UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30,
2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-41003
ONYX ACQUISITION CO. I |
(Exact name of registrant as specified in its charter) |
Cayman Islands | | 98-1584432 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
104 5th Avenue New York, New York 10011 |
(Address of Principal Executive Offices, including zip code) |
|
(212) 974-2844 |
(Registrant’s telephone number, including area code) |
|
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange on which
registered |
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant | | ONYXU | | The Nasdaq Stock Market LLC |
Class A Ordinary Shares | | ONYX | | The Nasdaq Stock Market LLC |
Redeemable warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | | ONYXW | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☐ Large accelerated filer | ☐ Accelerated filer |
| ☒ Non-accelerated filer | ☒ Smaller reporting company |
| | ☒ Emerging growth company |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☒ No ☐
As of November
20, 2023, 8,624,326 Class A ordinary shares and no Class B ordinary shares, par value $0.0001 per share (the “Class
B ordinary shares”) issued and outstanding.
ONYX ACQUISITION CO. I
Form 10-Q For the Quarter Ended September 30, 2023
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
ONYX ACQUISITION CO. I
CONDENSED BALANCE SHEETS
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Current assets | |
| | |
| |
Cash | |
$ | 49,663 | | |
$ | 377,526 | |
Prepaid expenses | |
| 58,327 | | |
| 400,400 | |
Total Current Assets | |
| 107,990 | | |
| 777,926 | |
| |
| | | |
| | |
Cash and marketable securities held in Trust Account | |
| 22,062,003 | | |
| 273,539,825 | |
TOTAL ASSETS | |
$ | 22,169,993 | | |
$ | 274,317,751 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accrued offering costs and expenses | |
$ | 2,309,764 | | |
$ | 1,419,410 | |
Promissory note - related party | |
| 785,000 | | |
| — | |
Total Current Liabilities | |
| 3,094,764 | | |
| 1,419,410 | |
| |
| | | |
| | |
Deferred underwriting commissions | |
| 11,270,000 | | |
| 11,270,000 | |
TOTAL LIABILITIES | |
| 14,364,764 | | |
| 12,689,410 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
Class A ordinary shares subject to possible redemption, 2,011,826 and 26,450,000 shares at $10.97 and $10.34 redemption value at September 30, 2023 and December 31, 2022, respectively | |
| 22,062,003 | | |
| 273,539,825 | |
| |
| | | |
| | |
SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no issued and outstanding | |
| — | | |
| — | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 6,612,500 and 0 shares issued and outstanding (excluding 2,011,826 and 26,450,000 shares subject to possible redemption) at September 30, 2023 and December 31, 2022, respectively | |
| — | | |
| — | |
Class A ordinary shares (non-redeemable), $0.0001 par value; 50,000,000 shares authorized; 6,612,500 and 0 shares issued and outstanding at September 30, 2023 and December 31, 2022 | |
| 661 | | |
| — | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 0 and 6,612,500 shares issued and outstanding at September 30, 2023 and December 31, 2022 | |
| — | | |
| 661 | |
Additional paid-in capital | |
| — | | |
| — | |
Accumulated deficit | |
| (14,257,435 | ) | |
| (11,912,145 | ) |
TOTAL SHAREHOLDERS’ DEFICIT | |
| (14,256,774 | ) | |
| (11,911,484 | ) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
$ | 22,169,993 | | |
$ | 274,317,751 | |
The accompanying notes are an integral part
of these unaudited condensed financial statements.
ONYX ACQUISITION CO. I
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
| |
For the Three Months Ended September 30, | | |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Formation and operating costs | |
$ | 268,147 | | |
$ | 236,088 | | |
$ | 1,625,290 | | |
$ | 507,120 | |
Loss from operations | |
| (268,147 | ) | |
| (236,088 | ) | |
| (1,625,290 | ) | |
| (507,120 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Interest earned on cash and marketable securities held in Trust Account | |
| 372,697 | | |
| 1,308,366 | | |
| 2,216,149 | | |
| 1,438,705 | |
Unrealized gain (loss) on marketable securities | |
| 6,729 | | |
| — | | |
| (46 | ) | |
| — | |
Total other income, net | |
| 379,426 | | |
| 1,308,366 | | |
| 2,216,103 | | |
| 1,438,705 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 111,279 | | |
$ | 1,072,278 | | |
$ | 590,813 | | |
$ | 931,585 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares | |
| 5,631,427 | | |
| 26,450,000 | | |
| 5,804,739 | | |
| 26,450,000 | |
Basic and diluted net income per share, Class A ordinary shares | |
$ | 0.01 | | |
$ | 0.03 | | |
$ | 0.05 | | |
$ | 0.03 | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares (non-redeemable) | |
| 6,612,500 | | |
| — | | |
| 5,982,738 | | |
| — | |
Basic and diluted net income per share, Class A ordinary shares (non-redeemable) | |
$ | 0.01 | | |
$ | — | | |
$ | 0.05 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding, Class B ordinary shares | |
| — | | |
| 6,612,500 | | |
| 629,762 | | |
| 6,612,500 | |
Basic and diluted net income per share, Class B ordinary shares | |
$ | — | | |
$ | 0.03 | | |
$ | 0.05 | | |
$ | 0.03 | |
The accompanying notes are an integral part
of these unaudited condensed financial statements.
ONYX ACQUISITION CO. I
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ DEFICIT
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2023
| |
Class A Ordinary Shares
(non-redeemable) | | |
Class A Ordinary Share | | |
Class B Ordinary Share | | |
Additional Paid-in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance as of January 1, 2023 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 6,612,500 | | |
$ | 661 | | |
$ | — | | |
$ | (11,912,145 | ) | |
$ | (11,911,484 | ) |
Accretion of Class A ordinary shares subject to possible redemption | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,571,942 | ) | |
| (1,571,942 | ) |
Conversion of Class B shares to Class A shares | |
| 6,612,500 | | |
| 661 | | |
| — | | |
| — | | |
| (6,612,500 | ) | |
| (661 | ) | |
| — | | |
| — | | |
| — | |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 291,106 | | |
| 291,106 | |
Balance as of March 31, 2023 | |
| 6,612,500 | | |
| 661 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (13,192,981 | ) | |
| (13,192,320 | ) |
Accretion of Class A ordinary shares subject to possible redemption | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (864,735 | ) | |
| (864,735 | ) |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 188,428 | | |
| 188,428 | |
Balance as of June 30, 2023 | |
| 6,612,500 | | |
| 661 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (13,869,288 | ) | |
| (13,868,627 | ) |
Accretion of Class A ordinary shares subject to possible redemption | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (499,426 | ) | |
| (499,426 | ) |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 111,279 | | |
| 111,279 | |
Balance as of September 30, 2023 | |
| 6,612,500 | | |
$ | 661 | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
$ | — | | |
$ | (14,257,435 | ) | |
$ | (14,256,774 | ) |
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2022
| |
Class A Ordinary Share | | |
Class B Ordinary Share | | |
Additional Paid-in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance as of January 1, 2022 | |
| — | | |
$ | — | | |
| 6,612,500 | | |
$ | 661 | | |
$ | — | | |
$ | (10,211,968 | ) | |
$ | (10,211,307 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (43,743 | ) | |
| (43,743 | ) |
Balance as of March 31, 2022 | |
| — | | |
| — | | |
| 6,612,500 | | |
| 661 | | |
| — | | |
| (10,255,711 | ) | |
| (10,255,050 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (96,950 | ) | |
| (96,950 | ) |
Accretion of Class A ordinary shares subject to possible redemption | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (130,339 | ) | |
| (130,339 | ) |
Balance as of June 30, 2022 | |
| — | | |
| — | | |
| 6,612,500 | | |
| 661 | | |
| — | | |
| (10,483,000 | ) | |
| (10,482,339 | ) |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,072,278 | | |
| 1,072,278 | |
Accretion of Class A ordinary shares subject to possible redemption | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,308,366 | ) | |
| (1,308,366 | ) |
Balance as of September 30, 2022 | |
| — | | |
$ | — | | |
| 6,612,500 | | |
$ | 661 | | |
$ | — | | |
$ | (10,719,088 | ) | |
$ | (10,718,427 | ) |
The accompanying notes are an integral part
of these unaudited condensed financial statements.
