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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10. SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the balance sheets date up to the date that the financial statements were issued. Based upon this review, other than stated below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

Promissory Note – Related Party

 

On January 13, 2023, the Sponsor agreed to loan the Company up to $1,500,000 (the “Promissory Note”). The note is non-interest bearing and all outstanding amounts under the Promissory Note will be due on the date on which the Company consummate a business combination. If the Company does not consummate a business combination, the Company may use a portion of any funds held outside the Trust Account into which the Company have placed the proceeds of the IPO to repay the Promissory Note; however, no proceeds from the Trust Account may be used for such repayment. If such funds are insufficient to repay the Promissory Note, the unpaid amounts would be forgiven. No portion of the amounts outstanding under the Promissory Note may be converted into units at a price of $10.00 per unit, which would have been permissible as described in the prospectus filed in connection with the IPO. On January 13, 2023, the Company borrowed $350,000 under the Promissory Note. On February 24, 2023, the Company borrowed an additional $250,000 under the Promissory Note.

  

Letter of Intent

 

On March 16, 2023, the Company entered into a non-binding letter of intent with respect to a business combination. As a result, pursuant to the Company’s second amended and restated certificate of incorporation, the date by which the Company must cease operations and liquidate if it has not completed a business combination has been automatically extended to September 20, 2023.