2023 Q2 Form 10-Q Financial Statement

#000149315223029606 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $526.6K
YoY Change 103.64%
% of Gross Profit
Research & Development $2.379M
YoY Change
% of Gross Profit
Depreciation & Amortization $79.50K
YoY Change 143.12%
% of Gross Profit
Operating Expenses $526.6K
YoY Change 103.64%
Operating Profit -$2.184M
YoY Change
Interest Expense $331.5K
YoY Change 140.67%
% of Operating Profit
Other Income/Expense, Net $331.5K
YoY Change -28.79%
Pretax Income -$195.1K
YoY Change -194.23%
Income Tax
% Of Pretax Income
Net Earnings -$195.1K
YoY Change -194.23%
Net Earnings / Revenue
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 120.0M shares
Diluted Shares Outstanding 120.0M shares

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $556.0K
YoY Change 199.49%
Cash & Equivalents $25.00M
Short-Term Investments
Other Short-Term Assets $143.3K
YoY Change -64.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $699.3K
YoY Change 17.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.123M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.68M
YoY Change -92.71%
Total Long-Term Assets $25.68M
YoY Change -92.71%
TOTAL ASSETS
Total Short-Term Assets $699.3K
Total Long-Term Assets $25.68M
Total Assets $26.38M
YoY Change -92.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $694.9K
YoY Change 287.73%
Accrued Expenses $882.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $625.7K
YoY Change
Long-Term Debt Due $62.93M
YoY Change
Total Short-Term Liabilities $1.521M
YoY Change 486.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $14.73M
YoY Change -0.93%
Total Long-Term Liabilities $14.73M
YoY Change -0.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.521M
Total Long-Term Liabilities $14.73M
Total Liabilities $16.25M
YoY Change 7.43%
SHAREHOLDERS EQUITY
Retained Earnings -$15.55M
YoY Change 10.7%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.55M
YoY Change
Total Liabilities & Shareholders Equity $26.38M
YoY Change -92.53%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income -$195.1K
YoY Change -194.23%
Depreciation, Depletion And Amortization $79.50K
YoY Change 143.12%
Cash From Operating Activities -$397.3K
YoY Change 765.53%
INVESTING ACTIVITIES
Capital Expenditures $133.0K
YoY Change -28.88%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 901.0K
YoY Change -81.98%
NET CHANGE
Cash From Operating Activities -397.3K
Cash From Investing Activities 0.000
Cash From Financing Activities 901.0K
Net Change In Cash 503.7K
YoY Change -1197.43%
FREE CASH FLOW
Cash From Operating Activities -$397.3K
Capital Expenditures $133.0K
Free Cash Flow -$530.3K
YoY Change 127.69%

Facts In Submission

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<p id="xdx_80B_eus-gaap--NatureOfOperations_zhZI5q42KL7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — <span id="xdx_823_z4W4BdN4rI0i">Description of Organization, Business Operations and Liquidity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semper Paratus Acquisition Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on April 21, 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_90F_ecustom--ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum_dc_uInteger_c20230101__20230630_zy6ajzYSAA87" title="Condition for future business combination number of businesses minimum">one</span> or more businesses (the “Business Combination”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt; 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; text-align: justify; margin: 0pt"><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. The Company’s wholly owned subsidiary, Semper Merger Sub, Inc., a Delaware corporation, was incorporated on June 28, 2023 and has had no activity as of June 30, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt; 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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2023, the Company had not commenced any operations. All activity through June 30, 2023, relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below, and 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 November 3, 2021. On November 8, 2021, the Company consummated the IPO of <span id="xdx_904_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211108__20211108__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zZ0SeaopH1Ji" title="Sale of units, net of underwriting discounts">30,000,000</span> units (“Units”) with respect to the ordinary shares included in the Units being offered (the “Public Shares”) at $<span id="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_c20211108__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbNyhfPiTkAf" title="Purchase price, per unit">10.00</span> per Unit generating gross proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zeQxJZ4gZlH8" title="Proceeds from issuance intial public offering">300,000,000</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 33.85pt; 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; text-align: justify; margin: 0pt"><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_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zTFXbevMUrS3" title="Number of warrants issued to purchase ordinary shares (in shares)">1,360,000</span> private placement units (“Private Placement Units”) at a price of $<span id="xdx_902_ecustom--ClassOfWarrantOrRightPriceOfWarrantsOrRights_iI_c20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zzjf3KUwBr3a" title="Price of warrants">10.00</span> per Private Placement Unit in a private placement to the Company’s sponsor, Semper Paratus Sponsor LLC (the “Original Sponsor”) and underwriter Cantor Fitzgerald &amp; Co. (“Cantor”), generating gross proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfWarrants_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zt7oe0aVxRQ" title="Proceeds