Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Shares Subject to Possible Redemption

As of December 31, 2023, and 2022, the Class A ordinary shares subject to possible redemption reflected on the balance sheets are reconciled in the following table:

Gross Proceeds
  
$
230,000,000
  
Less:
        
Proceeds allocated to Public Warrants
    
(13,110,000
)
Class A ordinary shares issuance costs
    
(12,375,591
)
Plus:
        
Accretion of carrying value to redemption value
    
31,063,866
  
Class A ordinary shares subject to possible redemption as of December 31, 2022
 
$
235,578,275
  
Plus:
        
Redemption
     (145,222,585 )
Shareholder redemption payable     (249,339 )
Accretion of carrying value to redemption value
     9,948,542  
Class A ordinary shares subject to possible redemption as of December 31, 2023
  $ 100,054,892  
Reconciliation of Net Income Per Ordinary Share

A reconciliation of net income per ordinary share is as follows:


 
For the year ended
December 31, 2023
   
For the year ended
December 31, 2022
 
    Class A     Class B
    
Class A
    
Class B
  
Basic and diluted net income per share
                        
Numerator:
                        
Allocation of net income as adjusted
   $
3,125,914     $
 781,478    
$
7,913,192
    
$
1,978,298
  
Denominator:
                                
Basic and diluted weighted average ordinary shares outstanding
     23,000,000       5,750,000      
23,000,000
      
5,750,000
  
Basic and diluted net income per ordinary share
   $
0.14     $
 0.14    
$
0.34
    
$
0.34