2023 Q4 Form 10-K Financial Statement

#000182912624002417 Filed on April 11, 2024

View on sec.gov

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
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $319.3K $4.417M
YoY Change -74.79% 89.09%
Operating Profit -$4.417M
YoY Change 89.09%
Interest Expense $180.4K $125.0K
YoY Change -94.1% -99.08%
% of Operating Profit
Other Income/Expense, Net $1.380M -$73.43K
YoY Change 28.4% -100.72%
Pretax Income $1.241M $2.587M
YoY Change -30.78% -77.0%
Income Tax
% Of Pretax Income
Net Earnings $1.241M $2.587M
YoY Change -30.78% -77.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $1.12 $2.34
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.76K $13.76K
YoY Change -88.92% -88.92%
Cash & Equivalents $13.76K
Short-Term Investments
Other Short-Term Assets $38.14K $38.14K
YoY Change -88.65% -88.65%
Inventory
Prepaid Expenses $38.14K
Receivables
Other Receivables
Total Short-Term Assets $51.90K $51.90K
YoY Change -88.73% -88.72%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.33M $23.33M
YoY Change -90.2% -90.2%
Other Assets
YoY Change
Total Long-Term Assets $23.48M $23.48M
YoY Change -90.13% -90.13%
TOTAL ASSETS
Total Short-Term Assets $51.90K $51.90K
Total Long-Term Assets $23.48M $23.48M
Total Assets $23.53M $23.53M
YoY Change -90.13% -90.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $661.0K $661.0K
YoY Change -58.21% -58.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $682.5K $682.5K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.343M $1.343M
YoY Change -19.05% -19.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $556.3K $556.3K
YoY Change -94.01% -94.01%
Total Long-Term Liabilities $556.3K $556.3K
YoY Change -94.01% -94.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.343M $1.343M
Total Long-Term Liabilities $556.3K $556.3K
Total Liabilities $1.900M $1.900M
YoY Change -82.64% -82.64%
SHAREHOLDERS EQUITY
Retained Earnings -$8.956M
YoY Change -14.56%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.848M $21.63M
YoY Change
Total Liabilities & Shareholders Equity $23.53M $23.53M
YoY Change -90.13% -90.13%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.241M $2.587M
YoY Change -30.78% -77.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$198.3K -$863.0K
YoY Change 22.53% 42.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$180.0K $217.2M
YoY Change
Cash From Investing Activities -$180.0K $217.2M
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 300.6K -$216.4M
YoY Change 1077385.44%
NET CHANGE
Cash From Operating Activities -198.3K -$863.0K
Cash From Investing Activities -180.0K $217.2M
Cash From Financing Activities 300.6K -$216.4M
Net Change In Cash -77.77K -$110.5K
YoY Change -51.96% -82.36%
FREE CASH FLOW
Cash From Operating Activities -$198.3K -$863.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_80A_eus-gaap--NatureOfOperations_zYLBti3PlfFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 1 — <span id="xdx_823_zcYbXSNlqVvi">Description of Organization and Business Operations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Roth CH Acquisition Co. (the “<span style="text-decoration: underline">Company</span>”) is a blank check company incorporated as a Cayman Islands exempted company on April 20, 2021 with the name TKB Critical Technologies 1. The Company changed its name on September 7, 2023 to Roth CH Acquisition Co. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “<span style="text-decoration: underline">initial business combination</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">The Company is not limited to a particular industry or geographic location for purposes of consummating an initial 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">As of December 31, 2023, the Company had not commenced any operations. All activity for the period from April 20, 2021 (inception) through December 31, 2023, relates to the Company’s formation and its initial public offering (the “<span style="text-decoration: underline">IPO</span>”), which is described below and, subsequent to the IPO, identifying a target company for an initial business combination. The Company will not generate any operating revenues until after the completion of the initial business combination, at the earliest. The Company generates non-operating income from the marketable securities held in the Trust Account (defined below).