from sale of warrants">13,600,000</span> which is described in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt; 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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 4, 2023, the Company entered into a purchase agreement (the “Purchase Agreement”) with SSVK Associates, LLC (the “Sponsor”) and the Original Sponsor, pursuant to which the Sponsor will purchase from the Original Sponsor (x) <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--SponsorMember_zgwgmI1RJqRc" title="Number of shares issued">7,988,889</span> Class A ordinary shares and (y) <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--SponsorMember_zVAWaA5LQov6" title="Number of shares issued">1,000,000</span> private placement units, each consisting of one Class A ordinary share and one-half of one redeemable warrant that is exercisable for one Class A ordinary share, free and clear of all liens and encumbrances (other than those contained in the Letter Agreement, dated November 3, 2021, by and among the Company, its officers, directors and the Original Sponsor, and the Underwriting Agreement, dated November 3, 2021, by and between the Company and Cantor, as representative of the several underwriters (the “Underwriting Agreement”), for an aggregate purchase price of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20230504__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--SponsorMember_zhhuwD6a7gB5" title="Purchase price">1.00</span> (the “Purchase Price”) payable at the time of the initial Business Combination (see Note 5).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt; 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; text-align: justify; margin: 0pt"><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_901_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zbVQePmEorP3" title="Sale of units, net of underwriting discounts">4,500,000</span> additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zilnMvgPJ7C9" title="Proceeds from issuance intial public offering">45,000,000</span> and incurring additional offering costs of $<span id="xdx_90F_ecustom--DeferredOfferingCostsNoncurrent_iI_c20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zyFJOBShIuA1" title="Deferred underwriting fee payable">2,700,000</span> in underwriting fees all of which are deferred until completion of the Company’s Business Combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional <span id="xdx_903_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zV8aRBlqqCe7" title="Sale of units, net of underwriting discounts">90,000</span> Private Placement Units to the Original Sponsor, generating gross proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zodCoEWn3sze" title="Proceeds from issuance initial public offering">900,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt; 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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs for the IPO amounted to $<span id="xdx_90A_ecustom--TransactionCosts_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zC3EMGbZbonj" title="Offering costs">21,266,594</span>, consisting of $<span id="xdx_90D_ecustom--SaleOfStockUnderwritingFees_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z4VpSaDqG5qe" title="Underwriting fees">6,000,000 </span>of paid underwriting fees, $<span id="xdx_907_ecustom--DeferredOfferingCostsNoncurrent_iI_c20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zh4VHZkYzdMl" title="Deferred underwriting fee payable">14,700,000</span> of deferred underwriting fees payable (the “Original Deferred Fee”) (which are held in the Trust Account (defined below) and $<span id="xdx_903_ecustom--SaleOfStockOtherOfferingCosts_iI_c20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRrtNNQp6RW" title="Other offering costs">566,594</span> of other costs. On June 28, 2023, the Company and Cantor entered into a fee reduction agreement (the “Fee Reduction Agreement”), pursuant to which Cantor has agreed to forfeit $<span id="xdx_900_ecustom--DeferredOfferingCostsNoncurrentForfeited_iI_c20230628__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zDYdgyyWv4K1" title="Deferred underwriting fee forfeited">9,700,000</span> of the deferred underwriting fees payable, resulting in a remainder of $<span id="xdx_905_ecustom--DeferredOfferingCostsNoncurrent_iI_c20230628__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zXS8wuQXYovh" title="Deferred offering costs non current">5,000,000</span> of deferred underwriting fees payable (the “Reduced Deferred Fee”) by the Company to Cantor upon the closing of the contemplated Transaction (as defined below) with Tevogen Bio Inc. The Reduced Deferred Fee shall be payable to Cantor in the form of<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230628__20230628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember_zagsBdJESjQ3" title="Number of shares issued"> 500,000 </span>shares of the common equity securities of the entity that survives the Transaction. The Fee Reduction Agreement only applies to the consummation of the Transaction with Tevogen Bio Inc and no other potential Business Combinations that may be contemplated or consummated by the Company. In the event that the Company does not complete the Transaction with Tevogen Bio, Inc, the Original Deferred fee shall become due and payable by the Company to Cantor as originally set forth in the Underwriting Agreement, upon the consummation of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.85pt; 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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO, $<span id="xdx_901_ecustom--PaymentsForInvestmentOfCashInTrustAccount_c20211108__20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zpo6yc7Trc9k" title="Payments