Fair Value of Financial Instruments

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The fair value hierarchy is categorized into three levels based on the inputs as follows:

	●	Level 1 —based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

	●	Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

	●	Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Income Taxes

We account for income taxes under ASC740 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 financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. We have identified Cayman Islands as its only “major” tax jurisdiction, as defined. Based on our evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in our financial statements. Since we were incorporated on September 15, 2022, the evaluation was performed for the 2023 and 2022 tax years which will be the only period subject to examination. We believe that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. Our policy for recording interest and penalties associated with audits is to record such items as a component of income tax expense.

We may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws.

Our tax provision was deemed to be de minimis for the period presented. We are considered to be 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.

Recent Accounting Pronouncements

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

As of June 30, 2024, we were not subject to any market or interest rate risk. Following the consummation of our IPO, the net proceeds of our IPO, including amounts in the Trust Account, have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds that invest solely in U.S. treasuries. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

Item 4. Controls and Procedures

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

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the quarter ended June 30, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer who also serves as our principal financial and accounting officer has concluded that during the period covered by this report, our disclosure controls and procedures were effective.

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

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently a party to any material litigation or other legal proceedings brought against us. We are also not aware of any legal proceeding, investigation or claim, or other legal exposure that has a more than remote possibility of having a material adverse effect on our business, financial condition or results of operations.

Item 1A. Risk Factors

Not applicable to a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

On September 15, 2022, we issued 500,000,000 Ordinary Shares of a par value of $0.0001 each to the Sponsor. On November 16, 2022, (1) we issued 1,437,500 Ordinary Shares to the Sponsor for a purchase price of $25,000, or approximately $0.0174 per share (the “Founder Shares”), and (2) the Sponsor surrendered 500,000,000 Ordinary Shares, concurrently, the Sponsor surrendered 500,000,000 Ordinary Shares without any additional consideration. On April 12, 2023, the Sponsor entered into a securities transfer agreement, pursuant to which our sponsor transferred to our officer and directors an aggregate of 23,000 Founder Shares prior to the closing of the IPO, among which, 8,000 Founder Shares were transferred to Seck Chyn “Neil” Foo, and 5,000 Founder Shares were transferred to each of Bee Lian Ooi, Phui Lam Lee, and Suwardi Bin Hamzah Syakir. The issuance of such Founder Shares to the Sponsor was made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act.

On June 30, 2023, we consummated the IPO of 5,750,000 Public Units at a price of $10.00 per Public Unit, generating gross proceeds of $57,500,000. A.G.P. acted as the representatives of the underwriters of the IPO. The securities sold in the IPO were sold pursuant to a registration statement on Form S-1 (File No.: 333-272605). The registration statement became effective on June 27, 2023.

Substantially concurrently with the closing of the IPO, we completed the Private Placement of 424,307 Private Units to the Sponsor, at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $4,243,070. The Private Units are identical to the Public Units sold in the IPO, except that the Sponsor agreed not to transfer, assign or sell any of the Private Units and the underlying securities (except to certain permitted transferees) until the completion of the Company’s initial business combination. The issuance of the Private Units was made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act.

Substantially concurrently with the closing of the IPO, we also issued 150,000 Ordinary Shares (the “Representative Shares”) to A.G.P. and/or its designees as part of representative compensation. A.G.P. has agreed, and will cause any transferee of the Representative Shares to agree, (i) to waive its redemption rights with respect to such shares in connection with the completion of our initial business combination or a shareholder vote to approve an amendment to the provisions of the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial business combination or to redeem 100% of the Company’s public shares if the Company does not complete its initial business combination within 12 months from the Closing (or up to 18 months if the period of time to consummate a business combination is extended) or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if we fail to complete our initial business combination within the Combination Period. The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales of the IPO pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the date of the commencement of sales of the IPO, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the date of the commencement of sales of the IPO except to any underwriter and selected dealer participating in the IPO and their officers, partners, registered persons or affiliates. The issuance of the Representative Shares was made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act.

From January 1, 2024 to the date hereof, the Company issued a total of two (2) Extension Notes to the Sponsor in the total principal amount of $200,000. The proceeds of the Extension Notes were deposited into the Company’s Trust Account for the public shareholders, which enables the Company to extend the period of time it has to consummate its initial business combination up to August 30, 2024.

The information of the Notes contained under Item 2 of Part I above is incorporated herein by reference in response to this item. The issuance of the Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits.

