2024 Q4 Form 10-Q Financial Statement

#000182912624006727 Filed on October 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue
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
YoY Change
Operating Profit -$284.9K
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $2.573M
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 25.80M shares 25.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.738M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $277.1K
Receivables
Other Receivables
Total Short-Term Assets $2.015M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $207.5M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.015M
Total Long-Term Assets $207.5M
Total Assets $209.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.04K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $37.04K
Total Long-Term Liabilities
Total Liabilities $7.081M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$4.966M
YoY Change
Common Stock $568.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.966M
YoY Change
Total Liabilities & Shareholders Equity $209.5M
YoY Change

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $2.573M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity File Number
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dei Entity Registrant Name
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LEGATO MERGER CORP. III
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dei Entity Tax Identification Number
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<p id="xdx_809_eus-gaap--NatureOfOperations_zc3TS4dUK7ca" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 1 — <span id="xdx_82C_zyxaBuJXGOu4">Organization and Plan of Business Operations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legato Merger Corp. III (the “Company”) was incorporated as an exempted company in the Cayman Islands on November 6, 2023 with the objective to acquire, through a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination, one or more businesses or entities (a “Business Combination”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, although it has focused its search on target businesses in the infrastructure, engineering and construction, industrial and renewables industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At August 31, 2024, the Company had not yet commenced any operations. All activity through August 31, 2024 relates to the Company’s formation, the public offering described below and the search for a target business with which to consummate a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s Initial Public Offering was declared effective on February 5, 2024. On February 8, 2024, the Company consummated the Initial Public Offering of <span id="xdx_905_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20240201__20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zD8J7NkmEVa2" title="Number of units sold">20,125,000</span> units (which included <span id="xdx_90A_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20240201__20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zdRZuwXoG2Ah" title="Number of units sold">2,625,000</span> units subject to the underwriters’ over-allotment option which was exercised in full on February 6, 2024) at $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zw4JDjpts0cl" title="Purchase price, per Unit">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20240201__20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zxLUw6aKKqNd" title="Proceeds from issuance initial public offering">201,250,000</span> which is described in Note 3.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240208__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateUnitsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zaoUkU7zUgv5" title="Sale of private placement units (in shares)">555,625</span> units, at a price of $<span id="xdx_90D_ecustom--ClassOfWarrantOrRightPriceOfWarrantsOrRights_iI_c20240208__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateUnitsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z8aWLlszdrFi" title="Price of per Unit">10.00</span> per unit in a private placement to certain holders of the Company’s founder shares (“Initial Shareholders”) and the underwriters in the Initial Public Offering, generating gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfWarrants_c20240201__20240208__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateUnitsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zEQCJjgZVKZa" title="Gross proceeds">5,556,250</span> (“Private Units”), which is described in Note 4.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transaction costs amounted to $<span id="xdx_90A_ecustom--TransactionCosts_pp0p0_c20240831_z12kMfmYL9Ng" title="Transaction costs">11,669,174</span>, consisting of $<span id="xdx_901_ecustom--UnderwritingFees_pp0p0_c20240831_zaqvuGft4fe1" title="Underwriting fees">4,025,000</span> in underwriting fees, up to $<span id="xdx_90D_ecustom--DeferredUnderwritingFees_pp0p0_c20240831_z8ijfoFkrwUl" title="Deferred underwriting fees">7,043,750</span> of deferred underwriting fees and $<span id="xdx_90D_ecustom--SaleOfStockOtherOfferingCosts_pp0p0_c20240831_z6ikxBglyas4" title="Other offering costs">600,424</span> of other offering costs. Additionally, the underwriters made a payment to the Company in an amount equal to $<span id="xdx_90F_eus-gaap--PaymentsForUnderwritingExpense_pp0p0_c20231201__20240831_zmSmzUhb65J3" title="Payment for expenses">1,509,375</span> to reimburse the Company for certain expenses in connection with the Initial Public Offering and for expenses to be incurred by the Company. As of August 31, 2024, cash of $<span id="xdx_905_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20240831_zJeFeLJ5UhA5" title="Cash and cash equivalents">1,738,180</span>. was held outside of the Trust Account (as defined below) and is available for working capital purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the Initial Public Offering on February 8, 2024, $<span id="xdx_902_ecustom--PaymentsForInvestmentOfCashInTrustAccount_c20240201__20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zsdSwkQVn8O1" title="Net proceeds of the sale of the Units">201,250,000</span> ($<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_c20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQTLEcOA3oqd" title="purchase price, per Unit">10.00</span> per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Units was placed in a trust account (the “Trust Account”) and is invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (“Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the consummation of the Company’s initial Business Combination (ii) the redemption of any ordinary shares included in the Units being sold in the Initial Public