for investment of cash in trust account">351,900,000</span> ($<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z3Pi7ZA9U2r9" title="Purchase price, per unit">10.20 </span>per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Units was placed in a trust account (“Trust Account”) and will 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 180 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 33.85pt; 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; text-align: justify; margin: 0pt"><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 Units, 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_90E_ecustom--ConditionForFutureBusinessCombinationUseOfProceedsPercentage_iI_dp_c20230630_zdx1rlkKS6r5" title="Condition for future business combination use of proceeds percentage">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 of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires <span id="xdx_90F_ecustom--ConditionForFutureBusinessCombinationThresholdPercentageOwnership_iI_uUSDPShares_c20230630_zyphizIWFkjf" title="Condition for future business combination threshold ownership (as a percent)">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; 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; 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; 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; 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_908_eus-gaap--SharesIssuedPricePerShare_iI_c20230630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRPoGjwjNL74" title="Purchase price, per unit">10.20</span> per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 (as amended by the Charter Amendment, the “Memorandum and Articles of Association”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards 480-10-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 were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of ordinary shares classified as temporary equity was the allocated proceeds determined in accordance with FASB 470-20. The ordinary shares are subject to FASB 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_905_ecustom--ConditionForFutureBusinessCombinationThresholdNetTangibleAssets_iI_c20230630_z0sq5FQUDw84" title="Maximum net tangible assets">5,000,001</span>, the Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 the Company’s Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a 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 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 has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO 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 the proposed transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 30, 2023, shareholders (the “Initial Shareholders”) holding all of the issued and outstanding Class B ordinary shares (the “Founder Shares”) of the Company elected to convert their Class B ordinary shares into Class A ordinary shares of the Company on a <span id="xdx_905_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_dc_uPure_c20230130__20230130_zzajdVUvz9Sd" title="Conversion ratio">one</span>-for-one basis (the “Conversion”). As a result, <span id="xdx_90E_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20230130__20230130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zXk0UfYmbrW9" title="Shares cancelled">11,983,333</span> of the Company’s Class B ordinary shares were cancelled and <span id="xdx_90E_eus-gaap--ConversionOfStockSharesIssued1_c20230130__20230130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkDLLQi2RAmk" title="Shares issued upon conversion">11,983,333</span> Class A ordinary shares were issued to such converting Class B shareholders. The Initial Shareholders agreed that all of the terms and conditions applicable to the Founder Shares set forth in the Letter Agreement, dated November 3, 2021, by and among the Company, its officers, its directors and the Initial Shareholders (the “Letter Agreement”), shall continue to apply to the Class A ordinary shares that the Founder Shares converted into, including the voting agreement, transfer restrictions and waiver of any right, title, interest or claim of any kind to the Trust Account (as defined in the Letter Agreement) or any monies or other assets held therein. Following the Conversion, on January 30, 2023, the Company had <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20230130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjB5Z4mv2DFj" title="Common stock shares issued"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20230130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z33pJkmpdG74" title="Common stock shares outstanding">47,933,333</span></span> Class A ordinary shares issued and outstanding and <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_do_c20230130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLR6dz6Jb7E4" title="Common stock shares issued"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_do_c20230130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQonDDhOArZ4" title="Common stock shares outstanding">no</span></span> Class B ordinary shares issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 3, 2023, the Company held an extraordinary general meeting of shareholders for the purpose of considering and voting on the Charter Amendment (as defined below) and, if presented, the proposal to adjourn the meeting to a later date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Charter Amendment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 3, 2023, the Company held an extraordinary general meeting of the shareholders for the purpose of considering and voting on a charter amendment. At the meeting, the shareholders of the Company approved an amendment (the “Charter Amendment”) to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination from February 8, 2023 to December 15, 2023. Under Cayman Islands law, the Charter Amendment took effect upon approval by the shareholders. The Company filed the Charter Amendment with the Cayman Islands General Registry within <span id="xdx_906_ecustom--MinimumPeriodToFileCharterAmendmentWithCaymanIslandsGeneralRegistry_dtD_c20230203__20230203__us-gaap--TypeOfArrangementAxis__custom--CharterAmendmentMember_zRiPo5ejjLgc" title="Minimum period to file charter amendment">15</span> days of the meeting. In connection with the meeting, shareholders holding approximately <span id="xdx_90B_ecustom--ShareholdersExercisedTheirRightToRedeemSharesNumberOfShares_iI_c20230203__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember__us-gaap--TypeOfArrangementAxis__custom--CharterAmendmentMember_zPkmBJXSOIq6" title="Number of shares held by the shareholders exercised their right to redeem shares">32,116,947</span> ordinary shares (the “public shares”) exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $<span id="xdx_90E_ecustom--ProceedsFromCashWithdrawnFromTrustAccountInConnectionWithRedemption_pn6n6_c20230203__20230203__us-gaap--TypeOfArrangementAxis__custom--CharterAmendmentMember_z6pT6kBcW8J1" title="Cash withdrawn from Trust Account in connection with redemption">332</span> million (approximately $<span id="xdx_904_ecustom--PricePerShare_pid_c20230203__20230203__us-gaap--TypeOfArrangementAxis__custom--CharterAmendmentMember__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_zaLwcJj717X8" title="Price per share">10.34</span> per public share) was removed from the Trust Account to pay such holders and approximately $<span id="xdx_90F_eus-gaap--AssetsHeldInTrustNoncurrent_iI_pn5n6_c20230203_zX58tXNBXpwg">25</span> million remained in the Trust Account. Following redemptions, the Company has <span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_c20230203__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_z75hLJAQuGPk">2,383,053</span> public shares outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nasdaq Notices</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 23, 2023, the Company received a written notice (the “March Notice”) from the Listing Qualifications division of the Nasdaq Stock Market (“Nasdaq”) stating that the Company had not paid certain fees required by Nasdaq Listing Rule 5250(f) and that the Company would be delisted unless it appeals such determination. As of the date of the March Notice, the Company’s past due fee balance totaled $<span id="xdx_90B_ecustom--PastFeeDueBalance_iI_c20230323_zv4hOZTCHjD7" title="Past fee due balance">151,000</span>. On May 5, 2023 the Company received notification from Nasdaq that the fee delinquency was cured, and the Company is now in compliance with Nasdaq’s continued listing standards.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--NasdaqWrittenNoticeDescription_c20230404__20230404_zq9uH9fXLhS9" title="Written notice description">On April 4, 2023, the Company received a written notice (the “April Notice”) from the Nasdaq indicating that the Company was not in compliance with Listing Rule 5450(b)(2)(A), requiring the Company to maintain a Market Value of Listed Securities (“MVLS”) of $50,000,000 for the continued listing of its securities on The Nasdaq Global Market. The April Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on Nasdaq. The April Notice states that the Company has 180 calendar days, or until October 2, 2023, to regain compliance with Listing Rule 5450(b)(2)(A). If at any time during this compliance period the Company’s MLVS closes at $50,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with a written confirmation of compliance, and this matter will be closed.</span> If compliance is not achieved by October 2, 2023, the April Notice states that the Company will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel. The April Notice further notes that alternatively, the Company may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). The Company will continue to monitor its MVLS and consider its available options to regain compliance with the Nasdaq minimum MVLS requirements, but there can be no assurance that the Company will be able to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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_906_ecustom--RedemptionLimitPercentageWithoutPriorConsent_dp_c20230101__20230630_z1SM3gQ8bxt8" title="Redemption limit percentage without prior consent">15%</span> or more of the 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Original Sponsor, officers and directors (the “Initial Shareholders”) have 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_900_ecustom--PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination_dp_c20230101__20230630_zm4QyJX8POb3" title="Obligation to redeem public shares if entity does not complete a business combination (as a percent)">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 ordinary shares in conjunction with any such amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 December 15, 2023, the extended date (“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 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_900_ecustom--MaximumAllowedDissolutionExpenses_c20230101__20230630_z6mSLvPYOTb9" title="Maximum allowed 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 Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><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; 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 (which converted into Class A ordinary shares) if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the IPO, they will be 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 its 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 residual assets remaining available for distribution (including