2022 Q4 Form 10-Q Financial Statement

#000157587222001112 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $127.5K $25.66K $97.60K
YoY Change -564.3% -73.71%
% of Gross Profit
Research & Development $2.608M $2.605M
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $451.7K $549.2K $108.1K
YoY Change 230.52% 407.98%
Operating Profit -$2.756M -$549.2K -$108.1K
YoY Change 407.96%
Interest Expense $204.3K $570.00
YoY Change 35743.86%
% of Operating Profit
Other Income/Expense, Net $381.9K
YoY Change
Pretax Income -$69.76K -$344.9K -$107.5K
YoY Change -48.63% 220.66%
Income Tax $80.65K $0.00 $0.00
% Of Pretax Income
Net Earnings -$150.4K -$344.9K -$107.5K
YoY Change 10.75% 220.66%
Net Earnings / Revenue
Basic Earnings Per Share -$16.33 -$0.08 -$0.99
Diluted Earnings Per Share -$0.06 -$0.08 -$18.39K
COMMON SHARES
Basic Shares Outstanding 5.850M 5.850M 1.280M
Diluted Shares Outstanding 168.8K shares 1.420M 1.280M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.80K $73.75K $772.2K
YoY Change -91.48% -90.45%
Cash & Equivalents $40.80K $73.75K $321.7K
Short-Term Investments
Other Short-Term Assets $11.63K $87.00K $7.970K
YoY Change -91.52% 991.59%
Inventory
Prepaid Expenses $11.63K $87.00K $7.966K
Receivables
Other Receivables
Total Short-Term Assets $52.43K $160.8K $780.1K
YoY Change -91.49% -79.39%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.671M $45.46M $45.19M
YoY Change -78.6% 0.6%
Other Assets
YoY Change
Total Long-Term Assets $9.671M $45.46M $45.19M
YoY Change -78.6% 0.6%
TOTAL ASSETS
Total Short-Term Assets $52.43K $160.8K $780.1K
Total Long-Term Assets $9.671M $45.46M $45.19M
Total Assets $9.724M $45.62M $45.97M
YoY Change -78.77% -0.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $329.2K $206.5K $3.000K
YoY Change 10872.33% 6783.33%
Accrued Expenses $144.1K $30.66K $100.0K
YoY Change 105.9% -69.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.073M $735.8K $100.6K
YoY Change 1366.86% 631.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.551M $1.551M $1.551M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $1.551M $1.551M $1.551M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.073M $735.8K $100.6K
Total Long-Term Liabilities $1.551M $1.551M $1.551M
Total Liabilities $2.653M $2.286M $1.651M
YoY Change 63.4% 38.47%
SHAREHOLDERS EQUITY
Retained Earnings -$2.256M -$1.982M -$612.5K
YoY Change 124.16% 223.54%
Common Stock $142.00 $142.00 $145.00
YoY Change 0.0% -2.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.256M -$1.981M -$612.3K
YoY Change
Total Liabilities & Shareholders Equity $9.724M $45.62M $45.97M
YoY Change -78.77% -0.75%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$150.4K -$344.9K -$107.5K
YoY Change 10.75% 220.66%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$140.1K -$513.1K -$15.99K
YoY Change -52.22% 3109.07%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $36.17M $0.00 -$42.00M
YoY Change -100.0%
Cash From Investing Activities $36.17M $0.00 -$42.00M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.06M 498.6K 42.77M
YoY Change -98.83%
NET CHANGE
Cash From Operating Activities -140.1K -513.1K -15.99K
Cash From Investing Activities 36.17M 0.000 -42.00M
Cash From Financing Activities -36.06M 498.6K 42.77M
Net Change In Cash -32.95K -14.53K 761.1K
YoY Change -88.77% -101.91%
FREE CASH FLOW
Cash From Operating Activities -$140.1K -$513.1K -$15.99K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
NatureOfOperations
<div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Note 1 — Organization and Business Operation </div></div></div></div></div> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">TradeUP Acquisition Corp. (the “Company”) is a blank check company incorporated as a Delaware corporation on January 6, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has selected December 31 as its fiscal year end.</div></div></div></div> <div style="text-align: justify; margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">As of September 30, 2022 and December 31, 2021, the Company had not commenced any operations. For the period from January 6, 2021 (inception) through September 30, 2022, the Company’s efforts have been limited to organizational activities as well as activities related to the Initial Public Offering (as defined below). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of dividend and interest income from the proceeds derived from the Initial Public Offering (as defined below). </div></div></div></div> <div style="text-align: justify; margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">The registration statement for the Company’s initial public offering (the “Initial Public Offering”) became effective on July 14, 2021. On July 19, 2021, the Company consummated the Initial Public Offering of 4,000,000 units (the “Public Units”), at $10.00 per Public Unit, generating gross proceeds of $40,000,000 which is described in Note 4. On July 21, 2021, the underwriters partially exercised the over-allotment option and purchased 430,000 units (the “Option Units “, together with the Public Units, the “Units”) at a price of $10.00 per Option Unit, generating gross proceeds of $4,300,000. Each Unit consists of one share of common stock, $0.0001 par value per share (the “Common Stock”), and <span style="-sec-ix-hidden:hidden59807857">one</span>-half of one redeemable warrant (the “Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Common Stock at an exercise price of $11.50 per share. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $44,300,000 in total. Transaction costs in connection with the Initial Public Offering and the issuance and sale of Option Units amounted to $3,019,474, consisting of $886,000 of underwriting fees, $1,550,500 of Business Combination Fee (defined in Note 7 below) and $582,974 of other offering costs. Following the expiration of the over-allotment option, 42,500 Founder Shares (defined below) were subsequently forfeited.