ONYX ACQUISITION CO. I
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | |
| |
Net income | |
$ | 590,813 | | |
$ | 931,585 | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Interest earned on cash and marketable securities held in Trust Account | |
| (2,216,149 | ) | |
| (1,438,705 | ) |
Unrealized loss on marketable securities | |
| 46 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| 342,073 | | |
| 340,300 | |
Accounts payable and accrued expenses | |
| 890,354 | | |
| (148,800 | ) |
Net cash flows used in operating activities | |
| (392,863 | ) | |
| (315,620 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Cash withdrawn from Trust Account in connection with redemption | |
| 254,413,925 | | |
| — | |
Purchases of investments held in
Trust Account | |
| (720,000 | ) | |
| — | |
Net cash flows provided by investing activities | |
| 253,693,925 | | |
| — | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from note payable-related party | |
| 785,000 | | |
| — | |
Redemption of ordinary shares | |
| (254,413,925 | ) | |
| — | |
Net cash flows used in financing activities | |
| (253,628,925 | ) | |
| — | |
| |
| | | |
| | |
Net Change in Cash | |
| (327,863 | ) | |
| (315,620 | ) |
Cash – Beginning of period | |
| 377,526 | | |
| 781,709 | |
Cash – End of period | |
$ | 49,663 | | |
$ | 466,089 | |
| |
| | | |
| | |
Non-Cash investing and financing activities: | |
| | | |
| | |
Accretion of Class A ordinary shares subject to possible redemption | |
$ | 2,936,103 | | |
$ | 1,438,705 | |
The accompanying notes are an integral part
of these unaudited condensed financial statements.
ONYX ACQUISITION CO. I
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
NOTE 1 — ORGANIZATION AND BUSINESS OPERATIONS
Organization and General
Onyx Acquisition Co. I (the “Company”)
is a blank check company incorporated as a Cayman Islands exempted company on February 2, 2021. The Company was formed for the purpose
of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses or entities (the “Business Combination”). The Company is an early stage and emerging growth company and, as such,
the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of September 30, 2023, the Company had not
commenced any operations. All activity for the period from February 2, 2021 (inception) through September 30, 2023 relates to the Company’s
formation, initial public offering (“IPO”), which is described below, and the search for a target with which to consummate
a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination,
at the earliest. The Company generates non-operating income in the form of interest income on marketable securities held in the Trust
Account (as defined below). The Company has selected December 31 as its fiscal year end.
Sponsor and Financing
The Company’s sponsor is Onyx Acquisition
Sponsor Co. LLC, a Cayman Islands limited liability company (the “Sponsor”).
The registration statement for the Company’s
IPO was declared effective on November 2, 2021 (the “Effective Date”). On November 5, 2021, the Company consummated its IPO
of 26,450,000 units (the “Units”), which includes the exercise of the underwriters’ option to purchase up to an additional
3,450,000 Units at the IPO price to cover over-allotments. Each Unit consists of one Class A ordinary share, $0.0001 par value per share
(the “Class A ordinary shares” and, shares thereof sold in the IPO, the “Public Shares”), and one-half of one
redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A
ordinary share at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at an offering price of $10.00 per
Unit, generating gross proceeds of $264,500,000 (see Note 3).
Simultaneous with the consummation of the IPO
and the issuance and sale of the Units, the Company consummated the private placement of 12,190,000 private placement warrants (the “Private
Placement Warrants”) (including 690,000 Private Placement Warrants purchased in connection with the exercise of the underwriters’
over-allotment option) at a price of $1.00 per Private Placement Warrant, generating total proceeds of $12,190,000. The Private Placement
Warrants, which were purchased by the Sponsor and BTIG, LLC (“BTIG”), and are identical to the Public Warrants, except that
if held by the Sponsor or BTIG or their permitted transferees, they are, subject to certain limited exceptions, subject to transfer restrictions
until 30 days following the consummation of the Company’s initial Business Combination. Additionally, the Private Placement Warrants
held by BTIG are subject to the lock-up and registration rights limitations imposed by Financial Industry Regulatory Authority Rule 5110
and may not be exercised after five years from November 2, 2021.
Offering costs amounted to $16,608,500, which
consisted of $4,600,000 of underwriting commissions, $11,270,000 of deferred underwriting commissions, and $738,500 of other offering
costs, all of which was charged to shareholders’ deficit.
Upon the closing of the IPO and the private placement,
$269,790,000 has been placed in a trust account (the “Trust Account”), representing the redemption value of the Class A ordinary
shares sold in the IPO, at their redemption value of $10.20 per share.
The Company’s management has broad discretion
with respect to the specific application of the net proceeds of the IPO and sale of the Private Placement Warrants, although substantially
all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the
Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the value
of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the
Trust Account) at the time the Company signs a definitive agreement in connection with the Business Combination. The Company will only
complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities
of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment
company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the
Company will be able to successfully effect a Business Combination.
Upon the closing of the IPO and the simultaneous
private placement, a total of $269,790,000, consisting of $10.20 per Unit sold in the IPO and a portion of the proceeds from the sale
of the Private Placement Warrants, was placed in the Trust Account located in the United States, with Continental Stock Transfer &
Trust Company acting as trustee, and invested only in United States “government securities” within the meaning of Section
2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to an
investment management trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment
of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather
than on buying and selling businesses in the manner of a merchant bank or private equity fund), the Company intends to avoid being deemed
an “investment company” within the meaning of the Investment Company Act. The IPO was not intended for persons seeking a return
on investments in government securities or investment securities. The Trust Account is intended as a holding place for funds pending the
earliest to occur of either: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly
tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association
(A) to modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares (the “Public
Shareholders”) the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of
the Public Shares if the Company does not complete the initial Business Combination within the Combination Period (as defined below) or
(B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares; or (iii) absent the completing
an initial Business Combination within the Combination Period, the return of the funds held in the Trust Account to the Public Shareholders
as part of the redemption of the Public Shares. If the Company does not invest the proceeds as discussed above, the Company may be deemed
to be subject to the Investment Company Act. If the Company is deemed to be subject to the Investment Company Act, compliance with these
additional regulatory burdens would require additional expenses for which the Company has not allotted funds and may hinder the ability
to complete a Business Combination. If the Company has not consummated the initial Business Combination within the required time period,
the Public Shareholders may receive only approximately $10.20 per Public Share, or less than such amount in certain circumstances, on
the liquidation of the Trust Account, and the warrants will expire worthless.
The Company will provide its Public Shareholders
with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection
with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company
will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion,
and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require
the Company to seek shareholder approval under applicable law or stock exchange listing requirement. The Public Shareholders will be entitled
to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.20 per Public
Share).
The per-share amount to be distributed to Public
Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter
(as discussed in Note 5). These Public Shares were classified as temporary equity upon the completion of the IPO in accordance with the
Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing
Liabilities from Equity.”
On January 18, 2023, the Company issued a press
release announcing that it is in advanced discussions with Helios Investment Partners about a potential business combination which would
result in the creation of a new publicly listed energy transition infrastructure platform, Helios Energy Transition Infrastructure (“HETI”),
focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa (the “Proposed Transaction”).
The Proposed Transaction is expected to be valued at an Enterprise
Value of approximately $1 billion, and the Company is targeting completion of the merger in the first half of 2024. There is no binding
agreement with respect to the Proposed Transaction, and negotiations remain subject to significant contingencies, including the completion
of due diligence, the negotiation and execution of a mutually acceptable definitive agreement, confirmation and documentation of fully
committed financing, and requisite shareholder approvals. There can be no assurances that the Company will successfully negotiate a definitive
agreement, or that the Proposed Transaction will be consummated.
The Company will have only until February 7, 2024
to consummate an initial Business Combination (the “Combination Period”), as noted per the extension on July 21, 2023. If
the Company fails to consummate an initial Business Combination during the Combination Period, the Company will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the
Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes, if any (less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish
Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors,
liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to
provide for claims of creditors and in all cases subject to the requirements of other applicable law. There will be no redemption rights
or liquidating distributions with respect to the warrants, which will expire worthless if the Company fails to complete its initial Business
Combination within the Combination Period.