Exhibit No.			Description
2.1			Business Combination Agreement dated August 5, 2024 (incorporated herein by reference to Exhibit 2.1 to Form 8-K as filed with the Securities and Exchange Commission on August 9, 2024).
3.1			Amendment to the Amended and Restated Memorandum and Articles of Associate (incorporated herein by reference to Exhibit 3.1 to Form 8-K as filed with the Securities and Exchange Commission on July 1, 2024).
10.1			Amendment to the Investment Management Trust Agreement dated July 1, 2024, between the Company and Continental Stock Transfer & Trust Company (incorporated herein by reference to Exhibit 10.1 to Form 8-K as filed with the Securities and Exchange Commission on July 1, 2024).
10.2			Promissory Note, dated July 1, 2024, issued by the Company to Bukit Jalil Global Investment Ltd. (incorporated herein by reference to Exhibit 10.2 to Form 8-K as filed with the Securities and Exchange Commission on July 1, 2024).
10.3			Promissory Note, dated August 1, 2024, issued by the Company to Bukit Jalil Global Investment Ltd. (incorporated herein by reference to Exhibit 10.1 to Form 8-K as filed with the Securities and Exchange Commission on August 1, 2024).
10.4			Form of Company Shareholder Support Agreement (incorporated herein by reference to Exhibit 10.1 to Form 8-K as filed with the Securities and Exchange Commission on August 9, 2024).
10.5			Sponsor Support Agreement dated August 5, 2024 (incorporated herein by reference to Exhibit 10.2 to Form 8-K as filed with the Securities and Exchange Commission on August 9, 2024).
10.6			Form of Registration Rights Agreement (incorporated herein by reference to Exhibit 10.3 to Form 8-K as filed with the Securities and Exchange Commission on August 9, 2024).
10.7			Form of Assignment, Assumption and Amendment Agreement (incorporated herein by reference to Exhibit 10.4 to Form 8-K as filed with the Securities and Exchange Commission on August 9, 2024).
31.1			Certification of Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			Inline XBRL Instance Document
101.SCH			Inline XBRL Taxonomy Extension Schema Document.
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Table of Contents

SIGNATURES

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

	BUKIT JALIL GLOBAL ACQUISITION 1 LTD.

Date: August 15, 2024	By:	/s/ Seck Chyn Foo
		Seck Chyn Foo
		Chief Executive Officer, Chief Financial Officer, Chairman and Secretary (Principal Executive Officer, Principal Financial Officer and Accounting Officer)

nullnull

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 15, 2024
Document Information Line Items
Entity Registrant Name	BUKIT JALIL GLOBAL ACQUISITION 1 LTD.
Entity Central Index Key	0001956055
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		4,941,322
Entity File Number	001-41729
Entity Incorporation State Country Code	E9
Entity Address Address Line 1	31-1 Taman Miharja Phase 3B
Entity Address Address Line 2	Jalan 3/93
Entity Address Address Line 3	2 ½ Miles, Cheras
Entity Address City Or Town	Kuala Lumpur
Entity Address Postal Zip Code	55200
City Area Code	603
Local Phone Number	91339688
Document Quarterly Report	true
Document Transition Report	false
Entity Address Country	MY
Entity Interactive Data Current	Yes
Units Consisting Of One Ordinary Share Member
Document Information Line Items
Security 12b Title	Units, consisting of one Ordinary Share, $0.0001 par value
Trading Symbol	BUJAU
Security Exchange Name	NASDAQ
Ordinary Shares [Member]
Document Information Line Items
Security 12b Title	Ordinary Shares, par value $0.0001 per share
Trading Symbol	BUJA
Security Exchange Name	NASDAQ
Redeemable Warrant Member
Document Information Line Items
Security 12b Title	Redeemable Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50
Trading Symbol	BUJAW
Security Exchange Name	NASDAQ
Right Member
Document Information Line Items
Security 12b Title	Rights, each whole right to acquire one-tenth of one Ordinary Share
Trading Symbol	BUJAR
Security Exchange Name	NASDAQ

BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 54,466	$ 295,372
Prepaid expenses	76,834	101,684
Total current asset	131,300	397,056
Investments held in Trust Account	61,455,203	59,884,239
TOTAL ASSETS	61,586,503	60,281,295
Current Liabilities
Due to related party	30,524	38,676
Sponsor Loan	133,000
Other payable and accrued expenses	199,014	118,920
Total Current Liabilities	362,538	157,596
Deferred underwriters' discount	1,150,000	1,150,000
Total Liabilities	1,512,538	1,307,596
Commitments and contingencies
Ordinary shares subject to possible redemption, 5,750,000 shares at redemption value	61,455,203	54,526,904
Shareholders' (Deficit) Equity:
Preference shares, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Ordinary shares, $0.0001 par value, 490,000,000 shares authorized, 2,011,807 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (excluding 5,750,000 shares subject to possible redemption)	202	202
Additional paid-in capital	0	4,446,593
Accumulated deficit	(1,381,440)	0
Total Shareholder's (Deficit) Equity	(1,381,238)	4,446,795
Total Liabilities and Shareholders' (Deficit) Equity	$ 61,586,503	$ 60,281,295

BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
BALANCE SHEETS
Ordinary shares subject to possible redemption shares	5,750,000	5,750,000
Preference shares, par value	$ 0.0001	$ 0.0001
Preference shares, shares authorized	10,000,000	10,000,000
Preference shares, issued	0	0
Preference shares, outstanding	0	0
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	490,000,000	490,000,000
Ordinary shares, issued	2,011,807	2,011,807
Ordinary shares, outstanding	2,011,807	2,011,807

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
STATEMENTS OF OPERATIONS (Unaudited)
Formation and operating costs	$ 238,012	$ 4,081	$ 470,697	$ 4,138
Share-based compensation expense		125,350		125,350
Loss from Operations	(238,012)	(129,431)	(470,697)	(129,488)
Other income:
Interest income	0	157	0	504
Dividend income on investments held in Trust	789,818	0	1,570,964	0
Net Income (Loss)	$ 551,806	$ (129,274)	$ 1,100,267	$ (128,984)
Basic and diluted weighted ordinary average shares outstanding, subject to possible redemption	5,750,000	63,187	5,750,000	31,768
Basic and diluted net income (loss) per ordinary shares subject to possible redemption	$ 0.23	$ (0.09)	$ 0.45	$ (0.09)
Basic and diluted weighted average ordinary shares outstanding	2,011,807	1,443,811	2,011,807	1,440,673
Basic and diluted net loss per ordinary share attributable to non-redeemable ordinary shares	$ (0.38)	$ (0.09)	$ (0.75)	$ (0.09)

STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY (Unaudited) - USD ($)	Total	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Ordinary Stock
Balance, shares at Dec. 31, 2022				1,437,500
Balance, amount at Dec. 31, 2022	$ 6,496	$ 24,856	$ (18,504)	$ 144
Net Income	290	0	290	0
Balance, amount at Mar. 31, 2023	6,786	24,856	(18,214)	$ 144
Balance, shares at Mar. 31, 2023				1,437,500
Balance, shares at Dec. 31, 2022				1,437,500
Balance, amount at Dec. 31, 2022	6,496	24,856	(18,504)	$ 144
Net Income	(128,984)
Share compensation expense	125,350
Balance, amount at Jun. 30, 2023	9,746,768	9,894,054	(147,488)	$ 202
Balance, shares at Jun. 30, 2023				2,011,807
Balance, shares at Mar. 31, 2023				1,437,500
Balance, amount at Mar. 31, 2023	6,786	24,856	(18,214)	$ 144
Net Income	(129,274)	0	(129,274)	$ 0
Sale of public units through public offering, shares				5,750,000
Sale of public units through public offering, amount	57,500,000	57,499,425	0	$ 575
Sale of private placement shares, shares				424,307
Sale of private placement shares, amount	4,243,070	4,243,027	0	$ 43
Issuance of representative shares, shares				150,000
Issuance of representative shares, amount	817,500	817,485	0	$ 15
Share compensation expense	125,350	125,350	0
Underwriters' discount	(3,162,500)	(3,162,500)	0	0
Other offering expenses	(1,540,024)	(1,540,024)	0	$ 0
Reclassification of ordinary shares subject to redemption, shares				(5,750,000)
Reclassification of ordinary shares subject to redemption, amount	(52,350,300)	(52,349,725)	0	$ (575)
Allocation of offering costs to ordinary shares subject to redemption	4,236,160	4,236,160	0
Balance, amount at Jun. 30, 2023	9,746,768	9,894,054	(147,488)	$ 202
Balance, shares at Jun. 30, 2023				2,011,807
Balance, shares at Dec. 31, 2023				2,011,807
Balance, amount at Dec. 31, 2023	4,446,795	4,446,593	0	$ 202
Net Income	548,461	0	548,461	0
Accretion of ordinary share subject to redemption value	(3,395,348)	(2,846,887)	(548,461)
Balance, amount at Mar. 31, 2024	1,599,908	1,599,706	0	$ 202
Balance, shares at Mar. 31, 2024				2,011,807
Balance, shares at Dec. 31, 2023				2,011,807
Balance, amount at Dec. 31, 2023	4,446,795	4,446,593	0	$ 202
Net Income	1,100,267
Balance, amount at Jun. 30, 2024	(1,381,238)	0	(1,381,440)	$ 202
Balance, shares at Jun. 30, 2024				2,011,807
Balance, shares at Mar. 31, 2024				2,011,807
Balance, amount at Mar. 31, 2024	1,599,908	1,599,706	0	$ 202
Net Income	551,806		551,806
Accretion of ordinary share subject to redemption value	(3,532,952)	(1,599,706)	(1,933,246)	0
Balance, amount at Jun. 30, 2024	$ (1,381,238)	$ 0	$ (1,381,440)	$ 202
Balance, shares at Jun. 30, 2024				2,011,807