</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 registration statement for the Company’s IPO was declared effective on October 26, 2021 (the “<span style="text-decoration: underline">Effective Date</span>”). On October 29, 2021, the Company consummated the IPO of <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211001__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of Stock, Number of Shares Issued in Transaction">23,000,000</span> units (the “<span style="text-decoration: underline">Units</span>”), including <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211001__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_pdd" title="Sale of Stock, Number of Shares Issued in Transaction">3,000,000</span> Units that were issued pursuant to the underwriters’ exercise of their over-allotment option in full, at $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of Stock, Price Per Share">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211001__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Sale of Stock, Consideration Received on Transaction">230,000,000</span>, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company consummated the sale of <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211001__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Sale of Stock, Number of Shares Issued in Transaction">10,750,000</span> Private Placement Warrants (the “<span style="text-decoration: underline">Private Placement Warrants</span>”) at a price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Class of Warrant or Right, Exercise Price of Warrants or Rights">1.00</span> per Private Warrant in a private placement to TKB Sponsor I, LLC (the “<span style="text-decoration: underline">Sponsor</span>”), generating proceeds of $<span id="xdx_90E_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211001__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0" title="Sale of Stock, Consideration Received on Transaction">10,750,000</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">Transaction costs of the IPO amounted to $<span id="xdx_906_ecustom--TransactionCosts_c20211001__20211029_pp0p0" title="Transaction costs">21,140,059</span>, consisting of $<span id="xdx_90A_ecustom--UnderwritingFees_c20211001__20211029_pp0p0" title="Underwriting fees">3,850,000</span> of underwriting discount, $<span id="xdx_90D_ecustom--DeferredUnderwritingFees_c20211001__20211029_pp0p0" title="Deferred underwriting fees">8,800,000</span> of deferred underwriting discount, $<span id="xdx_906_ecustom--ExcessFairValueOfFounderShares_c20211001__20211029_pp0p0" title="Excess fair value of founder shares">7,748,431</span> excess fair value of founder shares and $<span id="xdx_909_ecustom--ActualOfferingCost_c20211001__20211029_pp0p0" title="Actual offering cost">741,628</span> of offering costs. Of these amounts, $<span id="xdx_90D_eus-gaap--AdditionalPaidInCapital_c20211029_pp0p0" title="Additional paid-in capital">19,774,814</span> was recorded to additional paid-in capital and $<span id="xdx_900_ecustom--WarrantLiabilityCost_c20211001__20211029_pp0p0" title="Warrant liability cost">1,365,245</span> costs related to the warrant liability was expensed immediately using the residual allocation method.</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 IPO on October 29, 2021, $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20211001__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Proceeds from Issuance or Sale of Equity">234,600,000</span> ($<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Shares Issued, Price Per Share">10.20</span> per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “<span style="text-decoration: underline">Trust Account</span>”), located in the United States, which will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of 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 completion of an initial business combination; and (ii) the redemption of any Public Shares (as defined below) properly submitted in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum and Articles of Association (“<span style="text-decoration: underline">Articles</span>”); and (iii) the redemption of the Company’s Public Shares if the Company is unable to complete the initial business combination by October 29, 2024 (or any extended period of time that the Company may have to consummate an initial business combination as a result of an amendment to its Articles) (the “<span style="text-decoration: underline">Combination Period</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">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating an initial business combination. There is no assurance that the Company will be able to complete an initial business combination successfully. The Company must complete an initial business combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the Company’s signing a definitive agreement in connection with its initial business combination. The Company will only complete an initial business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “<span style="text-decoration: underline">Investment Company Act</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">The Company will provide its holders of the outstanding Public Shares (the “<span style="text-decoration: underline">public shareholders</span>”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of an initial business combination either (i) in connection with a general meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of an initial business combination or conduct a tender offer will be made by the Company. The public shareholder will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.20 per Public Share initially, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations and which interest shall be net of taxes payable), calculated as of two business days prior to the completion of the initial