On January 26, 2023, the Company held an extraordinary
general meeting of shareholders (the “January Meeting”) at which the Company’s shareholders approved two proposals to
amend the Company’s amended and restated memorandum and articles of association (the “Articles”). The first proposal
would extend the date by which the Company has to consummate a business combination from February 5, 2023 to August 7, 2023 (the “Extension
Amendment Proposal”). The second proposal would remove the limitation that the Company shall not redeem Class A ordinary shares
included as part of the units sold in its initial public offering (including any shares issued in exchange thereof) to the extent that
such redemption would cause the Company’s net tangible assets to be less than $5,000,001 (the “Redemption Limitation Amendment
Proposal”). The Extension Amendment Proposal and Redemption Limitation Amendment Proposal are described in more detail in the definitive
proxy statement of the Company, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 8,
2022 (the “Proxy Statement”), as supplemented to date.
On January 26, 2023, based on the results of the
January Meeting, the holders of the Company’s outstanding Class B ordinary shares (the “founder shares”) converted all
of the founder shares into Class A ordinary shares. Notwithstanding the conversions, such holders will not be entitled to receive any
monies held in the Trust Account as a result of their ownership of any Class A ordinary shares issued upon conversion of the founder shares.
In connection with the January Meeting, holders
of 22,239,972 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.36
per share, for an aggregate redemption amount of $230,611,860. As a result, such amount was removed from the Trust Account on February
1, 2023 to pay the redeeming holders and 4,210,028 Class A ordinary shares remain outstanding (excluding 6,612,500 Class B ordinary shares
(the “founder shares”) converted into Class A ordinary shares on January 26, 2023, which do not entitle their holders to any
monies held in the Trust Account as a result of their ownership). The remaining amount in the Trust Account immediately following the
redemption payments was $42,927,964.
The Sponsor agreed to contribute (each such contribution,
a “Contribution”) into the trust account of the Company(such trust account, the “Trust Account”) the lesser of
(x) an aggregate of $120,000 or (y) $0.035 per share for each public share that was not redeemed at the extraordinary general meeting
of shareholders of the Company held January 26, 2023 (the “Meeting”) for each monthly period until August 7, 2023 (commencing
on February 7, 2023 and ending on the 7th day of each subsequent month), or portion thereof, that is needed by the Company to complete
its initial Business Combination.
On July 21, 2023, the Company held an extraordinary
general meeting of shareholders (the “July Meeting”) at which the Company’s shareholders approved a proposal to amend
the Articles. The proposal amended the date by which the Company has to consummate a business combination from August 7, 2023 to February
7, 2024.
In connection with the July Meeting, holders of
2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83
per share, for an aggregate redemption amount of approximately $23,802,065. As a result, such amount was removed from the Trust Account
to pay such holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326
Class A ordinary shares outstanding.
The Sponsor and each member of the Company’s
management team have agreed to (i) waive their redemption rights with respect to their Founder Shares (as defined below), (ii) waive their
redemption rights with respect to their Founder Shares and any Class A ordinary shares in connection with a shareholder vote to approve
an amendment to the Company’s Articles (A) that would modify the substance or timing of the Company’s obligation to provide
Public Shareholders the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the
Public Shares if the Company does not complete the initial Business Combination within the Combination Period or (B) with respect to any
other provision relating to the rights of Public Shareholders and, (iii) waive their rights to liquidating distributions from the Trust
Account with respect to their Founder Shares if the Company fails to consummate an initial Business Combination within the Combination
Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold
if the Company fail to complete the initial Business Combination within the prescribed time frame), and (iv) vote any Founder Shares held
by them and any Public Shares purchased after the IPO (including in the open market and privately-negotiated transactions) in favor of
the initial Business Combination.
The Sponsor has agreed that it will be liable
to the Company if and to the extent any claims by a third-party (other than the Company’s independent auditor) for services rendered
or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement,
reduce the amounts in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the actual amount per Public Share
held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.20 per Public Share due to reductions
in the value of the trust assets, in each case net of the interest that may be withdrawn to pay the Company’s tax obligations, provided
that such liability will not apply to any claims by a third-party or prospective target business that executed a waiver of any and all
rights to seek access to the Trust Account nor will it apply to any claims under the indemnity of the underwriters of the IPO against
certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover,
in the event that an executed waiver is deemed to be unenforceable against a third-party, the Sponsor will not be responsible to the extent
of any liability for such third-party claims.
Risks and Uncertainties
Management is continuing to evaluate the impact
of the COVID-19 pandemic on its financial statements and has concluded that while it is reasonably possible that the virus could have
a negative effect on the Company’s financial position, results of operations and/or search for a target company, the specific impact
is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Liquidity, Capital Resources, and Going
Concern
As of September 30, 2023, the Company had cash
of $49,663 in its operating bank account and working capital deficit of $2,986,774.
The Company’s liquidity needs up to November
5, 2021 had been satisfied through a payment from the Sponsor of $25,000 (see Note 5) for the Founder Shares to cover certain offering
costs and a loan under an unsecured promissory note from the Sponsor of $104,808, which was paid in full on November 18, 2021 (see Note
5). In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, initial shareholders, officers,
directors or their affiliates may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5).
As of September 30, 2023, there were no amounts outstanding under any Working Capital Loans.
Based on the foregoing, management believes that
the Company may not have sufficient working capital to meet its needs through the earlier of the consummation of a Business Combination
or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying
and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying
for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business
Combination.
However, the Company is within 12 months of its
mandatory liquidation as of the time of filing this Annual Report on Form 10-K. In connection with the Company’s assessment of going
concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties
about an Entity’s Ability to Continue as a Going Concern,” the mandatory liquidation raises substantial doubt about the Company’s
ability to continue as a going concern until the earlier of the consummation of the Business Combination or February 7, 2024, the date
the Company is required to liquidate. On January 26, 2023, a meeting of the Company’s shareholders was held and approval was received
to extend the date by which the Company has to consummate a business combination from February 5, 2023 to August 7, 2023. On July 21,
2023, a meeting of the Company’s shareholders was held and approval was received to extend the date by which the Company has to
consummate a business combination from August 7, 2023 to February 7, 2024.
These financial statements do not include any
adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the
Company be unable to continue as a going concern.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities
and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial
reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of the Company’s
financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial
statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial
position, operating results and cash flows for the periods presented.
The accompanying unaudited condensed financial
statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the initial audited financial
statements and notes thereto as filed with the SEC on March 31, 2023. The interim results for the three and nine months ended September
30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim
periods.
Emerging Growth Company Status
The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports
and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards.
The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies, but any such an election to opt out is irrevocable. The Company has elected not to opt out
of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make the comparison of the Company’s financial statements with those of another public
company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of the unaudited condensed financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
expenses during the reporting period.
Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near
term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements
is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information
becomes available and accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents
The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had $49,663 and $377,526 of cash
as of September 30, 2023 and December 31, 2022, respectively, and no cash equivalents.
Investments Held in Trust Account
As of September 30, 2023 and December 31, 2022,
the Company’s portfolio of investments held in the Trust Account was comprised of U.S. government securities, within the meaning
of Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest
in U.S. government securities, cash, or a combination thereof. The Company classifies its securities as held-to-maturity because it has
the ability and intent to hold until maturity.
The carrying value, gross unrealized holding loss
and fair value of held-to-maturity securities on September 30, 2023 and December 31, 2022 are as follows:
| |
| |
Carrying Value | | |
Gross Unrealized Loss | | |
Fair Value | |
September 30, 2023 | |
Investments held in Trust Account | |
$ | 22,062,003 | | |
$ | — | | |
$ | 22,062,003 | |
December 31, 2022 | |
Investments held in Trust Account | |
$ | 273,539,825 | | |
$ | — | | |
$ | 273,539,825 | |
Concentration of Credit Risk
Financial instruments that potentially subject
the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal
Deposit Insurance Corporation coverage limit of $250,000. As of September 30, 2023 and December 31, 2022, the Company had not experienced
losses on this account, and management believes the Company was not exposed to significant risks on such account.