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net Income	$ 1,100,267	$ (128,984)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Dividend income on investments held in Trust	(1,570,964)	0
Share-Based compensation expense		125,350
Changes in operating assets and liabilities:
Other receivable	0	70,278
Prepaid expenses	24,850	(120,000)
Due to related party payable	(8,152)	0
Other payable and accrued expenses	80,094	(51,760)
Net Cash (Used in) Operating Activities	(373,905)	(105,116)
Cash Flows from Investing Activities:
Purchase of investments held in Trust Account	0	(58,362,500)
Proceeds form promissory note - related party	0	0
Payment on promissory note - related party	0	0
Net Cash (Used In) Investing Activities	0	(58,362,500)
Cash Flows from Financing Activities:
Proceeds from sale of public units through public offerings, net of underwriters' discount	0	55,487,500
Proceeds from sale of private placement units	0	4,243,070
Proceeds from issuance of promissory note to related party	0	168,135
Repayment of promissory note to related party	0	(433,508)
Proceeds from Sponsor Loan	133,000	15,438
Payment of offering costs	0	(331,388)
Net Cash Provided by Financing Activities	133,000	59,149,247
Net Change in Cash	(240,905)	681,631
Cash, beginning of period	295,372	0
Cash, end of year	54,466	681,631
Supplemental Disclosure of noncash investing and financing activities:
Deferred offering costs included in accrued expenses	0	134,285
Deferred offering costs paid by promissory note		7,147
Deferred underwriter's discount	0	1,150,000
Issuance of representative shares		817,500
Allocation of offering costs to ordinary shares subject to redemption	0	4,236,160
Accretion of ordinary shares subject to redemption value	$ 6,928,300	$ 0

Organization and Business Operation

6 Months Ended

Jun. 30, 2024

Organization and Business Operation

Organization and Business Operation

Note 1 — Organization and Business Operation

Going Concern Consideration

As of June 30, 2024, the Company had cash of $54,466 and a working capital deficit of $231,238.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies

Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

Emerging Growth Company Status

Use of Estimates

Cash and Cash Equivalents

Investments Held in Trust Account

As of June 30, 2024 and December 31, 2023, the assets held in the Trust Account was $61,455,203 and $59,884,239, respectively.

Warrants

Ordinary Shares Subject to Possible Redemption

Offering Costs

Concentration of Credit Risk

Fair Value of Financial Instruments

The fair value hierarchy is categorized into three levels based on the inputs as follows:

·	Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

·	Level 2 - Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

·	Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

	June 30, 2024				December 31, 2022
	Level		Investment		Level		Investment

Assets:
Investments held in Trust Account		1		61,455,203		1		59,884,239
Total			$	61,455,203			$	59,884,239

Income Taxes

Net Income (Loss) per Share

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

	For the Three Months			For the Three Months			For the Six Months			For the Six Months
	Ended			Ended			Ended			Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income (loss)	$	551,806		$	(129,274	)	$	1,100,267		$	(128,984	)
Accretion of carrying value to redemption value		(3,532,952	)		-			(6,928,300	)		-
Net loss including accretion of carrying value of Redemption value	$	(2,981,146	)	$	(129,274	)	$	(5,828,033	)	$	(128,984	)

	For the Three Months Ended						For the Three Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(2,208,454	)	$	(772,692	)	$	(5,420	)	$	(123,854	)
Accretion of carrying value to redemption value		3,532,953			-			-			-
Allocation of net income/(loss)	$	1,324,499		$	(772,692	)	$	(5,420	)	$	(123,854	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			63,187			1,443,811
Basic and diluted net income/ (loss) per share	$	0.23		$	(0.38	)	$	(0.09	)	$	(0.09	)

	For the Six Months Ended						For the Six Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(4,317,447	)	$	(1,510,586	)	$	(2,783	)	$	(126,201	)
Accretion of carrying value to redemption value		6,928,300			-			-			-
Allocation of net income/(loss)	$	2,610,853		$	(1,510,586	)	$	(2,783	)	$	(126,201	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			31,768			1,440,673
Basic and diluted net income/ (loss) per share	$	0.45		$	(0.75	)	$	(0.09	)	$	(0.09	)

Recent Accounting Pronouncements

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

Initial Public Offering

6 Months Ended

Jun. 30, 2024

Initial Public Offering

Initial Public Offering

Note 3 — Initial Public Offering

As of June 30, 2024 and December 31, 2023, the amount of ordinary shares reflected on the balance sheet are reconciled in the following table.

