Item 3. Quantitative and Qualitative Disclosures About Market Risk
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The
net proceeds of our Public Offering and a portion of the proceeds of our concurrent sale of Private Placement Warrants are held in a
Trust Account invested in cash or U.S. Government Treasury obligations with a maturity of 185 days or less or in money market funds meeting
certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, and which invest only in direct U.S. Government
Treasury obligations. On January 11, 2023, we liquidated the U.S. government treasury obligations or money market funds held in the Trust
Account. The funds in the Trust Account will be maintained in cash in an interest-bearing demand deposit account at a bank until the
earlier of our initial Business Combination and our liquidation. Interest on such deposit account is currently approximately 4.5% per
annum, but such deposit account carries a variable rate, and we cannot assure you that such rate will not decrease or increase significantly.
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