What changed in this filing

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Item 1A. Risk Factors

2024-02-14 compared with 2023-11-13 · 11 added, 42 removed, 4 unchanged (93% of the section changed)

Risk Factors.

of the date of this Quarterly Report, other than as set forth below, there have been no material changes from the risk factors previously

disclosed in our (i) Annual Report on Form 10-K for the year ended March 31, 2023 filed with the SEC on May 31, 2023 and (ii) Quarterly

Report on Form 10-Q for the quarterly period ended June 30, 2023 as filed with the SEC on August 14, 2023.

Any of these factors could

result in a significant or material adverse effect on our results of operations or financial condition.

Additional risk factors not presently

known to us or that we currently deem immaterial may also impair our business or results of operations.

For risk factors in connection

with the TruGolf Business Combination, see our Registration Statement on Form S-4 initially filed on July 31, 2023, as amended.

or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities,

or affect the operations or financial condition of potential target companies, which could make it more difficult for us to consummate

an initial business combination.

or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities,

or affect the operations or financial condition of potential target companies, and to other company or industry-specific, national, regional

or international economic disruptions and economic uncertainty, any of which could make it more difficult for us to identify a business

combination target and consummate an initial business combination on acceptable commercial terms, or at all.

mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, on October 25, 2023,

we instructed the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in

an interest-bearing demand deposit account at a bank until the earlier of the consummation of our initial business combination or our

As a result, we may receive less interest on the funds held in the trust account than the interest we would have received

pursuant to our original trust account investments, which could reduce the dollar amount our public stockholders would receive upon any

redemption or our liquidation.

funds in the trust account had, since our initial public offering, been held in U.S.

government treasury obligations with a maturity

of 185 days or less or in money market funds investing solely in U.S.

government treasury obligations and meeting certain conditions

under Rule 2a-7 under the Investment Company Act.

However on October 25, 2023, to mitigate the risk of us being deemed to be an unregistered

investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act) and thus subject to regulation

under the Investment Company Act, we instructed American Stock Transfer & Trust Company, LLC, the trustee with respect to the trust

account, to liquidate the U.S.

government treasury obligations or money market funds held in the trust account and thereafter to hold

all funds in the trust account in an interest-bearing demand deposit account at a bank until the earlier of the consummation of our initial

business combination or liquidation.

Following such liquidation, we may receive less interest on the funds held in the trust account

than the interest we would have received pursuant to our original trust account investments;

however, interest previously earned on the

funds held in the trust account still may be released to us to pay our taxes, if any, and certain other expenses as permitted.

Consequently,

the transfer of the funds in the trust account to an interest-bearing demand deposit could reduce the dollar amount our public stockholders

would receive upon any redemption or our liquidation.

the event that we may be deemed to be an investment company, we may be required to liquidate the Company.

a result of closing of the Business Combination on January 31, 2024, the risk factors previously disclosed Part I, Item 1A of our Annual

Report on Form 10-K for the fiscal year ended March 31, 2023 no longer apply.

For risk factors relating to our business following the

Business Combination, please refer to the section “Risk Factors” in the Proxy Statement/Prospectus with respect to the Business

Combination, filed with the SEC on December 29, 2023.

Any of these factors could result in a significant or material adverse effect on

the Company’s results of operations or financial condition.

Additional risk factors not presently known to us or that we currently

deem immaterial may also impair the Company’s business or results of operations.

We may disclose changes to such factors or disclose

additional factors from time to time in the Company’s future filings with the SEC.

Unregistered Sales of Equity Securities and Use of Proceeds.

2 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.

What changed 10-Q

Item 1A. Risk Factors