Net Income per Ordinary Share
Net income per ordinary share is computed by dividing
net income by the weighted average number of ordinary shares issued and outstanding during the period, excluding ordinary shares subject
to surrender by the Sponsor. The Company has two classes of stock, which are referred to as Class A ordinary shares and Class B ordinary
shares. Income and losses are shared pro rata between the two classes of shares. The calculation of diluted income per share of ordinary
shares does not consider the effect of the warrants issued in connection with the (i) IPO, and (ii) the private placement since the exercise
of the warrants is contingent upon the occurrence of future events. As of September 30, 2023, the Company did not have any dilutive securities
or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.
As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented. The following
table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Redeemable Class A | | |
Non-Redeemable Class A | | |
Class B | | |
Redeemable Class A | | |
Class B | | |
Redeemable Class A | | |
Non-Redeemable Class A | | |
Class B | | |
Redeemable Class A | | |
Class B | |
Basic and diluted net income per common stock: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income - basic and diluted | |
$ | 51,181 | | |
$ | 60,098 | | |
$ | — | | |
$ | 857,822 | | |
$ | 214,456 | | |
$ | 276,190 | | |
$ | 284,659 | | |
$ | 29,964 | | |
$ | 745,268 | | |
$ | 186,317 | |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average common stock outstanding | |
| 5,631,427 | | |
| 6,612,500 | | |
| — | | |
| 26,450,000 | | |
| 6,612,500 | | |
| 5,804,739 | | |
| 5,982,738 | | |
| 629,762 | | |
| 26,450,000 | | |
| 6,612,500 | |
Basic and diluted net income per common stock | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | — | | |
$ | 0.03 | | |
$ | 0.03 | | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.03 | | |
$ | 0.03 | |
Fair Value of Financial Instruments
The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,”
approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.
The Company follows the guidance in ASC 820 for
its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets
and liabilities that are re-measured and reported at fair value at least annually.
The fair value of the Company’s financial
assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of
observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities
based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
Level 1—Valuations based on unadjusted quoted
prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block
discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market,
valuation of these securities does not entail a significant degree of judgment.
Level 2—Valuations based on (i) quoted
prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar
assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from
or corroborated by market through correlation or other means.
Level 3—Valuations based on inputs that
are unobservable and significant to the overall fair value measurement.
Financial Instruments
The Company will account for warrants as either
equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative
guidance in FASB ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging. The assessment considers whether
the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether
the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s
own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside
of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional
judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a
component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria
for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance
sheet date thereafter. The Company accounts for its outstanding warrants as equity-classified.
Income Taxes
The Company accounts for income taxes under FASB
ASC 740, “Income Taxes.” ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact
of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived
from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely
than not that all or a portion of deferred tax assets will not be realized.
ASC 740 prescribes a recognition threshold and
a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.
The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction.
The Company recognizes accrued interest and penalties
related to unrecognized tax benefits as income tax expense. As of September 30, 2023 and December 31, 2022, there were no unrecognized
tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position. The Company’s management does not expect that
the total amount of unrecognized tax benefits will materially change over the next twelve months.
There is currently no taxation imposed on income
by the Government of the Cayman Islands. In accordance with federal income tax regulations, income taxes are not levied on the Company,
but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections
are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur
to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a
U.S. trade or business at this time.
Offering Costs associated with the Initial Public Offering
The Company complies with the requirements of
ASC 340-10-S99-1. Offering costs consisted of legal, accounting and underwriting fees and other costs incurred through the IPO that
were directly related to the IPO.
The Company incurred offering costs amounting
to $16,608,500 as a result of the IPO, which consisted of $4,600,000 of underwriting commissions, $11,270,000 of deferred underwriting
commissions, and $738,500 of other offering costs, all of which was charged to shareholders’ deficit.
Ordinary Shares Subject to Possible Redemption
All of the 26,450,000 Class A ordinary shares
sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares in connection
with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s Articles. In accordance with the SEC’s and its staff’s guidance
on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the
Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Public Shares have
been classified outside of permanent equity.
In connection with the January Meeting, holders
of 22,239,972 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.36
per share, for an aggregate redemption amount of $230,611,860. In connection with the July Meeting, holders of 2,198,202 Class A ordinary
shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate
redemption amount of $23,802,065. Accordingly, 2,011,826 and 26,450,000 Class A common stock subject to possible redemption at $10.97
and $10.34 redemption value as of September 30, 2023 and December 31, 2022, respectively, are presented at redemption value as temporary
equity, outside of the stockholders’ deficit section of the Company’s balance sheets.
The Company recognizes changes in redemption value
immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each
reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional
paid in capital and accumulated deficit.
The amount of Class A ordinary shares at September
30, 2023 is reconciled in the following table:
Class A ordinary shares subject to possible redemption, January 1, 2023 | |
$ | 273,539,825 | |
Less: | |
| | |
Redemptions | |
| (254,413,925 | ) |
Plus: | |
| | |
Accretion of Class A ordinary shares subject to possible redemption | |
| 2,936,103 | |
Class A ordinary shares subject to possible redemption, September 30, 2023 | |
$ | 22,062,003 | |
Recent Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards
Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments (“ASU 2016-13”). This update requires financial assets measured at amortized cost basis to be presented
at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events,
including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported
amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting
companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal
years, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material
impact on its financial statements.
The Company’s management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on
the Company’s financial statements.
NOTE 3 — INITIAL PUBLIC OFFERING
On November 5, 2021, the Company sold 26,450,000
Units at a purchase price of $10.00 per Unit. Each Unit had an offering price of $10.00 and consisted of one Class A ordinary share of
the Company, par value $0.0001 per share, and one-half of one redeemable warrant. Each whole Public Warrant entitles the holder to purchase
one Class A ordinary share at a price of $11.50 per share, subject to adjustment. The warrants will become exercisable on the later of
30 days after the completion of the initial Business Combination or 12 months from the closing of the IPO.
Following the closing of the IPO on November 5,
2021, $269,790,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants
was deposited into the Trust Account. The net proceeds deposited into the Trust Account are invested in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in money
market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S.
government treasury obligations.
NOTE 4 — PRIVATE PLACEMENT
On November 5, 2021, simultaneously with the closing
of the IPO, the Company completed the private sale of 12,190,000 Private Placement Warrants at a purchase price of $1.00 per Private Placement
Warrant to the Sponsor and BTIG, generating gross proceeds to the Company of $12,190,000. Each Private Placement Warrant entitles the
holder thereof to purchase one Class A ordinary share at $11.50 per share, subject to adjustment (see Note 7).
A portion of the proceeds from the Private Placement
Warrants was added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination
within the Combination Period, the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the Public
Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.
NOTE 5 — RELATED PARTY TRANSACTIONS
Founder Shares
On February 19, 2021, the Sponsor paid $25,000,
or approximately $0.002 per share, to cover certain offering costs in consideration for 10,062,500 Class B ordinary shares, par value
$0.0001 (the “Founder Shares”).
On July 2, 2021, the Sponsor surrendered 4,312,500
Founder Shares to the Company for no consideration resulting in 5,750,000 Class B ordinary shares outstanding.
On October 4, 2021, the Sponsor transferred 30,000 Founder Shares
to each of the Company’s three independent directors.
On November 2, 2021, the Company issued an additional
862,500 Class B ordinary shares to the Sponsor by way of the application of amounts standing to the credit of the share premium account
of the Company, resulting in there being an aggregate of 6,612,500 Class B ordinary shares outstanding, so that the initial shareholders
collectively own 20% of the Company’s issued and outstanding ordinary shares. All share and per share amounts have been restated.
See Note 7, in January 2023, the founder shares
were converted into Class A ordinary shares (non-redeemable).
The Sponsor and the Company’s directors
and officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion
of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary
shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination,
or (y) the date on which the Company complete a liquidation, merger, share exchange or other similar transaction that results in all
of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees
would be subject to the same restrictions and other agreements of our sponsor and our directors and officers with respect to any founder
shares.
Promissory Note — Related Party
On February 19, 2021, the Sponsor agreed to loan
the Company an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “Note”).
This Note was non-interest bearing and payable on the earlier of September 30, 2021 or the completion of the IPO. This Note matured undrawn
on June 30, 2021.
