2023 Q4 Form 10-K Financial Statement
#000149315224009602 Filed on March 11, 2024
Income Statement
Concept | 2023 Q4 | 2023 | 2022 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $402.6K | $1.340M | $976.4K |
YoY Change | 28.21% | 37.26% | |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $402.6K | $1.340M | $976.3K |
YoY Change | 28.21% | 37.26% | |
Operating Profit | |||
YoY Change | |||
Interest Expense | $251.7K | $5.804M | $4.317M |
YoY Change | -90.11% | 34.46% | |
% of Operating Profit | |||
Other Income/Expense, Net | $5.804M | $4.317M | |
YoY Change | 34.46% | ||
Pretax Income | -$150.9K | $4.464M | $3.340M |
YoY Change | -106.77% | 33.65% | |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$150.9K | $4.464M | $3.340M |
YoY Change | -106.77% | 33.65% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$0.02 | $0.23 | $0.11 |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q4 | 2023 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $0.00 | $0.00 | $497.3K |
YoY Change | -100.0% | -100.0% | |
Cash & Equivalents | |||
Short-Term Investments | |||
Other Short-Term Assets | $81.22K | $81.22K | $600.5K |
YoY Change | -86.47% | -86.47% | |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $81.22K | $81.22K | $1.098M |
YoY Change | -92.6% | -92.6% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $19.90M | $19.90M | $299.0M |
YoY Change | -93.34% | -93.34% | |
Other Assets | $0.00 | $0.00 | $80.17K |
YoY Change | -100.0% | -100.0% | |
Total Long-Term Assets | $19.90M | $19.90M | $299.1M |
YoY Change | -93.35% | -93.35% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $81.22K | $81.22K | $1.098M |
Total Long-Term Assets | $19.90M | $19.90M | $299.1M |
Total Assets | $19.98M | $19.98M | $300.2M |
YoY Change | -93.34% | -93.34% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $152.0K | $152.0K | $180.6K |
YoY Change | -15.84% | -15.84% | |
Accrued Expenses | $0.00 | ||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $12.38K | $12.38K | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $403.3K | $403.3K | $303.3K |
YoY Change | 32.97% | 32.97% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $0.00 | $0.00 | $10.81M |
YoY Change | -100.0% | -100.0% | |
Total Long-Term Liabilities | $0.00 | $0.00 | $10.81M |
YoY Change | -100.0% | -100.0% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $403.3K | $403.3K | $303.3K |
Total Long-Term Liabilities | $0.00 | $0.00 | $10.81M |
Total Liabilities | $403.3K | $403.3K | $11.12M |
YoY Change | -96.37% | -96.37% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$11.29M | ||
YoY Change | 13.57% | ||
Common Stock | |||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$322.1K | $19.58M | $289.1M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $19.98M | $19.98M | $300.2M |
YoY Change | -93.34% | -93.34% |
Cashflow Statement
Concept | 2023 Q4 | 2023 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$150.9K | $4.464M | $3.340M |
YoY Change | -106.77% | 33.65% | |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$156.1K | -$653.1K | -$1.409M |
YoY Change | 335.27% | -53.64% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$3.870K | $284.9M | -$294.7M |
YoY Change | -196.68% | ||
Cash From Investing Activities | -$3.870K | $284.9M | -$294.7M |
YoY Change | -196.68% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $284.9M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 155.8K | -$284.8M | 296.6M |
YoY Change | -196.01% | ||
NET CHANGE | |||
Cash From Operating Activities | -156.1K | -$653.1K | -1.409M |
Cash From Investing Activities | -3.870K | $284.9M | -294.7M |
Cash From Financing Activities | 155.8K | -$284.8M | 296.6M |
Net Change In Cash | -280.0 | -$497.3K | 497.3K |
YoY Change | -99.22% | -200.0% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$156.1K | -$653.1K | -$1.409M |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-497259 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
497259 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
497259 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
497259 | usd |
CY2022 | PWUP |
Initial Value Of Class Common Stock Subject To Possible Redemption
InitialValueOfClassCommonStockSubjectToPossibleRedemption
|
294687500 | usd |
CY2023 | PWUP |
Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
|
-10812500 | usd |
CY2022 | PWUP |
Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
|
10812500 | usd |
CY2023 | PWUP |
Remeasurement Of Ordinary Shares To Redemption Value
RemeasurementOfOrdinarySharesToRedemptionValue
|
5813213 | usd |
CY2022 | PWUP |
Remeasurement Of Ordinary Shares To Redemption Value
RemeasurementOfOrdinarySharesToRedemptionValue
|
33209323 | usd |
CY2023 | PWUP |
Sponsor Shares Contributed For No Redemption Of Shares
SponsorSharesContributedForNoRedemptionOfShares
|
118298 | usd |
CY2023 | us-gaap |
Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
|