Trust Account assets) will be only $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20230630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbFyO0vdTnBf" title="Purchase price, per unit">10.20</span> per shares held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has 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 transaction agreement, 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 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 (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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proposed Business Combination</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 28, 2023, the Company entered into an Agreement and Plan of Merger by and among the Company, Semper Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), the Sponsor, in its capacity as purchaser representative, Tevogen Bio Inc, a Delaware corporation (“Tevogen Bio”), and Ryan Saadi, in his capacity as seller representative (as may be amended and/or restated from time to time, the “Merger Agreement”), pursuant to which, among other things, the parties will affect the merger of Merger Sub with and into Tevogen Bio, with Tevogen Bio continuing as the surviving entity (the “Merger”), as a result of which all of the issued and outstanding capital stock of Tevogen Bio shall be exchanged for shares of Class A common stock, par value $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20230628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4uPGlrys1Kd" title="Common stock, par value">0.0001</span> per share (the “Class A Common Stock”), of the Company (the “Share Exchange”) subject to the conditions set forth in the Merger Agreement, with Tevogen Bio surviving the Share Exchange as a wholly owned subsidiary of the Company (the Share Exchange and the other transactions contemplated by the Merger Agreement, together, the “Transaction”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to the Closing Date, and subject to the satisfaction or waiver of the conditions of the Merger Agreement, the Company will migrate out of the Cayman Islands and domesticate (the “Domestication”) as a Delaware corporation in accordance with Section 388 of the DGCL and Part XIII of the Cayman Islands Companies Act (2021 Revision). In connection with the Domestication, (i) each issued and outstanding Class A ordinary share, par value will convert, on a one-for-one basis, into a duly authorized, validly issued, fully paid and nonassessable share of Class A Common Stock; and, (ii) each issued and outstanding whole warrant to purchase Class A ordinary shares of the Company will automatically represent the right to purchase one share of Class A Common Stock, at an exercise price of $<span id="xdx_905_ecustom--ExrecisePricePerShare_iI_pid_c20230628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyxlPgEZ0tFh" title="Exrecise price">11.50</span> per share on the terms and conditions set forth in the Company’s warrant agreement. Immediately following the Domestication, (i) the Class A Common Stock will be reclassified as common stock, par value $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20230628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zxWK4K4fYP9j">0.0001 </span>per share (the “Common Stock”); (ii) each issued and outstanding Unit that has not been previously separated into the underlying Class A ordinary share and underlying one-half of one warrant upon the request of the holder thereof, will be cancelled and will entitle the holder thereof to one share of Common Stock and one-half of one public warrant, with a whole public warrant representing the right to acquire one share of Common Stock at an exercise price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20230628__dei--LegalEntityAxis__custom--TevogebBioHoldingsIncMember_zNvQbBnS2Cc6">11.50</span> per share. The Company will change its name to “Tevogen Bio Holdings Inc.” after giving effect to the Domestication.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As consideration for the Merger, the holders of Tevogen Bio’s securities collectively shall be entitled to receive from the Company, in the aggregate, a number of shares of Common Stock (the “Merger Consideration”) with an aggregate value equal to $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_c20230628__20230628__us-gaap--BusinessAcquisitionAxis__custom--TevogenBioSecuritiesMember_zLYJqTytPfu1" title="Business combination, consideration transferred">1,200,000,000</span>. In addition, holders of Tevogen Bio’s securities shall also be entitled to receive from the Company, in the aggregate, an additional <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20230628__20230628__us-gaap--BusinessAcquisitionAxis__custom--TevogenBioSecuritiesMember_zpcJCS6wfyx7" title="Stock issued for acquisition">20,000,000</span> shares of the Common Stock (each an “Earnout Share Payment”) in the event that the VWAP of the Company’s Common Stock, collectively, exceeds <span id="xdx_90C_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20230628__20230628__us-gaap--BusinessAcquisitionAxis__custom--TevogenBioSecuritiesMember_z0f22rKnA1r5" title="Business combination, description">(a) $15.00 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Tevogen Bio securities shall be entitled to receive an additional 6,666,667 shares of Common Stock, (b) $17.50 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Tevogen Bio securities shall be entitled to receive an additional 6,666,667 shares of Common Stock and (c) $20.00 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Tevogen Bio securities shall be entitled to receive an additional 6,666,666 shares of Common Stock. In addition, for each Earnout Share Payment, the Company will also issue to Sponsor an additional <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230628__20230628__us-gaap--BusinessAcquisitionAxis__custom--SponsorMember_z5QmW8N9da02" title="Number of shares issued">1,500,000</span> shares of Company Common Stock.