On July 27, 2021, the Sponsor agreed to loan
the Company up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “New Note”). This New
Note was non-interest bearing and payable on the earlier of December 31, 2021 or the completion of the IPO. In November 2021, the remaining
outstanding balance of $104,808 was fully repaid.
On February 7, 2023, the Company issued the a non-interest bearing,
unsecured promissory note in an aggregate principal amount of up to $720,000 to the Sponsor (the “Extension Note”) and the
Sponsor deposited monthly principal amounts of $120,000 into the Trust Account from February 7, 2023 through August 2023. On November
3, 2023, the Company amended and restated the Extension Note (hereinafter, the “Restated Note”) increasing the aggregate principal
amount to $1,470,000 (see Note 8). Amounts drawn down under the Restated Note will be repayable by the Company upon consummation of an
initial business combination. If the Company does not consummate an initial business combination by February 7, 2024, the Restated Note
will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of September
30, 2023, the Company has an outstanding balance of $785,000 under the Restated Note.
Related Party Loans
In addition, in order to finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers
and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the
Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account
released to the Company. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held
outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working
Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $1.00 per warrant at the
option of the lender. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability
and exercise period. The terms of such Working Capital Loans by our officers and directors, if any, have not been determined and no written
agreements exist with respect to such Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any,
have not been determined and no written agreements exist with respect to such loans. To date, the Company has no borrowings under the
Working Capital Loans.
Administrative Fees
From the date of the IPO, an affiliate of the
Sponsor provides members of the management team office space, secretarial and administrative services at no cost.
NOTE 6 — COMMITMENTS AND CONTINGENCIES
Registration and Shareholder Rights
The holders of the Founder Shares, Private Placement
Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon
the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled
to registration rights pursuant to a registration rights agreement signed prior to the effective date of the IPO. The holders of these
securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the
completion of the initial Business Combination. However, the registration rights agreement provides that the Company will not permit
any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which
occurs (i) in the case of the Founder Shares, as described in the following paragraph, and (ii) in the case of the Private Placement
Warrants and the respective Class A ordinary shares issuable upon exercise of the Private Placement Warrants, 30 days after the completion
of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration
statements. Notwithstanding the foregoing, BTIG or its designees may not exercise their demand and “piggy-back” registration
rights after five years after November 2, 2021 and may not exercise their demand rights on more than one occasion.
Underwriting Agreement
On November 5, 2021, the Company paid a cash
underwriting commission of $0.20 per Unit on the 23,000,000 Units issued in the base offering for a total of $4,600,000.
The underwriters are entitled to deferred underwriting
commissions of $0.40 per Unit on the 23,000,000 Units issued in the base offering and $0.60 per Unit on the 3,450,000 overallotment Units
for a total of $11,270,000. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely
in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement entered into
in connection with the IPO.
On March 1, 2023, the Company entered into an
amendment to the underwriting agreement relating to its IPO where the underwriters have agreed to reduce the commission payable from
$11,270,000 to $5,640,000 upon the closing of the proposed business combination and the forfeiture of 3,306,250 Founder Shares to the
Company. Upon the Closing, the deferred fee will be paid to the underwriters as follows based on the percentage of redemptions of Class
A Ordinary Shares by public shareholders: (1) 80% or more redemptions: $3,000,000 in cash and $2,640,000 in Class A Ordinary Shares (at
$10 per share), (2) 70% or more, but less than 80% redemptions: $3,880,000 in cash and $1,760,000 in Class A Ordinary Shares (at $10
per share), (3) 60% or more, but less than 70% redemptions: $4,760,000 in cash and $880,000 in Class A Ordinary Shares (at $10 per share),
and (4) less than 60% redemptions: $5,640,000 in cash and $0 in Class A Ordinary Shares.
NOTE 7 — SHAREHOLDERS’ DEFICIT
Preference shares — The Company
is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share, with such designations, voting and other rights
and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2023 and December
31, 2022, there were no preference shares issued and outstanding.
Class A ordinary shares (redeemable)—
The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. At September 30, 2023 and
December 31, 2022, there no Class A ordinary shares issued and outstanding, excluding 2,011,826 and 26,450,000 shares subject to possible
redemption, respectively.
Class A ordinary shares (non-redeemable)—
On January 26, 2023, the holders of the Company’s outstanding founder shares converted all of the founder shares into Class A ordinary
shares. Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the Trust Account as a result
of their ownership of any Class A ordinary shares issued upon conversion of the founder shares. The Company is authorized to issue 50,000,000
Class A non-redeemable ordinary shares with a par value of $0.0001 per share. At September 30, 2023 and December 31, 2022, there were
6,612,500 and 0 Class A non-redeemable ordinary shares issued and outstanding, respectively.
Class B ordinary shares —
The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of September 30, 2023
and December 31, 2022, there were 0 and 6,612,500 Class B ordinary shares issued and outstanding, respectively.
Ordinary shareholders of record are entitled
to one vote for each share held on all matters to be voted on by shareholders. Holders of the Class A ordinary shares and holders of
the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders, except as required
by law.
The Founder Shares are designated as Class B
ordinary shares and will automatically convert into Class A ordinary shares, which such Class A ordinary shares delivered upon conversion
will not have any redemption rights or be entitled to liquidating distributions if the Company does not consummate an initial Business
Combination, at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the
number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis,
20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the IPO plus (ii) the total number
of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined
herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business
Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares
issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to
the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. Any conversion
of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of
Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary
shares at a rate of less than one-to-one.
Warrants — Public Warrants
may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only
whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business
Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement
under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus
relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky,
laws of the state of residence of the holder.
The Company will not be obligated to deliver
any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then
effective and a prospectus relating thereto is current, subject to satisfying its obligations described below with respect to registration,
or a valid exemption from registration is available. No warrant will be exercisable for cash, and the Company will not be obligated to
issue any Class A ordinary shares to holders seeking to exercise their warrants, unless the issuance of the Class A ordinary shares upon
such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.
Once the warrants become exercisable, the Company
may redeem the outstanding warrants:
|
● |
in whole
and not in part; |
|
● |
at a price of $0.01 per
warrant; |
|
● |
upon a minimum of 30 days’
prior written notice of redemption; and |
|
● |
if, and only if, the last
reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted
for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within a 30-trading day period
ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders. |
The Company will not redeem the warrants unless
an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants
is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period,
except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities
Act. The Company may not redeem the warrants when a holder may not exercise such warrants.
If the Company calls the warrants for redemption
as described above, management will have the option to require all holders that wish to exercise warrants to do so on a “cashless
basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary
shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied
by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair
market value. The “fair market value” means the average reported last sale price of the Class A ordinary shares for the five
trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
The exercise price and number of Class A ordinary
shares issuable on exercise of the warrants may be adjusted in certain circumstances, including in the event of a stock dividend, extraordinary
dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted
for issuances of Class A ordinary shares at a price below their respective exercise prices.
In addition, if (x) the Company issues additional
Class A ordinary shares or equity-linked securities in connection with the closing of an initial Business Combination at a Newly Issued
Price (as defined below) of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined
in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial shareholders or
their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of an initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Company’s Class A ordinary share during the 20 trading day period starting
on the trading day after the day on which the Company completes a Business Combination (such price, the “Market Value”) is
below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption trigger price of the warrants will be adjusted
(to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price.
The Private Placement Warrants are identical
to the Public Warrants, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private
Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject
to certain limited exceptions.
At September 30, 2023 and December 31, 2022,
the Company had 13,225,000 Public Warrants and 12,190,000 Private Placement Warrants outstanding.
NOTE 8 — SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review,
other than described below or within these financial statements, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the condensed financial statements.
Nasdaq Non-Compliance
On October 24, 2023, the Company received a written
notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying
the Company that, since the Company’s Form 10-Q for the period ended June 30, 2023 reported total holders below the round lot holder
requirement under Nasdaq Listing Rule 5450(a)(2), the Company no longer complies with Nasdaq’s Listing Rules. The Notice does not
impact the listing of the Company’s Class A ordinary shares on the Nasdaq Global Market at this time.
Promissory Note — Related Party
As described in Note 5, on November 3, 2023, the Company issued the
Restated Note in an aggregate principal amount of up to $1,470,000 to Onyx Acquisition Sponsor Co. LLC.
