2023 Q4 Form 10-K Financial Statement
#000119312524096274 Filed on April 15, 2024
Income Statement
| Concept | 2023 Q4 | 2023 | 2022 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | |||
| YoY Change | |||
| % of Gross Profit | |||
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | |||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $169.0K | $1.140M | $967.0K |
| YoY Change | -45.66% | 17.89% | 45.2% |
| Operating Profit | |||
| YoY Change | |||
| Interest Expense | $299.0K | $2.704M | $1.861M |
| YoY Change | -72.59% | 45.3% | 92950.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $130.0K | $1.564M | $894.0K |
| YoY Change | -83.33% | 74.94% | -234.64% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | $130.0K | $1.564M | $894.0K |
| YoY Change | -83.33% | 74.94% | -234.64% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | $0.09 | ||
| Diluted Earnings Per Share | $0.03 | $0.31 | $0.06 |
| COMMON SHARES | |||
| Basic Shares Outstanding | |||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2023 Q4 | 2023 | 2022 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $78.00K | $78.00K | $243.0K |
| YoY Change | -67.9% | -67.9% | -75.08% |
| Cash & Equivalents | $78.00K | $78.00K | $243.0K |
| Short-Term Investments | |||
| Other Short-Term Assets | $0.00 | $0.00 | $275.0K |
| YoY Change | -100.0% | -100.0% | -17.42% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $78.00K | $78.00K | $518.0K |
| YoY Change | -84.94% | -84.94% | -60.4% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | |||
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $21.16M | $21.16M | $130.9M |
| YoY Change | -83.83% | -83.83% | 1.23% |
| Total Long-Term Assets | $21.16M | $21.16M | $130.9M |
| YoY Change | -83.83% | -83.83% | 1.23% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $78.00K | $78.00K | $518.0K |
| Total Long-Term Assets | $21.16M | $21.16M | $130.9M |
| Total Assets | $21.24M | $21.24M | $131.4M |
| YoY Change | -83.84% | -83.84% | 0.61% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | |||
| YoY Change | |||
| Accrued Expenses | $538.0K | $12.00K | $12.00K |
| YoY Change | 4383.33% | 0.0% | -7.69% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $1.108M | $1.108M | $130.0K |
| YoY Change | 752.31% | 752.31% | -42.73% |
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $1.120M | $1.120M | $142.0K |
| YoY Change | 688.73% | 688.73% | -40.83% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $4.428M | $4.428M | $4.428M |
| YoY Change | 0.0% | 0.0% | 0.0% |
| Total Long-Term Liabilities | $4.428M | $4.428M | $4.428M |
| YoY Change | 0.0% | 0.0% | 0.0% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.120M | $1.120M | $142.0K |
| Total Long-Term Liabilities | $4.428M | $4.428M | $4.428M |
| Total Liabilities | $5.548M | $5.548M | $4.570M |
| YoY Change | 21.4% | 21.4% | -2.1% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$5.470M | ||
| YoY Change | 35.0% | ||
| Common Stock | |||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$5.470M | $15.69M | $126.8M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $21.24M | $21.24M | $131.4M |
| YoY Change | -83.84% | -83.84% | 0.61% |
Cashflow Statement
| Concept | 2023 Q4 | 2023 | 2022 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $130.0K | $1.564M | $894.0K |
| YoY Change | -83.33% | 74.94% | -234.64% |
| Depreciation, Depletion And Amortization | |||
| YoY Change | |||
| Cash From Operating Activities | $307.0K | $2.247M | $1.129M |
| YoY Change | -64.71% | 99.03% | -209.4% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | |||
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | |||
| YoY Change | |||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $112.7M | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -3.693M | -112.1M | 0.000 |
| YoY Change | -100.0% | ||
| NET CHANGE | |||
| Cash From Operating Activities | 307.0K | 2.247M | $1.129M |
| Cash From Investing Activities | |||
| Cash From Financing Activities | -3.693M | -112.1M | 0.000 |
| Net Change In Cash | -3.386M | -109.9M | $1.129M |
| YoY Change | -489.2% | -9834.01% | -99.13% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $307.0K | $2.247M | $1.129M |
| Capital Expenditures | |||
| Free Cash Flow | |||
| YoY Change |
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<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><div style="font-weight:bold;display:inline;">NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS: </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">a.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Organization and General </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Cactus Acquisition Corp. 1 Limited (hereafter – the Company) is a blank check company, incorporated on April 19, 2021 as a Cayman Islands exempted company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (hereafter – the Business Combination). </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The Company may pursue a business combination target in any business or industry and across any geographical region and has historically focused its search on technology-based healthcare businesses that are domiciled in Israel that carry out all or a substantial portion of their activities in Israel or that have some other significant Israeli connection. Since the closing of the Sponsor Alliance (see Note 8 Subsequent Events), the Company altered the focus of its search to emerging technology companies globally, and particularly those in the renewables sector. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The Company is an early stage and an emerging growth company, and as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">All activity for the period from inception through December 31, 2023 relates to the Company’s formation and its initial public offering (the “Public offering”) described below. The Company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">generates non-operating income</div> in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the private placement (as defined below in Note 3). The Company has selected December 31 as its fiscal year end. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">b.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Sponsor and Financing </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">At December 31, 2023, the Company’s sponsor is Cactus Healthcare Management, L.P., a Delaware limited partnership (the “Sponsor”). See Note 8 - Subsequent Events for additional details. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The registration statement relating to the Company’s Public Offering was declared effective by the United States Securities and Exchange Commission (the “SEC”) on October 28, 2021. The initial stage of the Company’s Public Offering— the sale of 12,650,000 Units — closed on November 2, 2021. Upon that closing $129.03 million was placed in a trust account (the “Trust Account”) (see also note 2(d) below). Out of the $129.03 million placed in the trust account, the Company raised a total of $126.5 million, inclusive of the exercise of the over-allotment option and an additional $2.53 million were invested by the Company’s Sponsor for the benefit of the Public to preserve a redemption value of $10.20. The Company intends to finance its initial Business Combination with the net proceeds from the Public Offering and the Private Placement. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">c.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">The Trust Account </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The proceeds held in the Trust Account are invested in money market funds registered under the Investment Company Act and compliant with Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2a-7</div> thereof that maintain a stable net asset value of $1.00. Unless and until the Company completes the Initial Business Combination, it may pay its expenses only from the net proceeds of the Public Offering held outside the Trust Account. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">d.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Initial Business Combination </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating an initial Business </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Combination. The initial Business Combination must occur with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding taxes payable on the income accrued in the Trust Account). There is no assurance that the Company will be able to successfully consummate an initial Business Combination. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The Company, after signing a definitive agreement for an Initial Business Combination, will provide its public shareholders the opportunity to redeem all or a portion of their shares upon the completion of the initial Business Combination, either (i) in connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000 thousand following such redemptions. In such case, the Company would not proceed with the redemption of its public shares and the related initial Business Combination, and instead may search for an alternate initial Business Combination. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">If the Company holds a shareholder vote or there is a tender offer for shares in connection with an initial Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account, calculated as of two days prior to the general meeting or commencement of the Company’s tender offer, including interest but less taxes payable. As a result, the Company’s Class A ordinary shares are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">e.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">Pursuant to the Company’s amended and restated memorandum and articles of association, if the Company is unable to complete the initial Business Combination within 18 months from the closing of the Public Offering, 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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">per-share</div> price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100 thousand 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 liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to any Class B ordinary shares and any Class B ordinary shares converted to Class A shares (as described in Note 7) held by them if the Company fails to complete the initial Business Combination within 18 months of the closing of the Public Offering or during any extended time that the Company has to consummate an initial Business Combination beyond 18 months as a result of a shareholder vote to amend its amended and restated memorandum and articles of association. However, if the Sponsor or any of the Company’s directors or officers acquire any Class A ordinary shares, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the Initial Business Combination within the prescribed time period. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In the event of a liquidation, dissolution or winding up of the Company after an initial Business Combination, the Company’s shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the ordinary shares. The Company’s shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that the Company will provide its shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, under the circumstances, and, subject to the limitations, described herein. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">f.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Substantial Doubt about the Company’s Ability to Continue as a Going Concern </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">On November 2, 2023 the Company extended the date by which the Company has to consummate an Initial Business Combination from November 2, 2023 to November 2, 2024 (hereafter – the Mandatory Liquidation Date). If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company intends to complete an Initial Business Combination before the Mandatory Liquidation Date. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Concurrently, in order to finance the requested extension and continued operations, the Company requested that the $120 thousand promissory note (see note 5) with the Sponsors be funded. The Company drew down the full amount in November 2023. However, there can be no assurance that the Company will be able to consummate any business combination ahead of the Mandatory Liquidation Date, nor that they will be able to raise sufficient funds to complete an Initial Business Combination. These matters raise substantial doubt about the Company’s ability to continue as a going concern, for the subsequent twelve months following the issuance date of these financial statements. No adjustments have been made to the carrying amounts and classification of assets or liabilities should the Company fail to obtain financial support in its search for an Initial Business Combination, nor if it is required to liquidate after the Mandatory Liquidation Date. See also Note 5. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">No adjustments have been made to the carrying amounts of assets or liabilities should the Company fail to obtain financial support in its search for an Initial Business Combination, nor if it is required to liquidate after the Mandatory Liquidation Date.</div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">See Note 8 - Subsequent Events for additional detail. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">g.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Emerging Growth Company </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">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 Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-emerging</div> growth companies but any such 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. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">This may make a comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible, because of the potential differences in accounting standards used. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">h.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Extension Amendment / Articles Amendment Proposal </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">On April 20, 2023, the Company held an extraordinary general meeting in lieu of its 2023 annual general meeting (“Meeting”). In connection with the Meeting, the Company and its Sponsor (see Note 1 b.), entered into <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-redemption agreements</div> (the “NRAs”) with several unaffiliated third parties <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(“Non-Redeeming</div> Shareholders”). Pursuant to the NRAs, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders agreed not to redeem an aggregate of 2,000,000 Class A ordinary shares of the Company related to the shareholder vote on the Extension Amendment Proposal (“Extension”), to extend the date by which the Company has to consummate a business combination from May 2, 2023 to November 2, 2023. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In exchange for the foregoing commitment, the Sponsor agreed to transfer an aggregate of 100,000 Class B ordinary shares of the Company held by the Sponsor to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders immediately following, and subject to, consummation of an initial business combination. The number of Class B ordinary shares transferable by the Sponsor to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders is subject to potential increase if the number of Class A ordinary shares that are not redeemed in connection with the Meeting exceeds 2,000,000. Since 2,464,528 Class A ordinary shares were not redeemed, an additional 30,000 Class B ordinary shares are due to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The transfer of the Class B ordinary shares to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders is furthermore conditioned upon Cactus’ fulfilling the continued or initial listing requirements for listing on the Nasdaq Global Market following the Meeting. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">At the Meeting, the Company’s shareholders approved the Extension Amendment Proposal, and 10,185,471 Class A ordinary shares were redeemed in connection with the Extension, resulting in 2,464,529 Class A ordinary shares outstanding. Accordingly, on May 1, 2023, $106,733,855 was distributed from the Trust Account (see Note 1 c.) to the shareholders who redeemed their shares. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In addition, in connection with the shareholders’ approval of the Extension, the Sponsor and the Company committed to contribute up to $240,000 to the Company’s Trust Account, consisting of $40,000 on or before May 2, 2023, and $40,000 on or before the 2nd day of each subsequent calendar month until (but excluding) November 2, 2023 or such earlier date on which (a) the Company’s board of directors determines to liquidate the Company or (b) an initial business combination is completed. These contributions will be funded from the $450 thousand Promissory Note (see Note 6). </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">On May 30, 2023, the Company held an extraordinary general meeting of the Company (the “Meeting”). At the Meeting, the Company’s shareholders approved, by way of special resolution, a proposal to amend the Articles to provide that the existing restriction under the Articles that prevents the issuance of additional shares that would vote together with the publicly held Class A ordinary shares on a proposal to approve the Company’s initial business combination will not apply to the issuance of Class A ordinary shares upon conversion of Class B ordinary shares where the holders of the converted shares waive their rights to proceeds from the Company’s trust account (the “Articles Amendment Proposal”). The requisite voting </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">majority was achieved for approval and 204,178 Class A ordinary shares were redeemed in connection with the approval of the Articles Amendment Proposal, resulting in 2,260,351 Class A Ordinary Shares remaining outstanding after the Meeting. Accordingly, on June 15, 2023, $2,167,226 was distributed from the Trust Account (see Note 1 c.) to the shareholders who redeemed their shares. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Since an additional 204,178 Class A ordinary shares were redeemed at the May 30, 2023 Meeting, the additional 30,000 Class B ordinary shares referenced above as due to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders, was reduced to 15,000, for a total of 115,000. The 115,000 Class B shares due to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders has an implied value of $1.60 per share, or an aggregate of $184,000. The $184,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price at the measurement date of $10.70 and assigning a probability of acquisition of 15%. This $184,000 value consideration is reflected in the shareholders equity section of the financial statements. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">On November 2, 2023, the Company held an extraordinary general meeting (the “Second Extension Meeting”), at which the Company’s shareholders voted to approve the Second Extension, which extended the Mandatory Liquidation Date from November 2, 2023 to November 2, 2024. A total of 347,980 Class A ordinary shares were redeemed in connection with the Second Extension, resulting in 5,074,870 Class A ordinary shares outstanding, consisting of 1,912,371 publicly-held Class A ordinary shares and 3,162,499 founders shares. Accordingly, on November 10, 2023, $3,813,082 was distributed from the Trust Account (see Note 1 c.) to the shareholders who redeemed their shares. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In connection with the Second Extension Meeting, the Company and its Sponsor (see Note 1 b.), entered into <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-redemption</div> agreements (the “NRAs”) with several unaffiliated third parties <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(“Non-Redeeming</div> Shareholders”). Pursuant to the NRAs, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders agreed not to redeem an aggregate of 1,849,900 Class A ordinary shares of the Company related to the shareholder vote on the Second Extension. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In exchange for the foregoing commitment, the Sponsor agreed to transfer an aggregate of 184,990 founders shares (which were converted from Class B ordinary shares to Class A ordinary shares) held by the Sponsor to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders immediately following, and subject to, consummation of a business combination. The number of founders shares transferable by the Sponsor to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders was to be subject to increase if the number of publicly-held Class A ordinary shares that were not redeemed in connection with the Second Extension Meeting was to exceed 2,000,000. Since 1,912,371 publicly-held Class A ordinary shares were not redeemed, no additional founders shares are due to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders. The 184,990 Class A shares due to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders has an implied value of $1.67 <div style="display:inline;">per share</div>, or an aggregate of $308,000. The $308,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price at the measurement date of $11.07 and assigning a probability of <div style="display:inline;">acquisition</div> of 15%. This $308,000 value consideration is reflected in the shareholders equity section of the <div style="display:inline;">financial statements</div>. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The transfer of the founders shares to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Redeeming</div> Shareholders was furthermore conditioned upon Cactus’ fulfilling the continued or initial listing requirements for listing on the Nasdaq Global Market following the Second Extension Meeting (subject to Cactus’ ability to cure listing deficiencies about which it had received notice from Nasdaq). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In addition to transfer of founders shares, the Sponsor and the Company committed, in connection with the shareholders’ approval of the Second Extension, to contribute to the Company’s Trust Account, on a monthly basis throughout the Second Extension period, the lesser of (i) $20,000 and (ii) $0.01 per publicly-held Class A ordinary share multiplied by the number of publicly-held Class A ordinary shares outstanding. Monthly contributions are to be made on the 15<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">th</div> day of each calendar month during the Second Extension, beginning in November 2023 and until (but not including) November 2024. Given the 1,912,371 publicly-held Class A ordinary shares that were not redeemed, the contributions over the course of the twelve-month Second Extension period are expected to amount to approximately $19,124 per month, or up to $229,485 in the aggregate. The Sponsor contributions will cease on such earlier date on which (a) the Company’s board of directors determines to liquidate the Company or (b) a Business Combination is completed. These contributions are expected to be funded, in part, by the Sponsor under the below-described promissory note issued by the Company to the Sponsor, and if operations continue, from future promissory notes. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">i.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Notice of Delisting </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">On June 29, 2023, the Company received a written notice (the “Notice”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company was not in compliance with Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), which requires the Company to have at least $50 million market value of listed securities (the “MVLS”) for continued listing on the Nasdaq Global Market. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Market. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Notice states that the Company has 180 calendar days, or until December 26, 2023, in which to regain compliance with the MVLS Rule. The Notice states that if at any time before December 26, 2023, the Company’s MVLS closes at $50 million or more for a minimum of ten (10) consecutive business days, the Nasdaq staff will provide written confirmation that the Company has regained compliance with the MVLS Rule. The Company took steps to regain compliance prior to the December 26, 2023 date and on February 15, 2024, Nasdaq staff notified the Company that it had regained compliance the MVLS rule. </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">On October 23, 2023, the Company submitted a plan to regain compliance with the Minimum Total Holders Rule. On November 9, 2023 Nasdaq accepted the Company’s plan, and in doing so Nasdaq granted the Company an extension until March 6, 2024 (subsequently extended to March 11, 2024) to evidence compliance with the Minimum Total Holders Rule. On March 12, 2024 the Company received- notice from Nasdaq that it was once again in compliance with the Minimum Total Holders Rule (see Note 8 Subsequent Events). </div> | |