business combination. The per-share amount to be distributed to public shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 8). There will be no redemption rights upon the completion of an initial business combination with respect to the Company’s warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will only proceed with an initial business combination if the Company has net tangible assets of at least $<span id="xdx_90F_eus-gaap--BusinessCombinationConsiderationTransferredOther1_c20230101__20231231_pp0p0" title="Business Combination, Consideration Transferred, Other">5,000,001</span> either prior to or upon such consummation of an initial business combination and if the Company seeks shareholder approval. If the Company seeks shareholder approval, the Company will complete its initial business combination only if the Company receives approval pursuant to an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company, or (ii) if so authorized by the Company’s Articles, a unanimous written resolution of the shareholders. If a shareholder vote is not required by applicable law or stock exchange rules and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Articles, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “<span style="text-decoration: underline">SEC</span>”) and file tender offer documents with the SEC prior to completing an initial business combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange rules, 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 an initial business combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6), and any Public Shares purchased during or after the IPO in favor of approving an initial business combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the above, if the Company seeks shareholder approval of an initial business combination and it does not conduct redemptions pursuant to the tender offer rules, the Articles 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 “<span style="text-decoration: underline">Exchange Act</span>”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent 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">The Articles of the Company provides that only Public Shares and not any Founder Shares are entitled to redemption rights. In addition, the Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of an initial business combination and (b) not to propose an amendment to the Articles (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 its Public Shares if the Company does not complete an initial business combination 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 in conjunction with 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 is unable to complete an initial business combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 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 the Company to pay its tax obligations (less up to $<span id="xdx_90A_ecustom--DissolutionExpenses_c20230101__20231231_pp0p0" title="Dissolution expenses">100,000</span> of interest to pay dissolution expenses, which interest shall be net of taxes payable), 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), 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire as worthless if the Company fails to complete an initial 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 Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete an initial business combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete an initial business combination within the Combination Period. The underwriter has agreed to waive it right to its deferred underwriting commission held in the Trust Account in the event the Company does not complete an initial 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 ($10.00).</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 Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered (other than its independent registered public accounting firm) 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 (1) $10.20 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case, net of the interest which may be withdrawn to pay franchise and income taxes. This liability will not apply with respect to claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and will not apply 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 “<span style="text-decoration: underline">Securities Act</span>”). 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 and 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">On January 10, 2023, the Company, entered into a business combination agreement with Wejo Group Limited, an exempted company limited by shares incorporated under the laws of Bermuda (“<span style="text-decoration: underline">Wejo</span>”), and Green Merger Subsidiary Limited, an exempted company incorporated under the laws of the Cayman Islands and a direct, wholly owned subsidiary of Wejo (“<span style="text-decoration: underline">Merger Sub 1</span>”) and upon execution of a joinder to the business combination agreement, each of Wejo Holdings Limited, an exempted company limited by shares incorporated under the laws of Bermuda and a wholly owned subsidiary of Wejo (“<span