The Restated Note amends, restates, replaces
and supersedes the Extension Note executed by the Company in favor of the Sponsor. The Restated Note may be drawn down by the Company
from time to time prior to the consummation of the Company’s initial merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or initial Business Combination. The Restated Note does not bear interest, matures on the date of consummation
the Business Combination and is subject to customary events of default. The Restated Note will be repaid only to the extent that the
Company has funds available to it outside of the Trust Account.
Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations.
References in this Quarterly Report on Form 10-Q
(the “Quarterly Report”) to “we,” “us,” “our” or the “Company” refer to Onyx
Acquisition Co. I. References to our “management” or our “management team” refer to our officers and directors,
and references to the “Sponsor” refer to Onyx Acquisition Sponsor Co. LLC. The following discussion and analysis of the Company’s
financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained
elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking
statements that involve risks and uncertainties.
Cautionary Note Regarding Forward-Looking
Statements
This Quarterly Report includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts, and involve
risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other
than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and variations thereof and similar words and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs,
based on information currently available. A number of factors including, but not limited to, possible business combinations and the financing
thereof, and related matters, as well as all other statements other than statements of historical fact included in this Quarterly Report
could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking
statements. For information identifying important factors that could cause actual results to differ materially from those anticipated
in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the “SEC”) on April 5, 2022. The Company’s securities filings can be accessed
on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future
events or otherwise.
Overview
We are a blank check company incorporated as
a Cayman Islands exempted company on February 2, 2021 for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”).
We are an early stage and emerging growth company and, as such, we are subject to all of the risks associated with early stage and emerging
growth companies.
The registration statement for our initial public
offering (the “IPO”) was declared effective on November 2, 2021 (the “Effective Date”). On November 5, 2021,
we consummated our IPO of 26,450,000 units (the “Units”), which includes the exercise of the underwriters’ option to
purchase up to an additional 3,450,000 Units at the IPO price to cover over-allotments. Each Unit consists of one Class A ordinary share
(the “Class A ordinary shares” and, shares thereof sold in the IPO, the “Public Shares”) and one-half of one
public warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary
share at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at an offering price of $10.00 per Unit, generating
gross proceeds of $264,500,000.
Simultaneous with the consummation of the IPO
and the issuance and sale of the Units, we consummated the private placement of 12,190,000 private placement warrants (the “Private
Placement Warrants”) (including 690,000 Private Placement Warrants purchased in connection with the exercise of the underwriter’s
over-allotment option) at a price of $1.00 per Private Placement Warrant, generating total proceeds of $12,190,000. The Private Placement
Warrants, which were purchased by the Sponsor and BTIG, LLC (“BTIG”), are identical to the Public Warrants, except that if
held by the Sponsor or BTIG or their permitted transferees, they are, subject to certain limited exceptions, subject to transfer restrictions
until 30 days following the consummation of our initial Business Combination. Additionally, the Private Placement Warrants held by BTIG
are subject to the lock-up and registration rights limitations imposed by Financial Industry Regulatory Authority Rule 5110 and may not
be exercised after five years from November 2, 2021.
Upon the closing of our IPO and the private placement,
$269,790,000 has been placed in a trust account (the “Trust Account”), representing the redemption value of the Class A ordinary
shares sold in the initial public offering, at their redemption value of $10.20 per share.
If we are unable to consummate an initial Business
Combination by February 7, 2024 (the “Combination Period”), then we will (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the
funds held in the Trust Account and not previously released to the Company to pay income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate
and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide
for claims of creditors and in all cases subject to the requirements of other applicable law. There will be no redemption rights or liquidating
distributions with respect to the warrants, which will expire worthless if the Company fails to complete its initial Business Combination
within the Combination Period.
On January 18, 2023, the company announced that
it is in advanced discussions with Helios Investment Partners about a potential business combination which would result in the creation
of a new publicly listed energy transition infrastructure platform, Helios Energy Transition Infrastructure (“HETI”), focused
on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa (the “Proposed Transaction”).
The Proposed Transaction is expected to be valued at an Enterprise Value of approximately $1 billion, and the company is targeting completion
of the merger in the second half of 2023. There is no binding agreement with respect to the Proposed Transaction, and negotiations remain
subject to significant contingencies, including the completion of due diligence, the negotiation and execution of a mutually acceptable
definitive agreement, confirmation and documentation of fully committed financing, and requisite shareholder approvals. There can be
no assurances that the company will successfully negotiate a definitive agreement, or that the Proposed Transaction will be consummated.
At the extraordinary general meeting of shareholders
held on January 26, 2023 (the “January Meeting”), the company’s shareholders approved proposals to amend the company’s
amended and restated memorandum and articles of association (the “Articles”) to extend the date by which the Company has
to consummate a business combination from February 5, 2023 to August 7, 2023 and remove the limitation that the company shall not redeem
Class A ordinary shares included as part of the units sold in its initial public offering (including any shares issued in exchange thereof)
to the extent that such redemption would cause the company’s net tangible assets to be less than $5,000,001. Based on the results
of the January Meeting, our Sponsor agreed to contribute into the trust account the lesser of (x) an aggregate of $120,000 or (y) $0.035
per share for each public share that was not redeemed at the Meeting for each monthly period until August 7, 2023 (commencing on February
7, 2023 and ending on the 7th day of each subsequent month), or portion thereof, that is needed by the company to complete its initial
business combination (each such payment, a “Contribution”). In connection with the January Meeting, 22,239,972 Class A ordinary
shares were redeemed and 4,210,028 Class A ordinary shares were not redeemed. As a result, the aggregate monthly Contribution payable
by the Sponsor to us was $120,000.
On January 26, 2023, in connection with the January
Meeting, the holders of the company’s founder shares converted all of their Class B ordinary shares into Class A ordinary shares.
Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the trust account as a result of their
ownership of any Class A ordinary shares issued upon conversion of the founder shares.
On February 7, 2023, we issued a promissory note in the principal amount
of up to $720,000 to our Sponsor (the “Extension Note”), with respect to the Contributions (the “Extension Loans”).
The Extension Loans are unsecured and non-interest bearing and will be repayable by the company upon consummation of an initial business
combination. If the company does not consummate an initial business combination, the Extension Note will be repaid only from funds held
outside of the trust account or will be forfeited, eliminated or otherwise forgiven. On November 3, 2023, we amended and restated the
Extension Note (hereinafter, the “Restated Note”) increasing the aggregate principal amount to $1,470,000. For the nine months
ended September 30, 2023, we purchased an aggregate of $720,000 in investments in the Trust Account from the monthly extension Contributions.
On July 21, 2023, the company held an extraordinary
general meeting of shareholders (the “July Meeting”) at which the company’s shareholders approved a proposal to amend
the company’s Articles. The proposal amended the date by which the company has to consummate a business combination from August
7, 2023 to February 7, 2024.
In connection with the July Meeting, holders
of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83
per share, for an aggregate redemption amount of $23,802,065. As a result, such amount was removed from the Trust Account to pay such
holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326 Class
A ordinary shares outstanding.
The company is in advanced discussions with Helios
Investment Partners about a potential business combination which would result in the creation of a new publicly listed energy transition
infrastructure platform, HETI, focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in
Africa. HETI currently owns and is developing a portfolio of strategic infrastructure assets and businesses delivering the energy transition
in Africa. This portfolio spans the natural gas, LNG and power value chain comprising liquefaction, storage, regasification, pipeline
infrastructure and power plants, supplying gas and power to over 200 industrial customers and utilities across Africa on a long-term
contracted basis. The portfolio supports the displacement of expensive and polluting coal and liquid fuels with cleaner, more affordable
natural gas in its target markets. In addition, HETI is developing a pipeline of low-carbon fuel (blue and green hydrogen) and renewable/low-carbon
power projects which will utilize best-in-class partnerships and technology to take advantage of Africa’s renewable resource advantage
and proximity to global end markets to support the global Net Zero ambition. The company intends to announce additional details regarding
the potential business combination if and when a definitive agreement is executed. Currently, there is no binding agreement with respect
to the Proposed Transaction, and negotiations remain subject to significant contingencies, including the completion of due diligence,
the negotiation and execution of a mutually acceptable definitive agreement, confirmation and documentation of fully committed financing,
and requisite shareholder approvals. There can be no assurances that the company will successfully negotiate a definitive agreement,
or that the Proposed Transaction will be consummated.
