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Class A Shares of Common Stock Subject to Possible Redemption (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Class A Shares of Common Stock Subject to Possible Redemption [Abstract]

Schedule of Class A Common Stock 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

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:

Gross proceeds from Initial Public Offering		$	240,000,000
Less:
Fair value of Public Warrants at issuance			(7,582,627	)
Offering costs allocated to Class A common stock subject to possible redemption			(20,050,096	)
Plus:
Accretion on Class A common stock subject to possible redemption amount			31,230,313
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

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- References

No definition available.

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- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

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