719 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80F_eus-gaap--NatureOfOperations_zaiVzST9rbEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_822_zTr9P0tFNWz9">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND LIQUIDITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PowerUp Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on February 9, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with <span id="xdx_90D_ecustom--ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum_uInteger_c20210209__20210209_zxYysXXjX5Xc" title="Number of business combination">one</span> or more businesses (the “Business Combination”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On December 26, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PowerUp Merger Sub <span style="background-color: white">Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and </span>Visiox Pharmaceuticals, Inc<span style="background-color: white">., a Delaware corporation (“</span>Visiox<span style="background-color: white">”). The transactions contemplated by the Merger Agreement are intended to serve as the Company’s initial Business Combination. See Note 6 for further information.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the Company had not commenced any operations. Substantially all activity from February 9, 2021 (inception) through December 31, 2023 relates to the Company’s formation and initial public offering (“IPO”), which is described below and, since the IPO, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on February 17, 2022. On February 23, 2022, the Company consummated the IPO of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220223__20220223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zzNZsFZnGSZf" title="Sale of Units, net of underwriting discounts (in shares)">25,000,000</span> units (“Units” and, with respect to Class A ordinary share included in the Units being offered, the “Public Shares”) at $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2kfPO2tnxie" title="Purchase price, per unit">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220223__20220223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zdW2Jqxkql41" title="Gross proceeds">250,000,000</span>, which is discussed in Note 3. The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Company consummated the sale of <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zv8aOMtzDuLi" title="Sale of Private Placement Warrants (in shares)">9,138,333</span> private placement warrants (“Private Placement Warrants”) at a price of $<span id="xdx_90B_eus-gaap--SharePrice_iI_c20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zmTMtdQlXxRh" title="Price of warrant">1.50</span> per Private Placement Warrant in a private placement to the Company’s original sponsor, PowerUp Sponsor LLC (the “Original Sponsor”) generating gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_pp0d_c20220223__20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z4X5MKChI7ae" title="Proceeds from sale of private units">13,707,500</span> which is described in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Company consummated the closing of the sale of <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220223__20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zxDrsF3pjXyf" title="Sale of Units, net of underwriting discounts (in shares)">3,750,000</span> additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (the “Overallotment Units”), generating additional gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0d_c20220223__20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zg9GDw3jW9ea" title="Gross proceeds">37,500,000</span>. Simultaneously with the exercise of the overallotment, the Company consummated the private placement of an additional <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zndNmLJ2BPR4" title="Sale of Private Placement Warrants (in shares)">625,000</span> Private Placement Warrants to the Original Sponsor, generating gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_pp0d_c20220223__20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zPVvAlvAVKQk" title="Proceeds from sale of private units">937,500</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs for the IPO amounted to $<span id="xdx_90E_ecustom--TransactionCosts_iI_pp0d_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zwlfAq7coAc7" title="Offering costs">16,418,580</span>, consisting of $<span id="xdx_901_ecustom--SaleOfStockUnderwritingFees_iI_pp0d_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zjaG0QICXlH" title="Underwriting fees">5,000,000</span> of underwriting fees, $<span id="xdx_900_ecustom--DeferredOfferingCostsNoncurrent_iI_pp0d_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zyC1N7p8sC41" title="Deferred Underwriting fee payable">10,812,500</span> of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $<span id="xdx_90B_ecustom--SaleOfStockOtherOfferingCosts_iI_pp0d_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zUs0h9RMUEmb" title="Other costs">606,080</span> of other costs. As described in Note 6, the $<span id="xdx_900_ecustom--DeferredOfferingCostsNoncurrent_iI_pp0d_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zdyYvMlFAEqa" title="Deferred Underwriting fee payable">10,812,500</span> of deferred underwriting fee payable was contingent upon the consummation of a Business Combination by May 23, 2024, subject to the terms of the underwriting agreement. On June 28, 2023, the underwriters of the IPO, agreed to waive their entitlements to the deferred underwriting commissions of $<span id="xdx_909_ecustom--DeferredOfferingCostsNoncurrent_iI_pp0d_c20230628_zGU3yBEreyRd" title="Deferred Underwriting fee payable">10,812,500</span> pursuant to the underwriting agreement for the IPO (the “Underwriting Agreement”). As a result, $<span id="xdx_904_ecustom--DeferredUnderwritingDiscount_iI_pp0d_c20230628_zCEQFIc3O6ai" title="Deferred underwriting discount">10,812,500</span> was recorded to additional paid-in capital in relation to the waiver of the deferred underwriting discount in the accompanying consolidated financial statements (see Note 6).