Results of Operations
As of September 30, 2023, we have not commenced
any operations. All activity for the period from February 2, 2021 (inception) through September 30, 2023, relates to our formation and
IPO, and, since the completion of our IPO, searching for a target to consummate an initial Business Combination. We will not generate
any operating revenues until after the completion of our initial Business Combination, at the earliest. We generate non-operating income
in the form of interest income from the proceeds derived from our IPO and placed in the Trust Account.
For the three months ended September 30, 2023, we had a net income
of $111,279, which consisted of interest earned on cash and marketable securities held in the Trust Account of $372,697 and an unearned
gain on marketable securities of $6,729, offset by formation and operating costs of $268,147.
For the nine months ended September 30, 2023, we had a net income of
$590,813, which consisted of interest earned on cash and marketable securities held in the Trust Account of $2,216,149, offset by formation
and operating costs of $1,625,290 and an unrealized loss on marketable securities of $46.
For the three months ended September 30, 2022,
we had a net income of $1,072,278, which consisted of interest earned on cash and marketable securities held in the Trust Account of
$1,308,366 offset by formation and operating costs of $236,088.
For the nine months ended September 30, 2022,
we had a net income of $931,585, which consisted of interest earned on cash and marketable securities held in the Trust Account of $1,438,705
offset by formation and operating costs of $507,120.
Liquidity, Capital Resources and Going Concern
For the nine months ended September 30, 2023,
net cash used in operating activities was $392,863. Net income of $590,813 was affected by interest earned on marketable securities held
in the Trust Account of $2,216,149 and an unrealized loss on marketable securities of $46. Changes in operating assets and liabilities
provided $1,232,427 in cash for operating activities.
For the nine months ended September 30, 2022,
cash used in operating activities was $315,620. Net income of $931,585 was affected by interest earned on marketable securities held
in the Trust Account of $1,438,705. Changes in operating assets and liabilities provided $191,500 in cash for operating activities.
As of September 30, 2023, we had cash outside
our Trust Account of $49,663, available for working capital needs. All remaining cash was held in the Trust Account and is generally
unavailable for our use, prior to an initial Business Combination.
The Company’s liquidity needs up to November
5, 2021 had been satisfied through a payment from the Sponsor of $25,000 for the founder shares to cover certain offering costs and a
loan under an unsecured promissory note from the Sponsor of $104,808, which was paid in full on November 18, 2021. In addition, in order
to finance transaction costs in connection with a Business Combination, the Sponsor, initial shareholders, officers, directors or their
affiliates may, but are not obligated to, provide the company Working Capital Loans (as defined below). As of September 30, 2023, there
were no amounts outstanding under any Working Capital Loans.
In order to fund working capital deficiencies
or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required (“Working Capital Loans”). If we complete
a Business Combination, we may repay such Working Capital Loans out of the proceeds of the Trust Account released to us. In the event
that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such
Working Capital Loans, but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital
Loans may be convertible into warrants, at a price of $1.00 per warrant, at the option of the lender. The warrants would be identical
to the Private Placement Warrants.
We do not believe we will need to raise additional
funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target
business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so,
we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional
financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares
upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such
Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with
the completion of our Business Combination. If we are unable to complete our Business Combination because we do not have sufficient funds
available to us, we will be forced to cease operations and liquidate the Trust Account. In addition, following our Business Combination,
if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.
However, the company is within 12 months of its
mandatory liquidation as of the time of filing this Annual Report. In connection with the company’s assessment of going concern
considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about
an Entity’s Ability to Continue as a Going Concern,” the mandatory liquidation raises substantial doubt about the company’s
ability to continue as a going concern until the earlier of the consummation of the business combination or the date the company is required
to liquidate.
At the January Meeting the company’s shareholders
approved proposals to amend the company’s Articles to extend the date by which the Company has to consummate a business combination
from February 5, 2023 to August 7, 2023 and remove the limitation that the Company shall not redeem Class A ordinary shares included
as part of the units sold in its initial public offering (including any shares issued in exchange thereof) to the extent that such redemption
would cause the Company’s net tangible assets to be less than $5,000,001. Based on the results of the January Meeting, our Sponsor
agreed to contribute into the trust account the lesser of (x) an aggregate of $120,000 or (y) $0.035 per share for each public share
that was not redeemed at the January Meeting for each monthly period until August 7, 2023 (commencing on February 7, 2023 and ending
on the 7th day of each subsequent month), or portion thereof, that is needed by the company to complete its initial business combination.
In connection with the extraordinary general meeting, 22,239,972 Class A ordinary shares were redeemed and 4,210,028 Class A ordinary
shares were not redeemed. As a result, the aggregate monthly Contribution payable by the Sponsor to us was $120,000.
On February 7, 2023, we issued the Extension Note, evidencing the Extension
Loans. The Extension Loans are unsecured and non-interest bearing and will be repayable by the company upon consummation of an initial
business combination. If the company does not consummate an initial business combination, the Extension Note will be repaid only from
funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. On November 3, 2023, we issued the Restated
Note, increasing the aggregate principal amount to $1,470,000. For the nine months ended September 30, 2023, we purchased an aggregate
of $720,000 in investments in the Trust Account from the monthly extension Contributions.
On July 21, 2023, the Company held the July Meeting
at which the Company’s shareholders approved a proposal to amend the Company’s Articles. The proposal amended the date by
which the Company has to consummate a business combination from August 7, 2023 to February 7, 2024.
In connection with the July Meeting, holders
of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83
per share, for an aggregate redemption amount of $23,802,065. As a result, such amount was removed from the Trust Account to pay such
holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326 Class
A ordinary shares outstanding.
These financial statements do not include any
adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the
Company be unable to continue as a going concern.
Off-Balance Sheet Arrangements
We have no obligations, assets or liabilities, which would be considered
off-balance sheet arrangements as of September 30, 2023.
Contractual Obligations
As of September 30, 2023, we did not have any
long-term debt, capital or operating lease obligations.
The underwriters are entitled to deferred underwriting
commissions of $0.40 per Unit on the 23,000,000 Units issued and $0.60 on the 3,450,000 overallotment Units for a total of $11,270,000.
The deferred fee will become payable to the underwriters from the amounts held in the trust account solely in the event that the company
completes an initial business combination, subject to the terms of the underwriting agreement entered into in connection with the IPO.
On March 1, 2023, the company entered into an amendment to the underwriting agreement, pursuant to which the underwriters have agreed
to reduce the commission payable from $11,270,000 to $5,640,000 upon the closing of the initial business combination. Upon the closing
of an initial business combination, the deferred fee will be paid to the underwriters as follows based on the percentage of redemptions
of Class A ordinary shares by public shareholders: (1) 80% or more redemptions: $3,000,000 in cash and $2,640,000 in Class A ordinary
shares (at $10 per share), (2) 70% or more, but less than 80% redemptions: $3,880,000 in cash and $1,760,000 in Class A ordinary shares
(at $10 per share), (3) 60% or more, but less than 70% redemptions: $4,760,000 in cash and $880,000 in Class A ordinary shares (at $10
per share), and (4) less than 60% redemptions: $5,640,000 in cash and $0 in Class A ordinary shares.
Critical Accounting Estimates and Policies
The preparation of unaudited condensed financial
statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ
from those estimates. We have identified the following as our critical accounting policies:
Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary
share subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480
“Distinguishing Liabilities from Equity.” Class A ordinary share subject to mandatory redemption (if any) are classified
as a liability instrument and are measured at fair value. Conditionally redeemable ordinary share (including ordinary shares that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as
shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of
the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of September 30, 2023 and December
31, 2022, 2,011,826 and 26,450,000, respectively, shares of Class A ordinary share subject to possible redemption are presented at redemption
value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.
Net Income Per Ordinary Share
As of September 30, 2023, we had two classes
of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses were shared pro rata between
the two classes of shares. The potential ordinary shares for outstanding warrants to purchase our shares were excluded from diluted earnings
per share for the period ended September 30, 2023 because the warrants are contingently exercisable, and the contingencies have not yet
been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods. On January
26, 2023, the holders of the company’s Class B ordinary shares, including our sponsor, converted all of the Class B ordinary shares
into Class A ordinary shares.