Offering (“Public Shares”) that have been properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to modify the substance or timing of its obligation to redeem 100% of such ordinary shares if it does not complete the initial Business Combination within 24 months from the closing of the Initial Public Offering (or 27 months from the closing of the Initial Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Initial Public Offering) (“Combination Period”); and (iii) the Company’s failure to consummate a Business Combination within the prescribed time. Placing funds in the Trust Account may not protect those funds from third party claims against the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and Private Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Pursuant to the NYSE listing rules, the Company’s initial Business Combination must be with a target business or businesses whose collective fair market value is at least equal to <span id="xdx_90D_ecustom--ConditionForFutureBusinessCombinationUseOfProceedsPercentage_dp_c20231201__20240831_z8hTY2cWCYVg" title="Assets held in the Trust Account (in percentage)">80</span>% of the balance in the Trust Account at the time of the execution of a definitive agreement for such Business Combination (net of amounts previously disbursed to management for tax obligations and working capital purposes and excluding the amount of deferred underwriting fees held in the Trust Account), although this may entail simultaneous acquisitions of several target businesses. The Company intends to only complete a Business Combination if the post-Business Combination company owns or acquires <span id="xdx_905_ecustom--ConditionForFutureBusinessCombinationThresholdPercentageOwnership_dp_c20231201__20240831_zi3webWpOrOc" title="Condition for future business combination threshold ownership (in percentage)">50</span>% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will provide its public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then on deposit in the Trust Account (initially $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20240208__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zd8KiVsatBt9" title="purchase price, per Unit">10.00</span> per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations and trust administration expenses). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company seeks shareholder approval of a Business Combination, the Company’s officers, directors and initial shareholders (the “Insiders”) have agreed, subject to applicable securities laws, to vote their Founder Shares (as defined in Note 5), the ordinary shares included in the Private Units (the “Private Shares”) and any Public Shares held by them in favor of approving a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed Business Combination or do not vote at all.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will also provide its public shareholders with the opportunity to redeem all or a portion of their Public Shares in connection with any shareholder vote to approve an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem <span id="xdx_901_ecustom--PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination_dp_c20231201__20240831_zosZRbBQuXAi" title="Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent)">100</span>% of Public Shares if it does not complete an initial Business Combination within the Combination Period. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations and trust administration expenses). There will be no redemption rights with respect to the Company’s warrants in connection with such a shareholder vote to approve such an amendment to the Company’s Amended and Restated Memorandum and Articles of Association.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will have until the expiration of the Combination Period to consummate its initial Business Combination. If the Company is unable to consummate a Business Combination within the Combination Period and shareholders do not otherwise extend the Combination Period by approving an amendment to the Company’s Amended and Restated Memorandum and Articles of Association, the Company will (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including any interest earned on the Trust Account not previously released to the Company to pay its tax obligations and trust administration expenses, and up to $<span id="xdx_90F_ecustom--DissolutionExpenses_c20231201__20240831_zuF1w0sD7Kql" title="Dissolution expenses">100,000</span> of interest to pay liquidation and 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), subject to applicable law, 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, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and 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 a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Insiders have agreed to waive their redemption rights with respect to any Founder Shares and Private Shares, as applicable, (i) in connection with the consummation of a Business Combination, (ii) in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum and Articles of Association to modify the substance or timing of the Company’s obligation to allow redemption as provided therein, and (iii) if the Company fails to consummate a Business Combination within the Combination Period. The Insiders have also agreed to waive their redemption rights with respect to any Public Shares held by them in connection with the consummation of a Business Combination and in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum and Articles of Association as described above. However, the Insiders will be entitled to liquidation rights with respect to Public Shares if the Company fails to consummate a Business Combination and liquidates the Trust Account. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the public offering price per Unit in the Initial Public Offering. Placing funds in the Trust Account may not protect those funds from third party claims against the Company. Although the Company will seek to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities it engages, execute agreements with the Company waiving any claim of any kind in or to any monies held in the Trust Account, there is no guarantee that such persons will execute such agreements. Crescendo Advisors, LLC, an entity affiliated with Mr. Rosenfeld, the Company’s Chief SPAC Officer, has agreed that it will be liable to ensure that the proceeds in the Trust Account are not reduced below $10.00 per share by the claims of target businesses or claims of vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company. However, the Company has not independently verified whether Crescendo Advisors LLC has sufficient funds to satisfy its indemnity obligations, the Company has not asked it to reserve for such obligations and the Company does not believe it has any significant liquid assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Liquidity and Capital Resources</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of August 31, 2024, the Company had $<span id="xdx_90D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20240831_zhAP8N2Y8PY1" title="Cash and cash equivalents">1,738,180</span> in cash and working capital of $<span id="xdx_900_ecustom--WorkingCapital_pp0p0_c20240831_zf84rf6GEGw3" title="Working capital">1,978,209</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfCommonStock_pp0p0_c20231201__20240831_z8D8kiNzTrI" title="Issuance of ordinary shares to initial shareholders">25,000</span> from the initial shareholder exchange for issuance of Founder Shares (as defined in Note 5), and loan proceeds from Eric Rosenfeld, the Company’s Chief SPAC Officer, of $<span id="xdx_901_eus-gaap--RepaymentsOfNotesPayable_pp0p0_c20231201__20240831_z1E5Mu0h1489" title="Repayment of note payable related party">146,785</span> evidenced by promissory notes as described below in Note 5. The loan balances were settled shortly after the consummation of the Initial Public Offering. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds held outside of the Trust Account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to use substantially all of the funds held in the Trust Account (excluding deferred underwriting commissions) to acquire a target business or businesses and to pay its expenses relating thereto. To the extent that the Company’s securities are used in whole or in part as consideration to affect the Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business or businesses. In addition, in order to finance transaction costs in connection with a Business Combination, the Insiders or their affiliates may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of August 31, 2024 and November 30, 2023, there were no amounts outstanding under any Working Capital Loan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q3 CIK0002002038 Transaction Costs
TransactionCosts
11669174 usd
CY2024Q3 CIK0002002038 Underwriting Fees
UnderwritingFees
4025000 usd
CY2024Q3 CIK0002002038 Deferred Underwriting Fees
DeferredUnderwritingFees
7043750 usd
CY2024Q3 CIK0002002038 Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
600424 usd
us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1509375 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1738180 usd
CIK0002002038 Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
0.80 pure
CIK0002002038 Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
0.50 pure
CIK0002002038 Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1 pure
CIK0002002038 Dissolution Expenses
DissolutionExpenses
100000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1738180 usd
CY2024Q3 CIK0002002038 Working Capital
WorkingCapital
1978209 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
146785 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zUF7rIRzc6Oc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i><span id="xdx_86A_zcfXbZAIEoDg">Use of Estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the consolidated condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2024Q3 us-gaap Cash
Cash
0 usd
CY2023Q4 us-gaap Cash
Cash
0 usd
CY2024Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
201250000 usd
CY2024Q1 CIK0002002038 Fair Value Of Public Warrants At Issuance
FairValueOfPublicWarrantsAtIssuance
-1308125 usd
CY2024Q1 CIK0002002038 Ordinary Share Issuance Costs
OrdinaryShareIssuanceCosts
-10159799 usd
CY2024Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
11932673 usd
CY2024Q1 CIK0002002038 Ordinary Shares Subject To Possible Redemption
OrdinarySharesSubjectToPossibleRedemption
201714749 usd
CY2024Q2 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2848581 usd
CY2024Q2 CIK0002002038 Ordinary Shares Subject To Possible Redemption
OrdinarySharesSubjectToPossibleRedemption
204563330 usd
CY2024Q3 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2842357 usd
CY2024Q3 CIK0002002038 Ordinary Shares Subject To Possible Redemption
OrdinarySharesSubjectToPossibleRedemption
207405687 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10340313 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_z3OQCQmMufgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i><span id="xdx_86B_zxgDlwn6oJ04">Concentration of Credit Risk</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $<span id="xdx_90C_eus-gaap--CashFDICInsuredAmount_pp0p0_c20240831_z3anmryqBwA1" title="FDIC insured amount">250,000</span>. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
20000 usd
CY2024Q3 CIK0002002038 Due To Affiliate For Service
DueToAffiliateForService
60000 usd
CIK0002002038 Due To Affiliate For Service
DueToAffiliateForService
135172 usd
CIK0002002038 Note Payable Related Party
NotePayableRelatedParty
146785 usd
CY2024Q3 CIK0002002038 Working Capital Loans
WorkingCapitalLoans
0 usd
CY2023Q4 CIK0002002038 Working Capital Loans
WorkingCapitalLoans
0 usd
CIK0002002038 Deferred Underwriting Commission
DeferredUnderwritingCommission
7043750 usd
us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1509375 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q3 CIK0002002038 Founder Shares Issued
FounderSharesIssued
5031250 shares
CY2024Q3 CIK0002002038 Founder Shares Outstanding
FounderSharesOutstanding
5031250 shares
CY2024Q3 CIK0002002038 Representative Founder Shares Issued
RepresentativeFounderSharesIssued
87500 shares
CY2024Q3 CIK0002002038 Representative Founder Shares Outstanding
RepresentativeFounderSharesOutstanding
87500 shares
CY2024Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
20125000 shares
CY2024Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
20125000 shares
CY2024Q3 CIK0002002038 Representative Founder Shares Issued
RepresentativeFounderSharesIssued
87500 shares
CIK0002002038 Stock Issuedduring Period Value Issued For Representative Shares
StockIssuedduringPeriodValueIssuedForRepresentativeShares
500 shares
CIK0002002038 Public Warrants Outstanding
PublicWarrantsOutstanding
10062500 shares
CIK0002002038 Private Warrants Outstanding
PrivateWarrantsOutstanding
277813 shares
CY2024Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P30D
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2024Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
9.20
CY2024Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
9.20
CY2024Q1 CIK0002002038 Market Price Of Public Stock
MarketPriceOfPublicStock
9.935
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y3M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.04198 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0222 pure

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