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Merger Agreement contains customary conditions to Closing, including the following mutual conditions of the parties (unless waived): (i) approval of the shareholders of the Company and Tevogen Bio of the Transaction and the other matters requiring shareholder approval; (ii) approvals of any required governmental authorities and completion of any antitrust expiration periods; (iii) receipt of specified third party consents; (iv) no law or order preventing the Transaction; (v) the registration statement having been declared effective by the SEC; (vi) no material uncured breach by the other party; (vii) no occurrence of a material adverse effect with respect to the other party; (viii) the satisfaction of the $<span id="xdx_903_ecustom--ConditionForFutureBusinessCombinationThresholdNetTangibleAssets_iI_c20230630_zul5M8YoHPja">5,000,001</span> minimum net tangible asset test by the Company; (ix) approval from NYSE for the listing of the shares of the Company’s Common Stock to be issued in connection with the Transaction; and (x) reconstitution of the post-closing board or directors of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, unless waived by Tevogen Bio, the obligations of Tevogen Bio to consummate the Transaction are subject to the satisfaction of the following additional closing conditions, in addition to the delivery by the Company of certain related agreements, customary certificates and other closing deliverables: (i) the representations and warranties of the Company being true and correct as of the date of the Merger Agreement and as of the closing (subject to customary exceptions, including materiality qualifiers); (ii) the Company having performed in all material respects its obligations and complied in all material respects with its covenants and agreements under the Merger Agreement required to be performed or complied with by it on or prior to the date of the closing; (iii) absence of any material adverse effect with respect to the Company since the date of the Merger Agreement which is continuing and uncured; (iv) at the closing, the Company having $<span id="xdx_901_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20230630_zfpnby1GNNA9" title="Cash and cash equivalents carrying value">25,000,000</span> in cash and cash equivalents, including funds remaining in the trust account (after giving effect to the completion and payment of any redemptions, purchaser expenses, deferred purchaser expenses, loans owned by the Company to the Sponsor for any purchaser expenses, other administrative costs, other liabilities of the Company as of the closing, and any transaction expenses); (v) the Company shall have made all reasonably necessary arrangements with the trustee to the Trust Account to have the Trust Account funds disbursed to the Company, and there shall be no actions, suits, proceedings, arbitrations or mediations pending or threatened by any person (not including Tevogen Bio and its affiliates) with respect to or against the Trust Account that would reasonably be expected to have a material adverse effect on the Company; and (vi) at least one day prior to closing, the Company shall have delivered to Tevogen Bio a written consent of the board of directors of the Company (or a duly appointed committee thereof authorized to administer the equity incentive plan), authorizing and approving the grant of awards of restricted stock units under the equity incentive plan shares of Common Stock to certain individuals that were executives, employees or individual service providers of Tevogen Bio as of immediately prior to the closing of the Transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally, unless waived by the Company, the obligations of the Company to consummate the Transaction are subject to the satisfaction of the following additional Closing conditions, in addition to the delivery by the Company of certain related agreements, customary certificates and other closing deliverables: (i) the representations and warranties of Tevogen Bio being true and correct as of the date of the Merger Agreement and as of the closing (subject to customary exceptions, including materiality qualifiers); (ii) Tevogen Bio having performed in all material respects their respective obligations and complied in all material respects with their respective covenants and agreements under the Merger Agreement required to be performed or complied with by them on or prior to the date of the closing; and (iii) absence of any material adverse effect with respect to Tevogen Bio and its subsidiaries on a consolidated basis since the date of the Merger Agreement which is continuing and uncured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks and Uncertainties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and search for a target company, the specific impact is not readily determinable as of the date of these condensed financial statements. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these condensed financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity and Going Concern</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2023, the Company had $<span id="xdx_901_eus-gaap--Cash_iI_c20230630_zALzxy7aNDx6">556,010</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in its operating bank accounts, $<span id="xdx_90B_eus-gaap--AssetsHeldInTrustNoncurrent_iI_c20230630_z4BPeRwF03O4">25,675,938</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in cash and marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $<span id="xdx_903_ecustom--WorkingCapital_iI_c20230630_zzxZG80FW2Gl">821,285</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As of June 30, 2023, approximately $<span id="xdx_902_eus-gaap--InvestmentIncomeInterest_pn5n6_c20230101__20230630_z68lW0vIRqte">2.1 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of the amount on deposit in the Trust Account represented interest income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 will need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and 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; 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; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has also determined that the mandatory liquidation and subsequent dissolution described in the financial statements, should the Company be unable to complete a business combination, raises substantial doubt about the Company’s ability to continue as a going concern. The Company has until December 15, 2023 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by the specified period. If a Business Combination is not consummated by December 15, 2023, there will be a mandatory liquidation and subsequent dissolution. These 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
LGST Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1 integer
CY2023Q2 LGST Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
0.80 pure
CY2023Q2 LGST Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2023Q2 LGST Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001 usd
CY2023Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1 pure
CY2023Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
25000000 usd
CY2023Q1 LGST Past Fee Due Balance
PastFeeDueBalance
151000 usd
CY2023Q2 LGST Nasdaq Written Notice Description
NasdaqWrittenNoticeDescription
On April 4, 2023, the Company received a written notice (the “April Notice”) from the Nasdaq indicating that the Company was not in compliance with Listing Rule 5450(b)(2)(A), requiring the Company to maintain a Market Value of Listed Securities (“MVLS”) of $50,000,000 for the continued listing of its securities on The Nasdaq Global Market. The April Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on Nasdaq. The April Notice states that the Company has 180 calendar days, or until October 2, 2023, to regain compliance with Listing Rule 5450(b)(2)(A). If at any time during this compliance period the Company’s MLVS closes at $50,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with a written confirmation of compliance, and this matter will be closed.
LGST Redemption Limit Percentage Without Prior Consent
RedemptionLimitPercentageWithoutPriorConsent
0.15 pure
LGST Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1 pure
LGST Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000 usd
CY2023Q2 LGST Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25000000 usd
CY2023Q2 us-gaap Cash
Cash
556010 usd
CY2023Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
25675938 usd
CY2023Q2 LGST Working Capital
WorkingCapital
821285 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
2100000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q2 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
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zqxeGEod6I7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zwfbo8nF9mU4">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed 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 condensed 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 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 condensed 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_z0kk4f7Qsfn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zHvNa9GKOYYi">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; 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_908_eus-gaap--CashFDICInsuredAmount_iI_c20230630_zjwoTqQUCLtb" title="Federal depository insurance coverage amount">250,000</span>. At June 30, 2023 and December 31, 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
351900000 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
4964000 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
356864000 usd
LGST Temporary Equity Redemption Amount
TemporaryEquityRedemptionAmount
-333270649 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2082587 usd
CY2023Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
25675938 usd
CY2023Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1 pure
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount For Postvesting Restrictions
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions
0.0680 pure
CY2023Q2 LGST Stock Price Of Measurement
StockPriceOfMeasurement
10.77 shares
CY2023Q2 LGST Probability Of Transaction Percentage
ProbabilityOfTransactionPercentage
0.0440 pure
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
750000 shares
CY2023Q2 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
46139 usd
CY2023Q2 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
229167 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
625694 usd
CY2023Q2 LGST Convertible Notes Payable Discounts
ConvertibleNotesPayableDiscounts
275306 usd
LGST Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.20
LGST Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.20
LGST Aggregate Underwriter Cash Discount
AggregateUnderwriterCashDiscount
900000 usd
CY2023Q2 LGST Deferred Fee Per Unit
DeferredFeePerUnit
0.40
LGST Aggregate Deferred Underwriting Fee Payable
AggregateDeferredUnderwritingFeePayable
1470000000 usd
LGST Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
13800000 usd
LGST Underwriter Cash Discount
UnderwriterCashDiscount
900000 usd
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 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

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