	As of June 30, 2024
Gross proceeds	$	57,500,000
Less:
Proceeds allocated to public rights and warrants		(5,149,700	)
Allocation of offering costs of public shares		(4,236,160	)
Plus:
Accretion of carrying value to redemption value		6,412,764
Ordinary shares subject to possible redemption, December 31, 2023	$	54,526,904
Plus:
Subsequent accretion of carrying value to redemption value		6,928,300
Ordinary shares subject to possible redemption, June 30, 2024	$	61,455,203

Private Placement

6 Months Ended

Jun. 30, 2024

Private Placement

Private Placement

Note 4 — Private Placement

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Related Party Transactions

Note 5 — Related Party Transactions

Insider Shares

The Company used the following assumptions to estimate the fair value of the shares using Level 3 fair value measurements inputs at the measurement date:

Time to expiration	2.0
Risk-free rate	4.9	%
Volatility	5.0	%
Dividend yield	0.0	%
Expected likelihood of a successful business combination	60	%

Due to Related Party

As of June 30, 2024 and December 31, 2023, the total amount due to related party were $30,524 and $38,676, respectively.

Sponsor Loan

As of June 30, 2024 and December 31, 2023, the Company had $133,000 and $0, respectively, under the Sponsor loan.

Working Capital Loans

As of June 30, 2024 and December 31, 2023, the Company had no borrowings under the working capital loans.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and contingencies

Commitments & Contingencies

Note 6 — Commitments & Contingencies

Registration Rights

Underwriters Agreement

The Company made an underwriting discount of 3.5% of the gross proceeds of the IPO, or $2,012,500 to the underwriters at the closing of the IPO.

Representative Shares

The Company used the following assumptions to estimate the fair value of the representative shares using Level 3 fair value measurements inputs at the measurement date:

Time to expiration	1.50
Risk-free rate	5.2	%
Volatility	5.0	%
Dividend yield	0.0	%
Expected likelihood of a successful business combination	60	%

Shareholders Equity

6 Months Ended

Jun. 30, 2024

Shareholders Equity

Shareholders' Equity

Note 7 — Shareholders’ Equity

The Company is authorized to issue 500,000,000 shares, including 490,000,000 ordinary shares, par value $0.0001 per share, and 10,000,000 preferred shares, par value US$0.0001 per share.

Once the warrants become exercisable (for both Public and Private Warrant), the Company may redeem the outstanding warrants:

	●	in whole and not in part;

	●	at a price of $0.01 per warrant;

	●	upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

	●	if, and only if, the closing price of the ordinary shares equals or exceeds $16.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ Warrants-Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders)

	●	if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events

Subsequent Events

Note 8 — Subsequent Events

Shares redemptions

Monthly Extension Deposit and Notes

Entry into a Business Combination Agreement with Global IBO Group Ltd.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies

Basis of Presentation

Emerging Growth Company Status

Use of Estimates

Cash and Cash Equivalents

Investments Held in Trust Account

As of June 30, 2024 and December 31, 2023, the assets held in the Trust Account was $61,455,203 and $59,884,239, respectively.

Warrants

Ordinary Shares Subject to Possible Redemption

Offering Costs

Concentration of Credit Risk

Fair Value of Financial Instruments

The fair value hierarchy is categorized into three levels based on the inputs as follows:

·	Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

·	Level 2 - Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

·	Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

	June 30, 2024				December 31, 2022
	Level		Investment		Level		Investment

Assets:
Investments held in Trust Account		1		61,455,203		1		59,884,239
Total			$	61,455,203			$	59,884,239

Income Taxes

Net Income (Loss) per Share

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

	For the Three Months			For the Three Months			For the Six Months			For the Six Months
	Ended			Ended			Ended			Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income (loss)	$	551,806		$	(129,274	)	$	1,100,267		$	(128,984	)
Accretion of carrying value to redemption value		(3,532,952	)		-			(6,928,300	)		-
Net loss including accretion of carrying value of Redemption value	$	(2,981,146	)	$	(129,274	)	$	(5,828,033	)	$	(128,984	)

	For the Three Months Ended						For the Three Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(2,208,454	)	$	(772,692	)	$	(5,420	)	$	(123,854	)
Accretion of carrying value to redemption value		3,532,953			-			-			-
Allocation of net income/(loss)	$	1,324,499		$	(772,692	)	$	(5,420	)	$	(123,854	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			63,187			1,443,811
Basic and diluted net income/ (loss) per share	$	0.23		$	(0.38	)	$	(0.09	)	$	(0.09	)

	For the Six Months Ended						For the Six Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(4,317,447	)	$	(1,510,586	)	$	(2,783	)	$	(126,201	)
Accretion of carrying value to redemption value		6,928,300			-			-			-
Allocation of net income/(loss)	$	2,610,853		$	(1,510,586	)	$	(2,783	)	$	(126,201	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			31,768			1,440,673
Basic and diluted net income/ (loss) per share	$	0.45		$	(0.75	)	$	(0.09	)	$	(0.09	)

Recent Accounting Pronouncements

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

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies

Schedule of fair value assets measured on recurring basis

	June 30, 2024				December 31, 2022
	Level		Investment		Level		Investment

Assets:
Investments held in Trust Account		1		61,455,203		1		59,884,239
Total			$	61,455,203			$	59,884,239

