v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 10 – Subsequent Events

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the unaudited condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements except the Fourth Extension Meeting as described in Note 1, Extension Agreement and amendment to Working Capital Loans as described in Note 4 and as described below.

 

Subsequent to March 31, 2025, the Company deposited an aggregate of $1,275,134 (including $6,852 in interest due) into the Trust Account to extend the liquidation date to April 29, 2026. In addition, the Company drew an aggregate of $1,275,134 under the extension loan and $776,099 under the working capital loan, respectively.

 

On April 25, 2025, the Company held an extraordinary general meeting of shareholders to approve an amendment to its Articles extending the deadline to consummate an initial business combination from April 29, 2025 to April 29, 2026. In connection with the meeting, holders of 4,776,757 Public Shares redeemed their shares for approximately $11.95 per share (or an aggregate of $57.1 million), resulting in approximately $18.1 million remaining in the Trust Account. Additionally, the Sponsor agreed to fund monthly extension contributions of the lesser of (i) $0.05 per Public Share or (ii) $150,000, beginning April 30, 2025 through the earlier of the completion of a business combination, liquidation, or April 29, 2026, up to an aggregate of $1.5 million, for which the Company issued a $1.5 million promissory note to the Sponsor.

 

In addition, on April 28, 2026, the Company held an extraordinary general meeting of shareholders to approve an amendment to its Articles extending the deadline to consummate an initial business combination from April 29, 2026 to April 29, 2027. In connection with the meeting, holders of 100,100 Public Shares redeemed their shares for approximately $12.93 per share (or an aggregate of $1.29 million), resulting in approximately $18.3 million remaining in the Trust Account. Additionally, the Sponsor agreed to fund monthly extension contributions of $100,000, beginning April 30, 2026 through the earlier of the Company's liquidation or April 29, 2027, up to an aggregate of $1.2 million, for which the Company issued a $1.2 million promissory note to the Sponsor.