CAPITAL DEFICIENCY |
3 Months Ended | ||||||
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Mar. 31, 2026 | |||||||
| Equity [Abstract] | |||||||
| CAPITAL DEFICIENCY | NOTE 4 - CAPITAL DEFICIENCY:
Class A ordinary shares
The Company is authorized to issue up to Class A ordinary shares of $ par value each. Pursuant to the initial Public Offering on December 31, 2022 the Company issued and sold an aggregate of Class A ordinary shares as part of the Units sold in the respective transaction. The Units (which also included Warrants) were sold at a price of $ per Unit, and for an aggregate consideration of $126,500,000 in the Public. See Note 3 above for further information regarding those share issuances.
Class B ordinary shares
The Company is authorized to issue up to Class B ordinary shares of $ par value each. On May 14, 2021 the Company issued Class B ordinary shares of $ par value each for a total consideration of $25,000 to the Sponsor. In October 2021, the Company effected a stock share dividend of shares for each founder share outstanding, resulting in an aggregate of founder shares outstanding and held by the Sponsor and the Company’s directors.
Class B ordinary shares are convertible into Class A ordinary shares, on a one-to-one basis, at any time and from time to time at the option of the holder, or automatically on the day of the business combination. Class B ordinary shares also possess the sole right to vote for the election or removal of directors, until the consummation of an initial business combination.
On October 24, 2023, the Sponsor converted of the non-redeemable founders shares from Class B ordinary shares to Class A ordinary shares, leaving only one Class B ordinary share outstanding.
The Company is authorized to issue up to Preference Shares of $ par value each. As of March 31, 2026 and 2025, the Company has Preference shares issued and outstanding.
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