v3.25.2
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net loss $ (363,640) $ (1,238,211)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liabilities 187,430 990,040
Change in fair value of contingently issuable private placement warrants 9,775 51,635
Income from investments held in Trust Account (55,415) (343,520)
Changes in operating assets and liabilities:    
Prepaid expenses 8,270 (42,685)
Accounts payable 95,494 258,260
Accrued expenses 46,053 175,379
Net cash used in operating activities (72,033) (149,102)
Cash Flows from Investing Activities:    
Cash withdrawn from Trust Account in connection with redemption 34,530,235
Cash deposited in Trust Account (13,672) (22,500)
Net cash (used in) provided by investing activities (13,672) 34,507,735
Cash Flows from Financing Activities:    
Proceeds received from Sponsor for Trust Account contribution 13,672 22,500
Proceeds from Fulton AC Note 150,319
Repayment of bridge financing note (40,000)
Redemption of Class A ordinary shares (34,530,235)
Net cash used in financing activities (26,328) (34,357,416)
Net change in cash (112,033) 1,217
Cash — beginning of the period 129,598 3,898
Cash — end of the period 17,565 5,115
Supplemental schedule of noncash financing activities:    
Deemed dividend - increase in redemption value of Class A ordinary shares subject to possible redemption 55,415 343,520
Waiver of $100,000 dissolution expense pursuant to Dissolution Expense Reimbursement Agreement $ 100,000