</div></div></div></div> <div style="text-align: justify; margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 295,000 shares of Common Stock (the “Private Placement Shares”) at a price of $10.00 per share in a private placement sale (the “Private Placement”) to the Company’s founders, or initial stockholders, include Tradeup INC. and the Company’s sponsor, TradeUP Acquisition Sponsor LLC, a Delaware limited liability company (the “Sponsor”), among which, the Sponsor purchased 236,000 Private Placement Shares and Tradeup INC. purchased 59,000 Private Placement Shares, generating gross proceeds of $2,950,000, which is described in Note 5. On July 21, 2021, the Company consummated the sale of additional 17,200 Private Placement Shares with the Sponsor and Tradeup INC. at a price of $10.00 per Private Placement share, among which, the Sponsor purchased 13,760 Private Placement Shares and Tradeup INC. purchased 3,440 Private Placement Shares, generating total proceeds of $172,000.</div></div></div></div> <div style="text-align: justify; break-after: avoid; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, serif; font-size: 10pt;;text-indent: 0px;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Following the closing of the Initial Public Offering on July 19, 2021, the issuance and sale of Option Units on July 21, 2021 and the issuance and sale of Private Placement Shares, $45,186,000 from the net proceeds of the sale of the Units and from the sale of Private Placement Shares was placed in a trust account (the “Trust Account”) maintained by Wilmington Trust, National Association as a trustee. The aggregate amount of $45,186,000 ($10.20 per Unit) will be invested 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 the 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 Initial Public Offering is not intended for persons who are 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 Company’s initial Business Combination; (ii) the redemption of any public shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation that would affect the substance or timing of the Company’s obligation to provide for the redemption of its public shares in connection with an initial Business Combination or to redeem 100% of its public shares if the Company has not consummated an initial Business Combination by January 19, 2023; or (iii) absent an initial Business Combination by January 19, 2023, its return of the funds held in the Trust Account to its public stockholders as part of its redemption of the public shares. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. </div></div></div></div> <div style="text-align: justify; margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;;text-indent: 0px;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">The Company’s initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80%</div></div></div> <div style="font-size:10pt;;display:inline;">of the assets held in the Trust Account (excluding the Business Combination Fee and taxes payable and interest previously released for working capital purposes on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not to be required to register as an investment company under the Investment Company Act of 1940</div><div style="font-size:10pt;;display:inline;">, as amended (the “Investment Company Act”). There is no</div><div style="font-size:10pt;;display:inline;"> assurance that the Company will be able to complete a Business Combination successfully.</div></div> <div style="text-align: justify; break-after: avoid; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, serif; font-size: 10pt;;text-indent: 0px;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">The shares of Common Stock subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company will have only until January 19, 2023 to complete the initial Business Combination (the “Combination Period”). If the Company is unable to complete the initial Business Combination within 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 <span style="-sec-ix-hidden:hidden59807852">ten</span> 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 for working capital purposes or to pay the Company’s taxes (less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and its board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s Warrants, which will expire worthless if the Company fails to complete the Business Combination by January 19, 2023. The founders (not including the anchor investors who purchase units in the Initial Public Offering and certain membership interest in the Sponsor, if any), officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed (i) to waive their redemption rights with respect to any Founder Shares, Private Placement Shares and any public shares held by them in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares, Private Placement Shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company does not complete its initial Business Combination by January 19, 2023 or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares and Private Placement Shares held by them if the Company fails to complete an initial Business Combination by January 19, 2023, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Combination Period. If the Company submits it initial Business Combination to its stockholders for a vote, the Company will complete its initial Business Combination only if a majority of the outstanding shares of Common Stock voted are voted in favor of the initial Business Combination. In no event will the Company redeem its public shares of Common Stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of public shares of Common Stock and the related Business Combination, and instead may search for an alternate Business Combination. </div></div></div></div> <div style="text-align: justify; break-after: avoid; margin-top: 0px; font-family: &quot;Times New Roman&quot;, serif; font-size: 10pt; margin-bottom: 0px;;text-indent: 0px;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div> <div style="text-align: justify; break-after: avoid; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, serif; font-size: 10pt;;text-indent: 0px;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.20 per public share or (ii) such lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Company’s Sponsor will not be responsible to the extent of any liability for such third party claims.