| CY2023Q4 | us-gaap |
Common Stock Held In Trust
CommonStockHeldInTrust
|
129030000.00 | |
| CY2023 | ccts |
Units Issuedor Exercised Value New Issues
UnitsIssuedorExercisedValueNewIssues
|
126500000 | |
| CY2023Q4 | us-gaap |
Net Asset Value Per Share
NetAssetValuePerShare
|
1 | |
| CY2023Q4 | us-gaap |
Derivative Net Assets Percentage
DerivativeNetAssetsPercentage
|
0.80 | |
| CY2023 | ccts |
Net Tangible Assets Value
NetTangibleAssetsValue
|
5000000 | |
| CY2023Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
10185471 | |
| CY2023Q2 | us-gaap |
Proceeds From Sale Of Trust Assets To Pay Expenses
ProceedsFromSaleOfTrustAssetsToPayExpenses
|
106733855 | |
| CY2023 | ccts |
Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
|
240000 | |
| CY2023Q2 | ccts |
Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
|
40000 | |
| CY2023Q4 | ccts |
Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
|
40000 | |
| CY2023Q2 | ccts |
Nonredeemable Aggregate Shares
NonredeemableAggregateShares
|
115000 | |
| CY2023 | ccts |
Nonredeemable Aggregate Shares
NonredeemableAggregateShares
|
115000 | |
| CY2023 | ccts |
Aggregate Value
AggregateValue
|
184000 | |
| CY2023 | ccts |
Acquisition Percentage
AcquisitionPercentage
|
0.15 | |
| CY2023 | ccts |
Cash Consideration
CashConsideration
|
184000 | |
| CY2023 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
3162499 | |
| CY2023Q4 | ccts |
Cash Held In Trust Account
CashHeldInTrustAccount
|
3813082 | |
| CY2023Q4 | ccts |
Aggregate Value
AggregateValue
|
308000 | |
| CY2023 | ccts |
Acquisition Percentage
AcquisitionPercentage
|
0.15 | |
| CY2023Q4 | ccts |
Cash Consideration
CashConsideration
|
308000 | |
| CY2023 | ccts |
Aggregate Redeem Shares
AggregateRedeemShares
|
1912371 | |
| CY2023 | ccts |
Second Extension Period Expected Amount
SecondExtensionPeriodExpectedAmount
|
19124 | |
| CY2023 | ccts |
Expected Amount
ExpectedAmount
|
229485 | |
| CY2023Q2 | ccts |
Market Value Of Listed Securities
MarketValueOfListedSecurities
|
50000000 | |
| CY2023Q4 | ccts |
Market Value Of Listed Securities
MarketValueOfListedSecurities
|
50000000 | |
| CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">a.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Use of estimates in the preparation of financial statement </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates and such differences may have a material impact on the Company’s financial statement. </div> | |
| CY2023Q4 | us-gaap |
Assets Held In Trust Current
AssetsHeldInTrustCurrent
|
21161000 | |
| CY2023 | ccts |
Net Tangible Assets
NetTangibleAssets
|
5000000 | |
| CY2021Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
129030000 | |
| CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
1863000 | |
| CY2022Q4 | ccts |
Class A Common Stock Subject To Possible Redemption
ClassACommonStockSubjectToPossibleRedemption
|
130893000 | |
| CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3474000 | |
| CY2023 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
492000 | |
| CY2023 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
112714000 | |
| CY2023Q4 | ccts |
Class A Common Stock Subject To Possible Redemption
ClassACommonStockSubjectToPossibleRedemption
|
21161000 | |
| CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:11%"> </td> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">h.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250 thousand. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div> | |
| CY2023 | us-gaap |
Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
|
250000 | |
| CY2023Q4 | ccts |
Promissory Note
PromissoryNote
|
120000 | |
| CY2023Q4 | ccts |
Promissory Note
PromissoryNote
|
120000 | |
| CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.50 | |
| CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1564000 | |
| CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
894000 | |
| CY2023 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
2704000 | |
| CY2022 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1861000 | |
| CY2023 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
1140000 | |
| CY2022 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
967000 | |
| CY2022Q1 | us-gaap |
Debt Instrument Convertible Conversion Price Decrease
DebtInstrumentConvertibleConversionPriceDecrease
|
1.5 | |
| CY2023 | us-gaap |
Deferred Compensation Arrangement With Individual Cash Awards Granted Percentage
DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage
|
0.035 | |
| CY2023Q4 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
4428000 | |
| CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
| CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2024Q1 | us-gaap |
Debt Instrument Date Of First Required Payment1
DebtInstrumentDateOfFirstRequiredPayment1
|
2024-11-01 | |
| CY2024Q1 | us-gaap |
Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
|
0 | |
| CY2024Q1 | us-gaap |
Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
|
0.09 | |
| CY2024Q1 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
600000 | |
| CY2024Q1 | us-gaap |
Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
|
0.80 | |
| CY2024Q1 | ccts |
Founder Share
FounderShare
|
632501 | |
| CY2024Q1 | ccts |
Private Warrants
PrivateWarrants
|
973333 |