Schedule of Net income loss per share

	For the Three Months			For the Three Months			For the Six Months			For the Six Months
	Ended			Ended			Ended			Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income (loss)	$	551,806		$	(129,274	)	$	1,100,267		$	(128,984	)
Accretion of carrying value to redemption value		(3,532,952	)		-			(6,928,300	)		-
Net loss including accretion of carrying value of Redemption value	$	(2,981,146	)	$	(129,274	)	$	(5,828,033	)	$	(128,984	)

	For the Three Months Ended						For the Three Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(2,208,454	)	$	(772,692	)	$	(5,420	)	$	(123,854	)
Accretion of carrying value to redemption value		3,532,953			-			-			-
Allocation of net income/(loss)	$	1,324,499		$	(772,692	)	$	(5,420	)	$	(123,854	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			63,187			1,443,811
Basic and diluted net income/ (loss) per share	$	0.23		$	(0.38	)	$	(0.09	)	$	(0.09	)

	For the Six Months Ended						For the Six Months Ended
	June 30, 2024						June 30, 2023
				Non-						Non-
	Redeemable			Redeemable			Redeemable			Redeemable
	Common			Common			Common			Common
	Stock			Stock			Stock			Stock
Basic and diluted net income (loss) per share:
Numerators:
Allocation of net loss including carrying value to redemption value	$	(4,317,447	)	$	(1,510,586	)	$	(2,783	)	$	(126,201	)
Accretion of carrying value to redemption value		6,928,300			-			-			-
Allocation of net income/(loss)	$	2,610,853		$	(1,510,586	)	$	(2,783	)	$	(126,201	)

Denominators:
Weighted-average shares outstanding		5,750,000			2,011,807			31,768			1,440,673
Basic and diluted net income/ (loss) per share	$	0.45		$	(0.75	)	$	(0.09	)	$	(0.09	)

Initial Public Offering (Tables)

6 Months Ended

Jun. 30, 2024

Initial Public Offering

Schedule of ordinary shares reflected on balance sheet

	As of June 30, 2024
Gross proceeds	$	57,500,000
Less:
Proceeds allocated to public rights and warrants		(5,149,700	)
Allocation of offering costs of public shares		(4,236,160	)
Plus:
Accretion of carrying value to redemption value		6,412,764
Ordinary shares subject to possible redemption, December 31, 2023	$	54,526,904
Plus:
Subsequent accretion of carrying value to redemption value		6,928,300
Ordinary shares subject to possible redemption, June 30, 2024	$	61,455,203

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Schedule of assumptions to estimate the fair value of the shares

Time to expiration	2.0
Risk-free rate	4.9	%
Volatility	5.0	%
Dividend yield	0.0	%
Expected likelihood of a successful business combination	60	%

Commitments Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and contingencies

Schedule of assumptions to estimate the fair value of the representative shares

Time to expiration	1.50
Risk-free rate	5.2	%
Volatility	5.0	%
Dividend yield	0.0	%
Expected likelihood of a successful business combination	60	%

Organization Business Operation and Going Concern Consideration (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Owned Percentage		50.00%
Proceeds from sale of private placement units		$ 0	$ 4,243,070
Ordinary share, par value (in Dollars per share)		$ 0.0001
Cash		$ 54,466		$ 295,372
Working capital deficit		231,238
Over-Allotment Option [Member]
Issuance shares (in Shares)	750,000		750,000
Ordinary share, par value (in Dollars per share)	$ 0.0001		$ 0.0001
Exercise price per share	$ 11.50		11.50
IPO [Member]
Shares of initial public offering (in Shares)	5,750,000
Partners Capital Distribution Amount Per Share	$ 10.00		$ 10.00
Generating Gross Proceeds from IPO	$ 57,500,000
Payment from Sponsor		25,000
Unsecured promissory note		$ 433,508
Revenue Remaining Performance Obligation Percentage		100.00%
Net intangible assets		$ 5,000,001
Redemption of initial Business Combination, Description		the Company extends the period of time to consummate a Business Combination) (the “Combination Period”), provided that the Sponsor or designee must deposit into the Trust Account for each three-month extension $575,000 ($0.10 per Public Units), up to an aggregate of $1,150,000, on or prior to the date of the applicable deadline), or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity and (c) the redemption of the public shares if the Company is unable to complete the Business Combination within the Combination Period, subject to applicable law
Dissolution expenses		$ 100,000
Private Placement [Member]
Partners Capital Distribution Amount Per Share		$ 10.00
Proceeds from sale of public units		$ 58,362,500
Proceeds from sale of private placement units		$ 4,243,070
Share issued (in Shares)		424,307
Private Placement [Member] \| Business Combination [Member]
Partners Capital Distribution Amount Per Share		$ 10.15
MAA Amendment Proposal [Member]
Ordinary shares for redemption		2,820,485
Ordinary shares for redemption paid		$ 30,153,549
Sponsor [Member] \| July 2024 Extension Note [Member]
Extension fee amount		100,000
Unsecured promissory note		100,000
Sponsor [Member] \| August 2024 Extension Payment [Member]
Extension fee amount		100,000
Unsecured promissory note		$ 100,000

Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Investments held in Trust Account	$ 61,455,203	$ 59,884,239
Level [Member]
Investments held in Trust Account	1	1
Investment [Member]
Investments held in Trust Account	$ 61,455,203	$ 59,884,239

Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended				6 Months Ended
Significant Accounting Policies (Details 1) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies
Net income (loss)	$ 551,806	$ 548,461	$ (129,274)	$ 290	$ 1,100,267	$ (128,984)
Accretion of carrying value to redemption value	(3,532,952)		0		(6,928,300)	0
Net loss including accretion of carrying value of redemption value	$ (2,981,146)		$ (129,274)		$ (5,828,033)	$ (128,984)

Significant Accounting Policies (Details 2) - USD ($)	3 Months Ended		6 Months Ended
Significant Accounting Policies (Details 2) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allocation of net loss including carrying value to redemption value	$ (2,981,146)	$ (129,274)	$ (5,828,033)	$ (128,984)
Accretion of carrying value to redemption value	(3,532,952)	0	(6,928,300)	0
Redeemable Ordinary Shares [Member]
Allocation of net loss including carrying value to redemption value	(2,208,454)	(5,420)	(4,317,447)	(2,783)
Accretion of carrying value to redemption value	3,532,953	0	6,928,300	0
Allocation of net income/(loss)	$ 1,324,499	$ (5,420)	$ 2,610,853	$ (2,783)
Weighted-average ordinary shares outstanding	5,750,000	63,187	5,750,000	31,768
Basic and diluted net income (loss) per share	$ 0.23	$ (0.09)	$ 0.45	$ (0.09)
Non-redeemable Ordinary Shares [Member]
Allocation of net loss including carrying value to redemption value	$ (772,692)	$ (123,854)	$ (1,510,586)	$ (126,201)
Accretion of carrying value to redemption value	0	0	0	0
Allocation of net income/(loss)	$ (772,692)	$ (123,854)	$ (1,510,586)	$ (126,201)
Weighted-average ordinary shares outstanding	2,011,807	1,443,811	2,011,807	1,440,673
Basic and diluted net income (loss) per share	$ (0.38)	$ (0.09)	$ (0.75)	$ (0.09)

Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets held in trust account	$ 61,455,203		$ 61,455,203		$ 59,884,239
Cash	54,466		54,466		$ 295,372
Cash held over FDIC Limit	0		0
Cash insured with federal depository insurance corporation	250,000		$ 250,000
Purchase Of Aggregate Shares			5,750,000
Offering costs			$ 4,777,524
Accumulated accretion of ordinary shares subject to redemption value	10,248,360		10,248,360
Unrecognized accretion			0
Dividend income on investments held in Trust	$ 789,818	$ 0	1,570,964	$ 0
Non-redeemable Ordinary Shares [Member]
Dividend income on investments held in Trust			$ 1,570,964
Public Unit	$ 10.15		$ 10.15
Private Placement [Member]
Proceeds from sale of public units			$ 58,362,500

Initial Public Offering (Details) - USD ($)	6 Months Ended	12 Months Ended
Initial Public Offering (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Initial Public Offering
Gross proceeds		$ 57,500,000
Proceeds allocated to public rights and warrants		(5,149,700)
Allocation of offering costs of public shares		(4,236,160)
Accretion of carrying value to redemption value	$ 6,928,300	6,412,764
Ordinary shares subject to possible redemption	$ 61,455,203	$ 54,526,904

Initial Public Offering (Details Narrative) - USD ($)	1 Months Ended
Initial Public Offering (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2024
Stock Issued During Period, Shares	750,000
Exercise price	$ 11.50	$ 11.50
Gross proceeds, amount	$ 57,500,000
Class A Ordinary Shares
Sale of Stock, Number of Shares Issued in Transaction	5,750,000
IPO [Member]
Sale of Stock, Number of Shares Issued in Transaction	5,750,000
Price Per Share	$ 10.00

Private Placement (Details Narrative) - USD ($)	6 Months Ended
Private Placement (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Proceeds from sale of private placement units	$ 0	$ 4,243,070
Private Placement [Member]
Private placement units	424,307
Price per share	$ 10.00
Proceeds from sale of private placement units	$ 4,243,070

