IPO and Fundraising - The company completed its initial public offering on February 17, 2023, selling 6,900,000 units at 10.00perunit,generatinggrossproceedsof69,000,000[14] - An additional 900,000 units were issued due to the full exercise of the underwriters' over-allotment option[14] - The private sale of 545,000 private units to the sponsor at 10.00perunitgeneratedgrossproceedsof5,450,000[14] - The trust account holds 70,380,000fromthenetproceedsoftheIPOandprivateunits[10]−Thecompanyhasapproximately70.79 million in the trust account as of March 31, 2023, available for a business combination[25] - The company has approximately 822,000heldoutsidethetrustaccountasofApril11,2023,tocovercostsassociatedwithliquidationandcreditorclaims[68]BusinessCombinationStrategy−ThecompanyisfocusingitssearchforbusinesscombinationtargetsinthetechnologyindustryprimarilylocatedinAsia[13]−ThemanagementteamhassignificantexperienceinmergersandacquisitionswithintheAsianmarkets[13]−Thecompanyhasnotyetselectedanybusinesscombinationtargetorinitiatedsubstantivediscussionsregardingpotentialcombinations[12]−Thecompanywillnotundertakeanybusinesscombinationutilizingavariableinterestentity(VIE)structure[12]−Thereisnoassurancethatthecompanywillcompleteabusinesscombination[13]−Themanagementteamaimstoacquiregrowthbusinesseswithatotalenterprisevaluebetween100 million and 200million[16]−ThecompanyseekstoacquirebusinessesinsectorsstrategicallysignificanttoAsianmarkets,suchasinnovativee−commerceandonlineagriculturaltrading[18]−Thetargetbusinessesshouldhavepotentialforstrongfreecashflowgenerationandpredictablerevenuestreams[19]−Thecompanyanticipatesacquiring1005,000,001 to avoid being subject to Rule 419 under the Securities Act[55] - Shareholders will have the opportunity to sell their shares through a tender offer for an amount equal to their pro rata share of the trust account[57] - If a business combination is not completed within the specified period, the company will redeem 100% of its public shares at approximately 10.20pershare[30]−Iftheinitialbusinesscombinationisnotcompleted,theper−shareredemptionamountforshareholderswouldbeapproximately10.20, but this could be reduced due to creditor claims[69] - The company has agreed to redeem public shares at a price equal to the aggregate amount in the trust account, minus up to 50,000fordissolutionexpenses[64]−ShareholderswillonlyreceivefundsfromthetrustaccountuponthecompletionoftheinitialbusinesscombinationorifthecompanyfailstocompleteitwithintheCombinationPeriod[75]ManagementandOperationalConsiderations−Thecompanymayfacechallengesinevaluatingthemanagementofthetargetbusinessandensuringtheyhavethenecessaryskillsforpubliccompanymanagement[49]−Thecompanymayneedtoseekthird−partyfinancingifthetargetbusinessimposesworkingcapitalconditions,whichmaynotbeavailableonacceptableterms[55]−Thecompanycurrentlyhasfourexecutiveofficersanddoesnotplantohirefull−timeemployeesbeforecompletingitsinitialbusinesscombination[86]−Executiveofficersandcertaindirectorshavefiduciarydutiestoothercompanies,whichmayleadtoconflictsofinterestinpursuingacquisitionopportunities,althoughsignificantconflictsarenotexpected[81]−Officersanddirectorsarerequiredtopresenttargetbusinessopportunitieswithafairmarketvalueofatleast801.235 billion or a market value exceeding 700million[93]−Thecompanyisalsoclassifiedasa"smallerreportingcompany,"allowingforreduceddisclosureobligations,includingprovidingonlytwoyearsofauditedfinancialstatements[94]−ThecompanyisrequiredtoevaluateitsinternalcontrolproceduresforthefiscalyearendingDecember31,2023,asmandatedbytheSarbanes−OxleyAct[89]−Therearenochangesordisagreementswithaccountantsonaccountingandfinancialdisclosurereportedbythecompany[140]FinancialandMarketRisks−Thecompanyfacesintensecompetitionfromestablishedentities,includingprivateinvestorsandotherblankcheckcompanies,whichmaylimititsabilitytoacquiresizabletargetbusinessesduetorelativelylimitedfinancialresources[80]−Thecompanymustmaintainnettangibleassetsofatleast5,000,001 to avoid being classified as a "penny stock" under SEC rules[66] - The company has a trust account minimum of 10.20perpublicshare,withpotentialliabilitiesaffectingavailableresourcesforbusinesscombinations[85]−Thecompanywillseektohavevendorsandserviceproviderswaiveanyclaimsagainstthetrustaccounttoprotectshareholderfunds[70]−Ifthetrustaccountbalancefallsbelow10.20 per share due to creditor claims, the actual redemption amount may be significantly less[71] - The company will cease operations and liquidate if the initial business combination is not completed within the Combination Period[64]
