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Class A Shares of Common Stock Subject to Possible Redemption
 6 Months Ended
Jun. 30, 2024
Class A Shares of Common Stock Subject to Possible Redemption [Abstract]  
Class A Shares of Common Stock Subject to Possible Redemption

Note 6 - Class A Shares of Common Stock Subject to Possible Redemption

 

The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. In connection with the Extensions on March 6, 2023, September 6, 2023 and June 5, 2024, the holders of 21,151,393, 1,847,662 and 481,865 Class A common shares, representing approximately 88.1%, 65% and 48%, respectively, of the Company’s issued and outstanding Class A common shares, elected to redeem their shares. Following such redemptions, approximately $10,426,000 will remain in the trust account and 1,000,945 shares of Class A Common Stock subject to possible redemption will remain issued and outstanding. As of June 30, 2024 and December 31, 2023, there were 519,080 and 1,000,945 shares of Class A common stock subject to possible redemption outstanding at $11.13 and $10.84 redemption value, respectively, all of which were subject to possible redemption.

 

The shares of Class A common stock issued in the Initial Public Offering were recognized in Class A common stock subject to possible redemption as follows:

 

Class A common stock subject to possible redemption at December 31, 2022  $243,597,590 
Less:     
Redemptions   (234,830,236)
Due to shareholder   (628,758)
Accretion of carrying value to redemption value   (2,418,083)
Plus:     
Waiver of underwriting fee allocated to Class A Common Stock   5,126,890 
Class A common stock subject to possible redemption at December 31, 2023  $10,847,403 
Less:     
Redemptions   (5,421,323)
Due to shareholder   (21,644)
Plus:     
Accretion of Class A common stock subject to possible redemption amount   370,489 
Class A common stock subject to possible redemption at June 30, 2024  $5,774,925