Related Party Transactions (Details) - Insider Shares [Member]	6 Months Ended
	Jun. 30, 2024
Risk-free rate	4.90%
Volatility	5.00%
Dividend yield	0.00%
Time to expiration	2 years
Expected likelihood of a successful business combination	60.00%

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended
	Jun. 30, 2023	Nov. 16, 2022	Jun. 30, 2024	May 06, 2024	Dec. 31, 2023	Sep. 15, 2022
Number of insider shares	750,000
Related Party Transactions [Member]
Share issued (in Shares)		1,437,500				500,000,000
Price Per Share						$ 0.0001
Amount due to related party			$ 30,524		$ 38,676
Purchase price of shares		$ 25,000
Accrued liabilities Description			The total of $120,000 has been waived including the accrued liabilities of $35,000 as of October 14, 2023 and the remaining commitment balance $85,000
Surrendered ordinary shares		500,000,000
Convertible loans			$ 3,000,000
Conversion price, per unit			$ 10.00
Related Party Transactions [Member] \| Sponsor [Member]
Loan			$ 133,000		$ 0
Advance				$ 250,000
Director [Member]
Number of insider shares			125,350
Number of insider shares, value			$ 23,000
Share price			$ 5.45

Commitments and Contingencies (Details) - Representative Shares [Member]	6 Months Ended
	Jun. 30, 2024
Risk-free rate	5.20%
Volatility	5.00%
Dividend yield	0.00%
Time to expiration	1 year 6 months
Expected likelihood of a successful business combination	60.00%

Commitments and Contingencies (Details Narrative)	6 Months Ended
Commitments and Contingencies (Details Narrative)	Jun. 30, 2024 USD ($) $ / shares shares
Commitments and contingencies
Underwriting discount, amount	$ 2,012,500
Description registration rights agreement	the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (1) in the case of the insider shares, (i) with respect to 50% of the insider shares, until the earlier to occur of six months after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (2) with respect to the remaining 50% of the insider shares, six months after the date of the consummation of the Company’s initial Business Combination, or earlier, in either case, if, subsequent to the Company’s initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which results in all of its shareholders having the right to exchange their shares for cash, securities or other property, and (2) in the case of the Private Placement Units and the securities underlying such units, until the completion of the Company’s initial Business Combination
Deferred underwriters' discount, amount	$ 1,150,000
Underwriting discount	3.50%
Deferred Underwriting Fee	2.00%
Deferred underwriters discount, amount	$ 1,150,000
Issuance of representative shares upon the consummation of the IPO \| shares	150,000
Fair Value	$ 817,500
Representative Issuance of representative shares upon the consummation of the IPO \| shares	150,000
Exercise price \| $ / shares	$ 5.45
Description of representative shares	The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales of the IPO pursuant to FINRA Rule 5110(e)(1)

Shareholders Equity (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
Shareholders Equity (Details Narrative) - USD ($)	Nov. 16, 2022	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Sep. 15, 2022
Preferred stock shares, authorized		10,000,000	10,000,000
Preferred stock shares, par value (in Dollars per share)		$ 0.0001	$ 0.0001
Shares, authorized		500,000,000
Ordinary shares voting right		one vote
Warrant exercise price (in Dollars per share)		$ 11.50		$ 11.50
Common stock shares, authorized		490,000,000	490,000,000
Common stock shares, par value (in Dollars per share)		$ 0.0001	$ 0.0001
Public Warrants outstanding		2,875,000	2,875,000
Common stock shares, issued		2,011,807	2,011,807
Common stock shares, outstanding		2,011,807	2,011,807
Warrants price		$ 0.01
Warrant Description		if, and only if, the closing price of the ordinary shares equals or exceeds $16.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ Warrants-Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders)
Trading period		30 days
Private Placement Warrants [Member]
Public Warrants outstanding		212,153	212,153
Warrants issued		212,153
Ordinary Shares [Member]
Ordinary shares subject to possible redemption shares, outstanding		5,750,000
Trading period		30 days
Common Stock \| Sponsor [Member]
Common stock shares, par value (in Dollars per share)					$ 0.0001
Common stock shares, issued					500,000,000
Acquired shares	1,437,500
Price Per Share	$ 0.02
Acquired shares, value	$ 25,000
Surrendered ordinary shares	500,000,000

Subsequent Events (Details Narrative) - USD ($)			6 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Aug. 01, 2024	Jul. 01, 2024	Jun. 30, 2024
MAA Amendment Proposal [Member]
Ordinary shares for redemption			2,820,485
Subsequent Event [Member]
Unsecured promissory note	$ 100,000	$ 100,000
Extension fee amount	$ 100,000	$ 100,000
Subsequent Event [Member] \| MAA Amendment Proposal [Member]
Ordinary shares for redemption		2,820,485
Amount paid to redeeming shareholders		$ 30,153,549

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BUJAU Bukit Jalil Global Acquisition 1 Ltd