</div></div></div></div> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Liquidity and </div></div></div><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">Going Concern</div></div> </div> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div></div> <div style="letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: small; letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="line-height: 12pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color:#000000;font-family:&quot;Times New Roman&quot;,Times,serif;font-size:small;letter-spacing:0px;top:0px;;display:inline;"><div style="line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">As of September 30, 2022, the Company had</div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color:#000000;font-family:&quot;Times New Roman&quot;,Times,serif;font-size:small;letter-spacing:0px;top:0px;;display:inline;"><div style="line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> cash of </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color:#000000;font-family:&quot;Times New Roman&quot;,Times,serif;font-size:small;letter-spacing:0px;top:0px;;display:inline;"><div style="line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> $73,752 </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color:#000000;font-family:&quot;Times New Roman&quot;,Times,serif;font-size:small;letter-spacing:0px;top:0px;;display:inline;"><div style="line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">and </div>a working deficit of $575,002. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination.</div></div></div><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); line-height: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <br/></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;;text-indent: 0px;"><br/></div> In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The management’s plan in addressing this uncertainty is through the Promissory Notes – related parties and the Working Capital Loans, as defined below (see Note 6). In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional condition also raise substantial doubt about the Company’s ability to continue as a going concern. The financial statement does not include any adjustments that might result from the outcome of this uncertainty<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Merger Agreement</div></div></div></div></div> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;;text-indent: 0px;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: white; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">On September 30, 2022, the Company, Tradeup Merger Sub Inc., a Delaware corporation and direct, wholly owned subsidiary of the Company </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: white; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">(“</div></div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Merger Sub”), and Estrella Biopharma, Inc., a Delaware corporation (the “Estrella”), entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”). </div></div> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: white; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: white; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Estrella is a preclinical-stage biopharmaceutical company developing CD19 and CD22-targeted ARTEMIS®️ T-cell therapies with the capacity to address treatment and safety challenges for patients with blood cancers and solid tumors. Estrella’s mission is to harness the evolutionary power of the human immune system to transform the lives of patients fighting cancer.</div></div></div></div></div> <div style="text-align: justify; margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: white; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div></div></div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; text-indent: 0px; line-height: 12pt;"><div style="font-size: small; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Pursuant to the Merger Agreement, among other things, in accordance with the General Corporation Law of the State of Delaware, as amended (the “DGCL”), Merger Sub will merge with and into Estrella (the “Merger”), with Estrella surviving the Merger as a wholly owned subsidiary of the Company (“Surviving Company”). The Merger will become effective at such time on the date of the closing of the Merger (the “Closing”) as the certificate of merger is duly filed with the Delaware Secretary of State or at such other time specified in the certificates of merger (the “Effective Time”). Effective as of the Closing, the Company will change its name to “Estrella Immunopharma, Inc.”</div></div></div></div></div><div style="font-weight:bold;display:inline;">Inflation Reduction Act of 2022</div>On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination), and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.​​​​​​​​​​​​​​
uptd Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
uptd Net Proceeds From Initial Public Offering
NetProceedsFromInitialPublicOffering
44300000
CY2022Q3 uptd Minimum Net Tangible Assets Upon Consummation Of Business Combination
MinimumNetTangibleAssetsUponConsummationOfBusinessCombination
5000001
CY2022Q3 uptd Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73752
CY2022Q3 uptd Working Capital Earnings Deficit
WorkingCapitalEarningsDeficit
575002
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin: 0px 0px 0px 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Use of Estimates</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">The preparation of these unaudited condensed financial statements in conformity with US 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. Actual results could differ from those estimates.</div></div>
CY2022Q3 uptd Other Offering Costs
OtherOfferingCosts
3019474
CY2022Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10.23
CY2021Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10.2
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin: 0px 0px 0px 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Concentration of Credit Risk</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As of September 30, 2022 and December 31, 2021, $0 and approximately $229,000, respectively, was over the Federal Deposit Insurance Corporation (FDIC) limit.</div></div>
uptd Federal Deposit Insurance Corporation
FederalDepositInsuranceCorporation
0
CY2021 uptd Federal Deposit Insurance Corporation
FederalDepositInsuranceCorporation
229000
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q3 uptd Transaction Costs
TransactionCosts
3019474
CY2022Q3 uptd Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
886000
CY2022Q3 uptd Business Combination Fee
BusinessCombinationFee
1550500
CY2022Q3 uptd Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
582974
CY2022Q3 uptd Number Of Shares Subject To Forfeiture
NumberOfSharesSubjectToForfeiture
4430000
uptd Schedule Of Reconciliation Of Temporary Equity
ScheduleOfReconciliationOfTemporaryEquity
<div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; margin: 0px; text-align: justify;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; width: 100%; border-collapse: collapse; border-spacing: 0px;;margin-right : auto;;margin-left : 0;margin-right : auto;"><tr style="vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding-bottom: 0px; padding-top: 0px; width: 74%; vertical-align: bottom;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; vertical-align: bottom;"> </td><td colspan="2" style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom; width: 11%;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">As of</div></div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td colspan="2" style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom; width: 11%;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">As of</div></div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td></tr><tr style="vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding-bottom: 0px; padding-top: 0px; width: 74%; vertical-align: bottom;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; vertical-align: bottom;"> </td><td colspan="2" style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom; width: 11%;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">September 30,</div></div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td colspan="2" style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom; width: 11%;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">December 31,</div></div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td></tr><tr style="vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding-bottom: 0.5pt; padding-top: 0px; width: 74%; vertical-align: bottom;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in 0in 0.5pt; vertical-align: bottom;"> </td><td colspan="2" style="white-space: nowrap; border-bottom: 1pt solid black; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom; width: 11%;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">2022</div></div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 0.5pt; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 0.5pt; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td colspan="2" style="white-space: nowrap; border-bottom: 1pt solid black; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; vertical-align: bottom; width: 11%;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"><div style="white-space: nowrap;;font-weight:bold;display:inline;">2021</div></div></td><td style="white-space: nowrap; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 0.5pt; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td></tr><tr style="vertical-align: bottom"><td style="width: 74%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 0px; padding-top: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Gross proceeds</div></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></td><td style="white-space: nowrap; width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">44,300,000</div></td><td style="white-space: nowrap; width: 1%; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; width: 1%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; width: 1%; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></td><td style="white-space: nowrap; width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">44,300,000</div></td><td style="white-space: nowrap; width: 1%; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td></tr><tr style="vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 0px; padding-top: 0px; background-color: rgba(255, 255, 255, 0); width: 74%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Less:</div></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 10%; vertical-align: bottom;"> </td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"> </td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"> </td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"> </td><td style="white-space: nowrap; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 10%; text-align: right; vertical-align: bottom;"> </td><td style="white-space: nowrap; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; text-align: left; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom"><td style="padding-left: 6pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 0px; padding-top: 0px; background-color: rgb(204, 238, 255); width: 74%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Proceeds allocated to public warrants</div></td><td style="padding: 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding: 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(783,301</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(783,301</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></td></tr><tr style="vertical-align: bottom"><td style="padding-left: 6pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 0px; padding-top: 0px; background-color: rgba(255, 255, 255, 0); width: 74%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Offering costs of public shares</div></td><td style="padding: 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding: 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgba(255, 255, 255, 0); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(2,966,085</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">(2,966,085</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">)</div></td></tr><tr style="vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 0px; padding-top: 0px; background-color: rgb(204, 238, 255); width: 74%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Plus:</div></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgb(204, 238, 255); width: 10%; vertical-align: bottom;"> </td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="white-space: nowrap; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgb(204, 238, 255); width: 10%; text-align: right; vertical-align: bottom;"> </td><td style="white-space: nowrap; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0in; background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom"><td style="padding-left: 6pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 0.5pt; padding-top: 0px; background-color: rgba(255, 255, 255, 0); width: 74%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accretion of carrying value to redemption value</div></td><td style="padding: 0in 0in 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding: 0in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgba(255, 255, 255, 0); width: 1%; border-bottom: 1pt solid black; text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; border-bottom: 1pt solid black; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">4,764,982</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 0.5pt; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 0.5pt; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 1%; border-bottom: 1pt solid black; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; border-bottom: 1pt solid black; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in; background-color: rgba(255, 255, 255, 0); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">4,635,386</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 0.5pt; background-color: rgba(255, 255, 255, 0); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td></tr><tr style="vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-bottom: 1.25pt; padding-top: 0px; background-color: rgb(204, 238, 255); width: 74%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Common stock subject to possible redemption</div></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 1.25pt; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-top: 0in; padding-right: 0in; padding-left: 0in; background-color: rgb(204, 238, 255); width: 1%; border-bottom: 2.5pt double black; text-align: left; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></td><td style="white-space: nowrap; border-bottom: 2.5pt double black; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-top: 0in; padding-right: 0in; padding-left: 0in; background-color: rgb(204, 238, 255); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">45,315,596</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 1.25pt; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 1.25pt; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-top: 0in; padding-right: 0in; padding-left: 0in; background-color: rgb(204, 238, 255); width: 1%; border-bottom: 2.5pt double black; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></td><td style="white-space: nowrap; border-bottom: 2.5pt double black; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding-top: 0in; padding-right: 0in; padding-left: 0in; background-color: rgb(204, 238, 255); width: 10%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">45,186,000</div></td><td style="white-space: nowrap; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; padding: 0in 0in 1.25pt; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;"> </div></td></tr></table>
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
44300000
CY2021 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
44300000
uptd Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
783301
CY2021 uptd Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
783301
uptd Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
2966085
CY2021 uptd Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
2966085
CY2022Q3 uptd Cumulative Accretion Of Carrying Value To Redemption Value Common Stock Subject To Possible Redemption
CumulativeAccretionOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption
4764982
CY2021Q4 uptd Cumulative Accretion Of Carrying Value To Redemption Value Common Stock Subject To Possible Redemption
CumulativeAccretionOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption
4635386
CY2022Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
45315596
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
45186000
CY2022Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2021Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10
uptd Deferred Business Combination Fee Based On Gross Proceeds
DeferredBusinessCombinationFeeBasedOnGrossProceeds
0.035
CY2022Q3 uptd Deferred Underwriters Marketing Fees
DeferredUnderwritersMarketingFees
1550500
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1419700
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1419700
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1419700
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1419700
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
4430000
CY2022Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
4430000
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
4430000
CY2022Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
4430000
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
11.5
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-177597
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2021Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022Q3 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-72421
CY2021Q3 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-22585
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-23503
CY2022Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-72421
CY2021Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-22585
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-177597
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-23503
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
229618
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
52021
CY2022Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
229618
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
52021
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
229618
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
52021
CY2022Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1093419
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
247718

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