Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 11 - Subsequent Events
The Company evaluated subsequent events and transactions that occurred
up to the date 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, other than below.
On July 13, 2023 and on August 16, 2023, APRINOIA made the fifth and sixth deposits of $165,000 each, to the Trust Account.
Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Business Combination Agreement, the Company, APRINOIA, PubCo and the
Merger Subs mutually agreed to terminate the Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Business Combination Agreement) pursuant to the terms of a termination agreement entered into by and
between each of the parties to the Business Combination Agreement (the “Termination Agreement”). Further, under the Termination Agreement, each of the Company, Merger Sub 2 and Merger Sub 3 released APRINOIA, PubCo and Merger Sub 1, and each of
their representatives, affiliates, agents and assigns, and each of APRINOIA, PubCo and Merger Sub 1 released RAC, Merger Sub 2 and Merger Sub 3, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action,
liabilities or damages relating to the Business Combination Agreement and the other Transaction Documents, except for certain provisions that survive the termination pursuant to the terms of the Business Combination Agreement, or for breaches of
the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company’s Current Report on Form 8-K filed with the SEC on August 21, 2023.
On September 15, 2023, the Company held the Extraordinary General Meeting to approve (i) the Second Extension Amendment Proposal, (ii) the
Redemption Limitation Amendment Proposal, (iii) the Director Election Proposal, and (iv) the Second Adjournment Proposal, each as more fully described in the proxy statement filed by the Company with the Securities and Exchange Commission on
August 31, 2023. The Second Extension Amendment Proposal, the Director Election Proposal and the Redemption Limitation Amendment Proposal were each approved. In connection with the vote to approve the Second Extension Amendment Proposal, the
holders of 1,339,804 Class A ordinary
shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.74
per share, for an aggregate redemption amount of approximately $14.4 million. In connection with the meeting, the Company now has
until March 16, 2024 to consummate an initial business combination.
On September 18, 2023, affiliates of the Company deposited $75,000 into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal.
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