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO, $<span id="xdx_906_eus-gaap--PaymentsToAcquireRestrictedInvestments_pp0d_c20220223__20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zyFY2jDDKZw5" title="Cash deposited to Trust Account">294,687,500</span> ($<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_c20220222__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zpRwTF30bfwc" title="Purchase price, per unit">10.25</span> per Unit) from the net proceeds of the sale of the Units, Overallotment Units, and the Private Placement Warrants was placed in a trust account (“Trust Account”) and 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 (the “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 paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least <span id="xdx_906_ecustom--ThresholdMinimumAggregateFairMarketValueAsPercentageOfNetAssetHeldInTrustAccount_pid_dp_uPure_c20230101__20231231_zzN45GIMYLxa" title="Threshold minimum aggregate fair market value as a percentage of net assets held in trust account">80</span>% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time it enters into a definitive agreement for the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires <span id="xdx_90E_ecustom--ThresholdPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination_pid_dp_uPure_c20230101__20231231_zwSfe0m589J7" title="Percentage of outstanding voting securities of target">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 the Company will be able to successfully effect a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide the holders of the outstanding Public Shares (the “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. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $<span id="xdx_903_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zINpNosQJds9" title="Share redemption price">11.03</span> per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There are no redemption rights with respect to the Company’s warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) Subtopic 10-S99, redemption provisions not solely within the control of a company require Class A ordinary shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares will be issued with other freestanding instruments (i.e., Public Warrants), the initial carrying value of the Public Shares classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20 “Debt with Conversion and other Options”. The Public Shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. While redemptions cannot cause the Company’s net tangible assets to fall below $<span id="xdx_90D_eus-gaap--MinimumNetWorthRequiredForCompliance_iI_pp0d_c20231231_zrHlAtV2bPBd" title="Minimum net tangible assets upon consummation of business combination">5,000,001</span>, the Public Shares are redeemable and are classified as such on the consolidated balance sheet until such date that a redemption event takes place.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to an initial Business Combination. If the Company seeks shareholder approval of a Business Combination, the Company will proceed with the Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Original Sponsor agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of the Business Combination. The New Sponsor (as defined below) may be deemed to be subject to this same obligation. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of <span id="xdx_90B_ecustom--ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutEntitySPriorWrittenConsent_pid_dp_uPure_c20230101__20231231_zYqBOIyUyrJ" title="Threshold percentage of public shares subject to redemption without company's prior written consent">15</span>% or more of the Class A ordinary shares sold in the IPO, without the prior consent of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Original Sponsor, and its initial officers and directors (the “Initial Shareholders”) agreed not to propose an amendment to the Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem <span id="xdx_908_ecustom--PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination_pid_dp_uPure_c20230101__20231231_z4ukcAOYArCa" title="Percentage obligation to redeem public shares">100</span>% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. The New Sponsor and the Company’s current officers and directors may be deemed to be subject to this same obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 18, 2023, the Company held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”). At the Extraordinary General Meeting, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate its initial Business Combination from May 23, 2023 to May 23, 2024 (the “Extension Amendment”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the approval of the Extension Amendment at the Extraordinary General Meeting, holders of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230518__20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Number of shares issued">26,946,271</span> of the Company’s ordinary shares exercised their right to redeem those shares for cash at an approximate price of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zD0F68PtpEW7" title="Purchase price, per unit">10.55</span> per share, for an aggregate of approximately $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20230518__20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUJlhY8JGDd2" title="Aggregate purchase price">284</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 14, 2023, the Company was notified by Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company) that the per share redemption price for the redemption of public shares effected on May 18, 2023 should have been approximately $<span id="xdx_90B_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230814__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember_z82YUSrX0Ldb" title="Share redemption price">10.57</span>, which is approximately $<span id="xdx_90E_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230814__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember__srt--RestatementAxis__srt--RestatementAdjustmentMember_zfpNsgXPkGte" title="Share redemption price">0.02</span> higher than the approximately $<span id="xdx_905_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230518__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember_zdO4U35BkEmc" title="Share redemption price">10.55</span> per share previously paid. The Company made a “true-up” payment in the amount of approximately $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20230419__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember__srt--RestatementAxis__srt--RestatementAdjustmentMember_zGTmVuEEzmBi" title="Share price">0.02</span> per share to the holders of record as of April 19, 2023 that exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. On August 18, 2023, the Company made the true-up payment to the applicable holders in the aggregate amount of $<span id="xdx_90F_ecustom--AggregateTrueUpPaymentAmount_c20230818__20230818_z8nBtwmZaIe2" title="Aggregate true-up payment amount">632,968</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the Extraordinary General Meeting, on May 18, 2023, <span style="background-color: white">those Initial Shareholders holding all of the issued and outstanding Class B ordinary shares of </span>the Company elected to convert their Class B ordinary shares into Class A ordinary shares of the Company on a one-for-one basis (the “Conversion”). As a result, <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20230518__20230518__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Ordinary shares cancelled">7,187,500</span> of the Company’s Class B ordinary shares were cancelled and <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20230518__20230518__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z47mtZZBZNvb" title="Convertible Ordinary shares">7,187,500</span> of the Company’s Class A ordinary shares were issued to converting Class B shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 13, 2023, the Company engaged J.V.B. Financial Group, LLC, acting through its Cohen & Company Markets division (“CCM”) to act as its capital markets advisor in connection with seeking an extension for completing a Business Combination. The Company will pay CCM the sum of (i) $<span id="xdx_902_ecustom--AdvisoryFeesPayableInCash_iI_pp0d_c20230413_z3Ty35zloVX5" title="Fees payable to CCM in cash">300,000</span> plus (ii) <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230413__20230413__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ProductOrServiceAxis__us-gaap--InvestmentAdvisoryManagementAndAdministrativeServiceMember_zb6nlHF3HN8f" title="Fees payable to CCM in shares">50,000</span> Class A ordinary shares of the Company which is payable at the close of business combination. On July 13, 2023, the Company amended the agreement with CCM. As a result of the amendment, the Company will pay CCM <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230713__20230713__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ProductOrServiceAxis__us-gaap--InvestmentAdvisoryManagementAndAdministrativeServiceMember_zlIHnl0ELdGd" title="Advisory fees payable in shares number of shares">80,000</span> Class A ordinary shares of the Company, which is payable at the close of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 18, 2023, in connection with the closing of the transaction contemplated by the Purchase Agreement (defined below), (i) Bruce Hack, Jack Tretton, Peter Blacklow, Julie Uhrman, and Kyle Campbell tendered their resignations as members of the board of directors of the Company (the “Board”), (ii) Jack Tretton, Michael Olson, and Gabriel Schillinger resigned as officers of the Company, (iii) Surendra Ajjarapu, Michael L. Peterson, Donald G. Fell, Mayur Doshi, and Avinash Wadhwani were appointed as members of the Board, (iv) Surendra Ajjarapu was appointed Chairman of the Board, and (v) Surendra Ajjarapu and Howard Doss were appointed as the Company’s Chief Executive Officer and Chief Financial Officer, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to complete a Business Combination by May 23, 2024, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay the Company’s franchise and income taxes (less up to $<span id="xdx_90A_eus-gaap--LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities_iI_c20231231_z1WJ7pFHRl14" title="Maximum net interest to pay dissolution expenses">100,000</span> of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), 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 each case to the requirements of applicable law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Initial Shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination by May 23, 2024, or during any additional extension period (the “Combination Period”). However, if the Initial Shareholders acquired Public Shares in or after the IPO, they are entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account. In the event the Company does not complete a Business Combination within the Combination Period, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_c20231231_zqoDKjaCNkce" title="Purchase price, per unit">11.03</span> per share held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsors have agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a Business Combination, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsors will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsors will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On December 26, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PowerUp Merger Sub <span style="background-color: white">Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and </span>Visiox<span style="background-color: white">. The transactions contemplated by the Merger Agreement are intended to serve as the Company’s initial Business Combination. See Note 6 for further information.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the Company had $<span id="xdx_902_eus-gaap--Cash_iI_dxL_c20231231_zaTJSBAx1iQ5" title="Cash::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0552">0</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in its operating bank account and a working capital deficit of $<span id="xdx_904_ecustom--WorkingCapitalDeficit_iI_c20231231_zLFzl1JV0L18" title="Working capital deficit">322,105</span>. As of December 31, 2023 and 2022, the Company had $<span id="xdx_90E_eus-gaap--AssetsHeldInTrustNoncurrent_iI_c20231231_zNEFrYAd9ph3" title="Trust account">19,901,169</span> and $<span id="xdx_901_eus-gaap--AssetsHeldInTrustNoncurrent_iI_c20221231_zKvGVjw5HCP3" title="Trust account">299,004,083</span> in its trust account. On May 18, 2023, <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230518__20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zouyGU4tuzRg" title="Number of shares issued">26,946,271</span> of the Company’s ordinary shares were redeemed and as of December 31, 2023, $<span id="xdx_901_eus-gaap--AssetsHeldInTrustNoncurrent_iI_c20231231_zlp1Fj7ovRE3">19,901,169 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Ordinary Shares in connection therewith. As of December 31, 2023 and December 31, 2022, $<span id="xdx_903_eus-gaap--InvestmentIncomeNet_c20230101__20231231_zWBSUyCGPpeb" title="Investments held in the trust account">5,813,213</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_907_eus-gaap--InvestmentIncomeNet_c20220101__20221231_zHIInXzy2X97" title="Investments held in the trust account">4,316,583</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the amount in the Trust Account are represented as Interest earned on investments held in the Trust Account, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had 15 months from the closing of the IPO to consummate an initial business combination. At the Extraordinary General Meeting, the Company’s shareholders approved the Extension Amendment that served to extend the date by which the Company must consummate its initial Business Combination from May 23, 2023 to May 23, 2024. The remaining life of the Company as of December 31, 2023 is under 12 months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company may need to raise additional capital through loans or additional investments from its New Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and New Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of the consolidated financial statements. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q2 | PWUP |
Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
|
10812500 | usd |
CY2023Q2 | PWUP |
Deferred Underwriting Discount
DeferredUnderwritingDiscount
|
10812500 | usd |
CY2023 | PWUP |
Threshold Minimum Aggregate Fair Market Value As Percentage Of Net Asset Held In Trust Account
