15 unchanged sentences
Results of Operations
−Removed: All activity for the period from March 15, 2021 (inception) through June 30, 2023 related to our formation and the preparation for the Initial Public Offering, and since the closing of the Initial Public Offering, the search for a prospective initial business combination.
+Added: All activity for the period from March 15, 2021 (inception) through September 30, 2023 related to our formation and the preparation for the Initial Public Offering, and since the closing of the Initial Public Offering, the search for a prospective initial business combination.
We will not generate any operating revenues until after the completion of our initial Business Combination.
1 unchanged sentence
We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
−Removed: For the three months ended June 30, 2023, we had net income of $3,565,936, which consisted of investment income earned on investments held in Trust Account of $3,873,223, offset by general and administrative costs of $307,287.
−Removed: For the six months ended June 30, 2023, we had net income of $3,565,636, which consisted of investment income earned on investments held in Trust Account of $3,873,223, offset by general and administrative costs of $307,587.
−Removed: For the three and six months ended June 30, 2022, we had net loss of $313 and $2,064, respectively, consisting of formation costs.
+Added: For the three months ended September 30, 2023, we had net income of $6,400,142, which consisted of investment income earned on investments held in Trust Account of $6,784,071, offset by general and administrative costs of $383,929.
+Added: For the nine months ended September 30, 2023, we had net income of $9,965,778, which consisted of investment income earned on investments held in Trust Account of $10,657,294, offset by general and administrative costs of $691,516.
+Added: For the three and nine months ended September 30, 2022, we had net loss of $312 and $2,376, respectively, consisting of formation costs.
Liquidity and Capital Resources
−Removed: As of June 30, 2023, we had approximately $2,520,846 in our operating bank account and working capital of approximately $3.0 million.
+Added: As of September 30, 2023, we had $2,254,493 in our operating bank account and working capital of approximately $2.6 million.
Our liquidity needs to date have been satisfied through a contribution of $25,000 from our Sponsor to cover certain expenses in exchange for the issuance of the Class B ordinary shares, a loan of $366,781 from our Sponsor pursuant to the Promissory Note (see Note 4) and the proceeds from the consummation of the Private Placement not held in the Trust Account.
2 unchanged sentences
finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor may provide us with Working Capital Loans.
−Removed: As of June 30, 2023 and December 31, 2022, there were no amounts outstanding under any Working Capital Loans.
+Added: As of September 30, 2023 and December 31, 2022, there were no amounts outstanding under any Working Capital Loans.
Trends Affecting Our Business
14 unchanged sentences
If the Business Combination does not occur, we will not be required to pay these contingent fees.
−Removed: As of June 30, 2023, the amount of these contingent fees with the service provider was approximately $0.7 million.
+Added: As of September 30, 2023, the amount of these contingent fees with the service provider was approximately $0.7 million.
Critical Accounting Estimates
11 unchanged sentences
Our Class A ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events.
−Removed: Accordingly, at June 30, 2023, 50,000,000 Class A ordinary shares, subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity (deficit) section of our unaudited condensed balance sheets.
−Removed: At December 31, 2022, there were no Class A ordinary shares subject to possible redemption.
+Added: Accordingly, as of September 30, 2023, 50,000,000 Class A ordinary shares, subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity (deficit) section of our unaudited condensed balance sheets.
+Added: As of December 31, 2022, there were no Class A ordinary shares subject to possible redemption.
We recognize changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period.
19 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.