Recent Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards
Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments (“ASU 2016-13”). This update requires financial assets measured at amortized cost basis to be presented
at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events,
including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported
amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting
companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal
years, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a
material impact on its financial statements.
Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the company’s financial
statements.
JOBS Act
On April 5, 2012, the Jumpstart Our Business
Startups Act of 2012 (“JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS Act
are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.
We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result,
our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company
effective dates.
Additionally, we are in the process of evaluating
the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth
in the JOBS Act, if, as an “emerging growth company”, we choose to rely on such exemptions we may not be required to, among
other things, (i) provide an independent registered public accounting firm’s attestation report on our system of internal controls
over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging
growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may
be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the report of
independent registered public accounting firm providing additional information about the audit and the financial statements (auditor
discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation
and performance and comparisons of the chief executive officer’s compensation to median employee compensation. These exemptions
will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging
growth company,” whichever is earlier.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk.
We are a smaller reporting company as defined
by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation
of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness
of our disclosure controls and procedures as of the end of the fiscal quarter ended September 30, 2023, as such term is defined in Rules
13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, outside of the disclosed below, our principal executive officer
and principal financial officer have concluded that, as of the evaluation date, our disclosure controls and procedures were not effective.
Management previously identified a material weakness in internal controls related to the accounting for accruals that has not yet been
remediated. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to continue to enhance
our system of evaluating and implementing the accounting standards that apply to our condensed financial statements, including through
enhanced analyses by our personnel and third-party professionals with whom we consult regarding the accounting for accruals. The elements
of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have
the intended effects.
Disclosure controls and procedures are designed
to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported
within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our
management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial
Reporting
There was no change in our internal control over
financial reporting that occurred during the fiscal quarter ended September 30, 2023 covered by this Quarterly Report that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors.
As of the date of this Quarterly Report, there
have been no material changes to the risk factors disclosed in our Quarterly Report on Form 10-Q, filed with the SEC on May 15, 2023,
and our Annual Report on Form 10-K, filed with the SEC on March 31, 2023, except for the below risk factor. We may disclose changes to such risk factors or disclose additional
risk factors from time to time in future filings with the SEC.
Nasdaq may delist our securities from trading
on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading
restrictions.
We cannot assure that our shares will continue
to be listed on Nasdaq in the future or prior to our initial Business Combination. On October 24, 2023, the Company received a written
notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying
the Company that, since the Company’s Form 10-Q for the period ended June 30, 2023 reported total holders below the round lot holder
requirement under Nasdaq Listing Rule 5450(a)(2), which requires the Company to maintain a minimum of 400 public holders (the “Minimum
Public Holders Rule”), the Company no longer complies with Nasdaq’s Listing Rules. The Notice does not impact the listing
of the Company’s Class A ordinary shares on the Nasdaq Global Market at this time.
The Notice states that the Company has 45 calendar
days to submit a plan to regain compliance with the Minimum Public Holders Rule. The Company intends to submit a plan to regain compliance
(the “Plan”) with the Minimum Public Holders Rule within the required timeframe. Additionally, the Company may consider applying
to transfer the listing of its securities to the Nasdaq Capital Market (provided that it then satisfies the requirements for continued
listing on that market). If Nasdaq accepts the Plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date
of the Notice to evidence compliance with the Minimum Public Holders Rule. If Nasdaq does not accept the Plan, the Company will have the
opportunity to appeal the decision to Nasdaq.
There can be no assurance that Nasdaq will accept
the Plan, that any appeal to the Panel would be successful if Nasdaq does not accept the Plan, or that the Company will be able to regain
or maintain compliance with the Minimum Public Holders Rule.
If Nasdaq delists our shares from trading on its
exchange and we are not able to list our shares on another national securities exchange, we expect our shares could be quoted on an over-the-counter
market. If this were to occur, we could face significant material adverse consequences, including:
| ● | a limited availability of market quotations for our securities; |
| ● | reduced liquidity for our securities; |
| ● | a determination that our Class A ordinary shares are a “penny
stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result
in a reduced level of trading activity in the secondary trading market for our securities; |
| ● | a limited amount of news and analyst coverage; and |
| ● | a decreased ability to issue additional securities or obtain
additional financing in the future. |
The National Securities Markets Improvement Act
of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred
to as “covered securities.” Because our Units, Class A ordinary shares and public warrants are listed on Nasdaq, our Units,
Class A ordinary shares and public warrants qualify as covered securities under the statute. Although the states are preempted from regulating
the sale of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and,
if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case.
While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies,
other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers,
or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer
listed on Nasdaq, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each
state in which we offer our securities.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On July 21, 2023, we held an extraordinary
general meeting of shareholders, at which the shareholders approved, among other things, a proposal to amend the Articles to extend the
date by which we must consummate a business combination from August 7, 2023 to February 7, 2024. In connection with the July Meeting,
shareholders holding 2,198,202 public shares exercised their right to redeem such shares for a pro rata portion of the Trust Account.
We paid cash in the aggregate amount of $23.8 million, or approximately $10.83 per share to redeeming shareholders on August 1, 2023.
The following table contains monthly information about the repurchases
of our equity securities for the three months ended September 30, 2023:
| |
| | |
| | |
| | |
(d) Maximum number | |
| |
| | |
| | |
(c) Total number of | | |
(or approximate dollar | |
| |
(a) Total | | |
| | |
shares (or units) | | |
value) of shares (or | |
| |
number of | | |
(b) Average price | | |
purchased as part of | | |
units) that may yet be | |
| |
shares (or units) | | |
paid per share (or | | |
publicly announced | | |
purchased under the | |
Period | |
purchased | | |
unit) | | |
plans or programs | | |
plans or programs | |
June 1 – June 30, 2023 | |
| — | | |
$ | — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
July 1 – July 31, 2023 | |
| — | | |
$ | — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
August 1 – August 30, 2023 | |
| 2,198,202 | | |
$ | 10.83 | | |
| — | | |
| — | |
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits.
Exhibit
Number |
|
Description |
3.1 |
|
Amended
and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K (File
No. 001-41003), filed with the SEC on November 8, 2021) |
3.2 |
|
Amendment
to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form
8-K (File No. 001-41003), filed with the SEC on January 27, 2023). |
3.3 |
|
Amendment
to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form
8-K (File No. 001-41003), filed with the SEC on July 24, 2023). |
4.1 |
|
Warrant
Agreement between Continental Stock Transfer & Trust Company and the Company (incorporated by reference to Exhibit 4.1 of the
Company’s Form 8-K (File No. 001-41003), filed with the SEC on November 8, 2021) |
31.1* |
|
Certification
of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* |
|
Certification
of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1** |
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2** |
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS* |
|
Inline XBRL Instance
Document |
101.SCH* |
|
Inline XBRL Taxonomy
Extension Schema Document |
101.CAL* |
|
Inline XBRL Taxonomy
Extension Calculation Linkbase Document |
101.DEF* |
|
Inline XBRL Taxonomy
Extension Definition Linkbase Document |
101.LAB* |
|
Inline XBRL Taxonomy
Extension Label Linkbase Document |
101.PRE* |
|
Inline XBRL Taxonomy
Extension Presentation Linkbase Document |
104* |
|
Cover Page Interactive
Data File (Embedded within the Inline XBRL document and included in Exhibit 101) |
* |
Filed herewith. |
** |
Furnished. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized on this 20th day of November, 2023.
|
ONYX ACQUISITION CO. I |
|
|
Date: November 20, 2023 |
By: |
/s/
Michael Stern |
|
Name: |
Michael Stern |
|
Title: |
Director, Chairman and Chief Executive Officer |
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In connection with the Quarterly Report of Onyx
Acquisition Co. I (the “Company”) on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and
Exchange Commission on the date hereof (the “Report”), I, Michael Stern, Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
In connection with the Quarterly Report of Onyx
Acquisition Co. I (the “Company”) on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and
Exchange Commission on the date hereof (the “Report”), I, Matthew Vodola, Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge: