2023 Q4 Form 10-K Financial Statement
#000182912624001820 Filed on March 22, 2024
Income Statement
Concept | 2023 Q4 | 2023 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $1.434M | $2.451M |
YoY Change | 256.28% | 75.72% |
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $1.434M | $2.451M |
YoY Change | 256.28% | 75.72% |
Operating Profit | ||
YoY Change | ||
Interest Expense | $4.611M | $9.915M |
YoY Change | -25.69% | -43.7% |
% of Operating Profit | ||
Other Income/Expense, Net | -$63.31K | $9.923M |
YoY Change | 4236.3% | -43.85% |
Pretax Income | $3.114M | $7.473M |
YoY Change | -46.33% | -54.09% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | $3.114M | $7.473M |
YoY Change | -46.33% | -54.09% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | ||
Diluted Earnings Per Share | $0.10 | $0.21 |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q4 | 2023 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $70.75K | $70.75K |
YoY Change | -35.45% | -35.45% |
Cash & Equivalents | $70.75K | |
Short-Term Investments | ||
Other Short-Term Assets | $55.41K | $55.41K |
YoY Change | -88.5% | |
Inventory | ||
Prepaid Expenses | $55.41K | |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $126.2K | $126.2K |
YoY Change | -78.66% | -78.66% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $270.7M | $270.7M |
YoY Change | -12.83% | -12.83% |
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $270.7M | $270.7M |
YoY Change | -12.83% | -12.83% |
TOTAL ASSETS | ||
Total Short-Term Assets | $126.2K | $126.2K |
Total Long-Term Assets | $270.7M | $270.7M |
Total Assets | $270.8M | $270.8M |
YoY Change | -12.95% | -12.95% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $706.3K | $706.3K |
YoY Change | 74.01% | 74.01% |
Accrued Expenses | $378.3K | $378.3K |
YoY Change | -3.81% | -3.81% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $5.557M | $5.557M |
YoY Change | 2251.63% | 2251.63% |
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $6.641M | $6.642M |
YoY Change | 485.04% | 485.04% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $18.99M | $18.99M |
YoY Change | 22.96% | 22.96% |
Total Long-Term Liabilities | $18.99M | $18.99M |
YoY Change | 22.96% | 22.96% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $6.641M | $6.642M |
Total Long-Term Liabilities | $18.99M | $18.99M |
Total Liabilities | $25.63M | $25.63M |
YoY Change | 54.59% | 54.59% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$25.51M | |
YoY Change | 59.52% | |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$25.51M | $245.2M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $270.8M | $270.8M |
YoY Change | -12.95% | -12.95% |
Cashflow Statement
Concept | 2023 Q4 | 2023 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $3.114M | $7.473M |
YoY Change | -46.33% | -54.09% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | -$1.404M | -$1.724M |
YoY Change | 860.22% | 10.92% |
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$1.049M | $53.28M |
YoY Change | ||
Cash From Investing Activities | -$1.049M | $53.28M |
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 | 2.404M | -$51.60M |
YoY Change | 2310.61% | 444349.44% |
NET CHANGE | ||
Cash From Operating Activities | -1.404M | -$1.724M |
Cash From Investing Activities | -1.049M | $53.28M |
Cash From Financing Activities | 2.404M | -$51.60M |
Net Change In Cash | -48.86K | -$38.85K |
YoY Change | 5.05% | -97.52% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$1.404M | -$1.724M |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
Facts In Submission
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Rigel Resource Acquisition Corp | |
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1045 Avenue of the Americas | |
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New York | |
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1675601 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
70748 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
109595 | usd |
CY2023 | rrac |
Current Period Accretion To Redemption Value
CurrentPeriodAccretionToRedemptionValue
|
18458718 | usd |
CY2022 | rrac |
Current Period Accretion To Redemption Value
CurrentPeriodAccretionToRedemptionValue
|
4485142 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_805_eus-gaap--NatureOfOperations_zsUCT4XaLOr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; text-align: justify; width: 0.75in"><b>NOTE 1.</b></td> <td style="vertical-align: top; text-align: justify"><b><span id="xdx_822_zTsveibPTSg3">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND GOING CONCERN</span></b></td> </tr> </table> <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">Rigel Resource Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on April 6, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector 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.</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">All activity for the period from April 6, 2021 (inception) through December 31, 2023 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and the search for a target company. 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 from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.</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">On November 9, 2021, the Company consummated the Initial Public Offering of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211101__20211109__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Stock issued during period shares issued in initial public offering">27,500,000</span> units (“Units” and, with respect to the ordinary shares included in the Units which were offered, the “Public Shares”), generating gross proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211101__20211109__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Gross proceeds from issuance of initial public offering">275,000,000</span>, which is described in Note 3.</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">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an aggregate of <span id="xdx_907_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_pdd" title="Class of warrants and rights issued during the period">14,000,000</span> warrants (the “Private Placement Warrants”) - <span id="xdx_909_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SposorMember_pdd" title="Class of warrants and rights issued during the period">11,300,000</span> to Rigel Resource Acquisition Holding LLC (the “Sponsor”), <span id="xdx_909_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NathanaelAbebeMember_pdd" title="Class of warrants and rights issued during the period">100,000</span> to Nathanael Abebe, <span id="xdx_903_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChristineCoignardMember_pdd" title="Class of warrants and rights issued during the period">35,000</span> to Christine Coignard, <span id="xdx_90B_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KelvinDushniskyMember_pdd" title="Class of warrants and rights issued during the period">25,000</span> to Kelvin Dushnisky, <span id="xdx_906_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LPeterOHaganMember_pdd" title="Class of warrants and rights issued during the period">200,000</span> to L. Peter O’Hagan and <span id="xdx_907_ecustom--ClassOfWarrantsAndRightsIssuedDuringThePeriod_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OrionMineFinanceGPMember_pdd" title="Class of warrants and rights issued during the period">2,340,000</span> to Orion Mine Finance GP III LP (“Orion GP”) - at a purchase price of $<span id="xdx_90B_ecustom--ClassOfWarrantsAndRightsIssuedPricePerWarrant_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_pdd" title="Class of warrants and rights issued, price per warrant">1.00</span> per Private Placement Warrant, generating gross proceeds to the Company in the amount of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20211101__20211109__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_pp0p0" title="Gross proceeds from private placement issue">14,000,000</span>, which is described in Note 4.</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">On November 9, 2021, the underwriter purchased an additional <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211101__20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_pdd" title="Stock issued during period shares issued in initial public offering">2,500,000</span> Units pursuant to a partial exercise of the over-allotment option. The Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211101__20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_pp0p0" title="Gross proceeds from issuance of initial public offering">25,000,000</span>. Since the underwriter did not exercise the remainder of the over-allotment option, the Sponsor forfeited <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_c20211101__20211109__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pdd" title="Shares subject to forfeiture">406,250</span> Founder Shares upon the expiration of the over-allotment option in December 2021. The Sponsor transferred <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_c20211101__20211109_zQsC6ekPXWxd" title="Shares subject to forfeiture">1,170,000</span> Founder Shares to Orion Mine Finance GP III LP (an affiliate of the Sponsor) at the time of the initial closing, in connection with the purchase of private placement warrants by Orion Mine Finance GP III LP.</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">As of November 9, 2021, transaction costs amounted to $<span id="xdx_902_ecustom--TransactionCostsInConnectionWithInitialPublicOffering_c20211101__20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Transaction costs">17,585,547</span> consisting of $<span id="xdx_904_ecustom--UnderwritingFees_c20211101__20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Underwriting fees">6,000,000</span> of underwriting fees in cash, $<span id="xdx_905_ecustom--DeferredUnderwritingFees_iI_pp0p0_c20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zksZvBTsVZZd" title="Deferred underwriting fees">10,500,000</span> of deferred underwriting fees payable (which are held in a trust account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”)) and $<span id="xdx_906_ecustom--CostsRelatedToInitialPublicOffering_c20211101__20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Costs related to Initial Public Offering">1,085,547</span> of costs related to the Initial Public Offering. Cash of $<span id="xdx_909_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20231231_zY19sGNqZV8d" title="Cash">70,748</span> was held outside of the Trust Account on December 31, 2023 and was available for working capital purposes. As described in Note 6, the $<span id="xdx_902_ecustom--DeferredUnderwritingFees_c20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Deferred underwriting fees">10,500,000</span> deferred underwriting fees are contingent upon the consummation of the Business Combination by August 9, 2024.</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">Following the closing of the Initial Public Offering on November 9, 2021, an amount of $<span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211101__20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Sale of stock">306,000,000</span> ($<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_c20211109__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Share Price">10.20</span> per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in Trust Account which may be 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 Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below. On May 8, 2023, the Sponsor deposited an aggregate of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230501__20230508__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zDvtWhFZh1L4" title="Stock issued during period shares issued in initial public offering">3,000,000</span> into the Company’s trust account for the Company’s public shareholders, representing $<span id="xdx_908_eus-gaap--SharePrice_iI_c20230508__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zmCXOMyw2IP9" title="Share price">0.10</span> per public share, which enabled the Company to extend the period of time it has to consummate its initial business combination by three months, from May 9, 2023 to August 9, 2023. On August 10, 2023, the Company instructed Continental Stock Transfer & Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing demand deposit account at a bank until the earlier of the consummation of the Company’s initial Business Combination or the liquidation of the Company.</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">In connection with the Company’s extraordinary general meeting held on August 7, 2023 (the “Special Meeting”), the Company’s shareholders approved a special resolution to amend the Company’s amended and restated memorandum and articles of association (the “Charter”) to extend the date by which the Company must either consummate an initial Business Combination or (i) cease its operations, except for the purpose of winding up if it fails to complete an initial Business Combination and (ii) redeem all of the Class A ordinary shares (the “Public Shares”) included as part of the units sold in the Company’s initial public offering, from August 9, 2023 to August 9, 2024 (the “Extension Amendment”). In connection with the Extension Amendment, <span id="xdx_903_ecustom--RedemptionOfClassOrdinarySharesDescription_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RedemptionofClassAOrdinarySharesMember_zop6kJhCPRa2" title="Redemption of Class A Ordinary Shares description">the holders of 5,429,967 Class A Ordinary Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.73 per share, for an aggregate redemption amount of $58,279,780, leaving approximately $263,710,000 in the Company’s trust account.</span></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">Pursuant to the Convertible Promissory Note dated as of August 9, 2023 (the “Second Extension Loan”), the Sponsor has agreed that it will contribute to the Company as a loan (each loan being referred to herein as a “Contribution”) the lesser of <span id="xdx_905_ecustom--ConvertiblePromissoryNoteDescription_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SecondExtensionLoanMember_zIciZkik0RWh" title="Convertible promissory note description">(A) $0.03 for each Public Share (as defined below) that was not redeemed in connection with the Special Meeting (as defined below) and (B) $350,000, for each month (or a pro rata portion thereof if less than a month) until the earlier of (i) the date of the extraordinary general meeting held in connection with the shareholder vote to approve an initial Business Combination and (ii) August 9, 2024. The maximum aggregate amount of all Contributions will not exceed $4,200,000, and the Contributions will be deposited into the Company’s trust account. Up to $1,500,000 of the Contributions can be settled in whole warrants to purchase Class A Ordinary Shares of the Company at a conversion price equal to $1.00 per warrant. The Contributions will not bear any interest and will be repayable by the Company to the Sponsor upon the earlier of the date by which the Company must complete an initial Business Combination and the consummation of the Company’s initial Business Combination. The Company’s board of directors will have the sole discretion whether to continue extending until August 9, 2024, and if the Company’s board of directors determines not to continue extending for additional months, the Sponsor’s obligation to make additional Contributions will terminate. If this occurs, the Company would wind up the Company’s affairs and redeem 100% of the outstanding Public Shares in accordance with the procedures set forth in the Charter (as defined below). The maturity date of the Second Extension Loan may be accelerated upon the occurrence of an Event of Default (as defined therein). Any outstanding principal under the Second Extension Loan may be prepaid at any time by the Company, at its election and without penalty. On August 9, 2023, August 31, 2023, September 29, 2023, October 31, 2023, November 30, 2023 and December 29, 2023 the Sponsor made contributions of approximately $248,387, $350,000, $350,000, $350,000, 350,000 and $350,000, respectively, to the Trust Account under the Second Extension Loan. See Note 5 for more information.</span></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">On December 28, 2023, the Company amended and restated: (i) that the First Extension Loan and (ii) the Second Extension Loan (together with the First Extension Loan, the “Amended and Restated Extension Loans”) to add Orion Mine Finance GP III LP, a Cayman Islands limited partnership and an affiliate of the Sponsor, as a payee (together with the Sponsor, the “Payees”). The Amended and Restated Extension Loans will be repayable by the Company to the Payees on a pro rata basis based on the amount of the principal balance each Payee has advanced under the Amended and Restated Extension Loans. The Amended and Restated Extension Loans do not otherwise materially modify the terms of the First Extension Loan and the Second Extension Loan and are effective as of May 8, 2023 and August 9, 2023, respectively.</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’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of 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 with one or more operating businesses or assets with a fair market value equal to at least <span id="xdx_90F_ecustom--ProspectiveAssetsOfAcquireeAsAPercentageOfFairValueOfAssetsInTheTrustAccount_iI_dp_c20231231_zk6He0rSvOS9" title="Prospective assets of acquiree as a percentage of fair value of assets in the trust account">80</span>% of the value of the net assets held in the Trust Account (as defined above) (excluding the deferred underwriting commissions). The Company will only complete a Business Combination if the post transaction company owns or acquires <span id="xdx_901_ecustom--EquityMethodsInvestmentOwnershipPercentage_iI_dp_c20231231_zMQoEPakHDnh" title="Equity method investment ownership percentage">50</span>% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended.</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 the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval for 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 $<span id="xdx_901_ecustom--PerShareValueOfRestrictedAssets_iI_c20231231_zJdhEXF18v0a" title="Per Share Value Of Restricted Assets">10.20</span> per Public Share, and such amount will be increased in the case of extensions of the Company’s time to consummate our initial Business Combination, as described herein, plus any pro rata interest then in the Trust Account). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “<i>Distinguishing Liabilities from Equity</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">If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. 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 a proposed Business Combination. 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 transaction.</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">Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, 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 15% of the Public Shares without the Company’s prior written consent.</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 holders of the Founder Shares have agreed (a) to waive their redemption rights with respect to any Founder Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment.</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 has not completed a Business Combination by August 9, 2024 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of 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 (less up to $<span id="xdx_907_ecustom--DissolutionExpenses_c20220101__20221231_pp0p0" title="Dissolution expenses">100,000</span> of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. 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 within the Combination Period.</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 holders of the Founder Shares have agreed to waive the rights to liquidating distributions from the Trust Account with respect to the Founder Shares they will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriter has 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, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.20, or higher in case extensions of the time period to complete the Company’s initial Business Combination have been effectuated).</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">In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.20 per Public Share following the closing of the Initial Public Offering, $10.30 per public share after 18 months from the closing of the Initial Public Offering, or $10.40 per public share after 21 months from the closing of the Initial Public Offering, as applicable; and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.20 per Public Share, due to reductions in the value of trust assets. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</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"><b><i>Going Concern Considerations</i></b></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 has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. In addition, the Company currently has less than 12 months from the date these financial statements were issued to complete a Business Combination transaction. If the Company is unsuccessful in consummating an initial Business Combination by August 9, 2024, per the mandatory liquidation requirement, the Company must cease all operations, redeem the Public Shares and thereafter liquidate and dissolve. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, <i>“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”</i> the Company does not have adequate liquidity to sustain operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</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"><b><i>Risks and Uncertainties</i></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">Management is currently evaluating the impact of the invasion by Russia of Ukraine and any further escalation of hostilities related thereto, terrorist attacks, natural disasters or significant outbreaks of infectious diseases on the industry and has concluded that while it is reasonably possible that such events could have a negative effect on the Company’s financial position, results of its operations and/or search for and consummation of a business combination with a target company, the specific impacts are not readily determinable as of the date of these financial statements. These financial statements do not include any adjustments that might result from the outcome of these uncertainties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> | |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
|
1170000 | shares |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
70748 | usd |
CY2023Q4 | rrac |
Prospective Assets Of Acquiree As A Percentage Of Fair Value Of Assets In The Trust Account
ProspectiveAssetsOfAcquireeAsAPercentageOfFairValueOfAssetsInTheTrustAccount
|
0.80 | pure |
CY2023Q4 | rrac |
Equity Methods Investment Ownership Percentage
EquityMethodsInvestmentOwnershipPercentage
|
0.50 | pure |
CY2023Q4 | rrac |
Per Share Value Of Restricted Assets
PerShareValueOfRestrictedAssets
|
10.20 | |
CY2022 | rrac |
Dissolution Expenses
DissolutionExpenses
|
100000 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84B_eus-gaap--UseOfEstimates_zkThXC3cpief" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86E_zLQ87XfKPCq3">Use of Estimates</span></i></b></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 financial statements in conformity with US 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 financial statements and the reported amounts of revenues and expenses during the reporting period.</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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. The Company’s significant estimates and assumptions include the fair value of the related parties convertible notes and the change in fair value of the derivative liabilities. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> | |
CY2022Q4 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
310500000 | usd |
CY2023 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
270700000 | usd |
CY2022 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
310500000 | usd |
CY2022 | rrac |
Warrant Exercisable
WarrantExercisable
|
15000000 | shares |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zDrxRuJDnKmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86C_zLezeXBEC5Wd">Concentration of Credit Risk</span></i></b></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 concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20231231_zPpPbRqR6UL4" title="Federal Depository Insurance Corporation">250,000</span>. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </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 |
CY2023 | us-gaap |
Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
|
<p id="xdx_84C_eus-gaap--DerivativesReportingOfDerivativeActivity_zVFMIUbjJRrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86D_zd2hiXS9tQtc">Derivative Financial Instruments</span></i></b></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 evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “<i>Derivatives and Hedging</i>.” The Company’s derivative instruments are recorded at fair value as of the closing date of the Initial Public Offering (November 9, 2021) and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the public warrants, the Private Placement Warrants and the Forward Purchase Agreement are derivative instruments. As the public warrants, the Private Placement Warrants and the Forward Purchase Agreement meet the definition of a derivative, the public warrants, the Private Placement Warrants and Forward Purchase Agreement are measured at fair value at issuance and at each reporting date in accordance with ASC 820, <i>Fair Value Measurement</i>, with changes in fair value recognized in the statements of operations in the period of change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> | |
CY2023Q4 | rrac |
Accrued Legal Fees
AccruedLegalFees
|
378300 | usd |
CY2022Q4 | rrac |
Accrued Legal Fees
AccruedLegalFees
|
378300 | usd |
CY2023Q4 | rrac |
Accrued Offering Cost
AccruedOfferingCost
|
378300 | usd |
CY2023Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
113400 | usd |
CY2022Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
206000 | 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 | |
CY2023 | us-gaap |
Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
|
1 | pure |
CY2023 | us-gaap |
Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
|
10000 | usd |
CY2023 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
120000 | usd |
CY2022 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
120000 | usd |
CY2023Q4 | rrac |
Working Capital Loans
WorkingCapitalLoans
|
600000 | usd |
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 |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.10 | |
CY2023Q4 | rrac |
Redemption Price Per Share
RedemptionPricePerShare
|
10.00 | |
CY2023 | rrac |
Class Of Warrants Or Rights Issued During The Period
ClassOfWarrantsOrRightsIssuedDuringThePeriod
|
29000000 | shares |
CY2023Q4 | us-gaap |
Extended Product Warranty Accrual Current
ExtendedProductWarrantyAccrualCurrent
|
37584000 | usd |
CY2023Q4 | us-gaap |
Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
|
14048423 | usd |
CY2022Q4 | us-gaap |
Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
|
4945845 | usd |
rrac |
Initial Measurement
InitialMeasurement
|
38265484 | usd | |
rrac |
Change In Fair Value
ChangeInFairValue
|
-19967480 | usd | |
rrac |
Gain On Unexercised Overallotment Option
GainOnUnexercisedOverallotmentOption
|
-227783 | usd | |
CY2021Q4 | us-gaap |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
|
18070221 | usd |
CY2022 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
300000 | usd |
CY2022 | rrac |
Change In Fair Value
ChangeInFairValue
|
-13188076 | usd |
CY2022Q4 | us-gaap |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
|
5182145 | usd |
CY2023 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
6798387 | usd |
CY2023 | rrac |
Proceeds In Excess Of Fair Value
ProceedsInExcessOfFairValue
|
-1468999 | usd |
CY2023 | rrac |
Change In Fair Value
ChangeInFairValue
|
3536890 | usd |
CY2023Q4 | us-gaap |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
|
14048423 | usd |