ThresholdMinimumAggregateFairMarketValueAsPercentageOfNetAssetHeldInTrustAccount
|
0.80 | pure |
CY2023 | PWUP |
Threshold Percentage Of Outstanding Voting Securities Of Target To Be Acquired By Post Transaction Company To Complete Business Combination
ThresholdPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination
|
0.50 | pure |
CY2023Q4 | us-gaap |
Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
|
5000001 | usd |
CY2023 | PWUP |
Threshold Percentage Of Public Shares Subject To Redemption Without Entity S Prior Written Consent
ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutEntitySPriorWrittenConsent
|
0.15 | pure |
CY2023 | PWUP |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | pure |
CY2023Q3 | PWUP |
Aggregate True Up Payment Amount
AggregateTrueUpPaymentAmount
|
632968 | usd |
CY2023Q2 | PWUP |
Advisory Fees Payable In Cash
AdvisoryFeesPayableInCash
|
300000 | usd |
CY2023Q4 | us-gaap |
Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities
LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities
|
100000 | usd |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
11.03 | |
CY2023Q4 | PWUP |
Working Capital Deficit
WorkingCapitalDeficit
|
322105 | usd |
CY2023Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
19901169 | usd |
CY2022Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
299004083 | usd |
CY2023Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
19901169 | usd |
CY2023 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
5813213 | usd |
CY2022 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
4316583 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_848_eus-gaap--UseOfEstimates_zErAytSdmU8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zfzM3E9KXU43">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company’s 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 financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those significant estimates. 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2022Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2023 | PWUP |
Temporary Equity Redemption
TemporaryEquityRedemption
|
284916127 | usd |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_z1LrTzXIq1U7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zzhmPno6Bvck">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zl2z4NUfqhhi" title="Federal deposit Insurance corporation coverage limit">250,000</span>. At December 31, 2023 and 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | usd |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | usd |
CY2022 | PWUP |
Proceeds From Issuance Of Temporary Equity
ProceedsFromIssuanceOfTemporaryEquity
|
287500000 | usd |
CY2022 | PWUP |
Temporary Equity Fair Value To Public Warrants At Issuance
TemporaryEquityFairValueToPublicWarrantsAtIssuance
|
5606250 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
16098990 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
-33209323 | usd |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
299004083 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
-5813213 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
19901169 | usd |
CY2023 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
24138333 | shares |
CY2022 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
24138333 | shares |
CY2023 | PWUP |
Description Of Exceptions For Transfer Assign Or Sell Founder Shares
DescriptionOfExceptionsForTransferAssignOrSellFounderShares
|
(A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property | |
CY2023Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
238939 | usd |
CY2022Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
122689 | usd |
CY2023 | PWUP |
Maximum Number Of Days Available To Underwriters To Purchase Units
MaximumNumberOfDaysAvailableToUnderwritersToPurchaseUnits
|
P45D | |
CY2023 | PWUP |
Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
|
0.20 | |
CY2023 | PWUP |
Underwriter Cash Discount
UnderwriterCashDiscount
|
5000000 | usd |
CY2023 | PWUP |
Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
|
0.20 | |
CY2023 | PWUP |
Aggregate Deferred Underwriting Fee Payable
AggregateDeferredUnderwritingFeePayable
|
750000 | usd |
CY2023 | PWUP |
Aggregate Underwriter Deferred Portion
AggregateUnderwriterDeferredPortion
|
10062500 | usd |
CY2023 | PWUP |
Aggregate Underwriter Cash Discount
AggregateUnderwriterCashDiscount
|
750000 | usd |
CY2023Q2 | PWUP |
Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
|
10812500 | usd |
CY2023Q2 | PWUP |
Deferred Underwriting Discount
DeferredUnderwritingDiscount
|
10812500 | usd |
CY2023 | PWUP |
Number Of Shares Agreed To Transfer
NumberOfSharesAgreedToTransfer
|
750000 | shares |
CY2023 | PWUP |
Number Of Non Redeemable Transferable Shares
NumberOfNonRedeemableTransferableShares
|
750000 | shares |
CY2023 | PWUP |
Fair Value Of Non Redeemable Shares
FairValueOfNonRedeemableShares
|
118298 | usd |
CY2023Q2 | PWUP |
Advisory Fees Payable In Cash
AdvisoryFeesPayableInCash
|
300000 | usd |
CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2022Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2023Q4 | us-gaap |
Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
|
P6M |