style="text-decoration: underline">Holdco</span>”) and Wejo Acquisition Company Limited, an exempted company limited by shares incorporated under the laws of Bermuda and a wholly owned Subsidiary of Holdco (“<span style="text-decoration: underline">Merger Sub 2</span>” and together with Merger Sub 1) (as it may be amended, restated, supplemented or otherwise modified from time to time, the “<span style="text-decoration: underline">Business Combination Agreement</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">On January 27, 2023, the Company held an extraordinary general meeting (the “<span style="text-decoration: underline">Extraordinary General Meeting</span>”). At the Extraordinary General Meeting, the shareholders approved a proposal (the “<span style="text-decoration: underline">Extension Amendment Proposal</span>”) to amend the Company’s Amended and restated memorandum and articles of association (the “<span style="text-decoration: underline">Articles</span>”) to extend the date that the Company has to consummate a business combination from January 29, 2023 to June 29, 2023 (the “<span style="text-decoration: underline">Extension Amendment</span>”). The shareholders also approved a proposal (the “<span style="text-decoration: underline">Trust Agreement Amendment Proposal</span>”) to amend the Company’s Investment Management Trust Agreement, dated as of October 26, 2021, by and between the Company and Continental Stock Transfer &amp; Trust Company as trustee (the “<span style="text-decoration: underline">Trust Agreement</span>”), to make a corresponding extension to the date the Company must commence liquidation of the Trust Account from January 29, 2023, to June 29, 2023. In connection with the vote to approve the Extension Amendment Proposal, the holders of <span id="xdx_90F_ecustom--ClassOrdinaryShares_c20230127_pdd" title="Class A ordinary shares">17,533,296</span> Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $<span id="xdx_90E_ecustom--OrdinaryStockRedemptionPricePerShare_c20230127_pdd" title="Redemption price">10.38</span> per share, for an aggregate redemption amount of approximately $<span id="xdx_900_ecustom--AggregateRedemptionAmount_iI_pn3n3_dm_c20230127_zLbmZtJjUYOg" title="Aggregate redemption amount">181.9</span> million.</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 June 25, 2023, the Company, Wejo, Holdco, Merger Sub 1 and Merger Sub 2 entered into that certain Mutual Termination Agreement (“Termination Agreement”) pursuant to which the parties mutually agreed to terminate the Business Combination Agreement pursuant to Section 7.1(a) thereof. The Termination Agreement also includes mutual releases of the parties. No party will be required to pay a termination fee as a result of the mutual decision to enter into the Termination Agreement. The termination of the Business Combination Agreement also terminates the Voting Agreement, dated as of January 10, 2023 (“Wejo Voting Agreement”) between the Company and certain shareholders of Wejo and the Voting Agreement, dated as of January 10, 2023 (the “Sponsor Voting Agreement”) between the Company, Sponsor and Directors, pursuant to the terms of the Wejo Voting Agreement and Sponsor Voting Agreement, 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">On June 25, 2023, the Company, the Sponsor, each independent director of the Company (the “Directors”), and affiliates of Roth Capital Partners and Craig-Hallum Capital Group LLC (the “Buyers”) entered into a Securities Transfer Agreement (the “Agreement”) pursuant to which Sponsor and the Directors have agreed to sell to Buyers, and Buyers have agreed to purchase from Sponsor and the Directors, an aggregate of <span id="xdx_90A_ecustom--ClassOrdinaryShares_c20230625_pdd" title="Class A ordinary shares">4,312,500</span> ordinary shares consisting of <span id="xdx_90E_ecustom--ClassOrdinaryShares_c20230625__us-gaap--StatementEquityComponentsAxis__custom--ClassAOrdinarySharesMember_pdd" title="Class A ordinary shares">4,237,500</span> Class A ordinary shares and <span id="xdx_909_ecustom--ClassOrdinaryShares_c20230625__us-gaap--StatementEquityComponentsAxis__custom--ClassBOrdinarySharesMember_pdd" title="Class A ordinary shares">75,000</span> Class B ordinary shares and <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_c20230625_pdd" title="Class of warrant or right, outstanding">8,062,500</span> private placement warrants (together, the “Transferred Securities”) for an aggregate purchase price (the “Purchase Price”) of $<span id="xdx_904_eus-gaap--SharePrice_c20230625_pdd" title="Share price">1.00</span> (the “Transaction”). Following the closing of the Transaction, Sponsor will have certain continuing rights, including a right of first refusal to repurchase the Transferred Securities in certain circumstances as set forth in the Agreement and the right to invest up to 25% of certain financings. The closing of the Transaction is conditioned upon, among other things, (i) the termination of the Business Combination Agreement (as noted above) and the complete release of actual or potential claims or liabilities thereunder, (ii) continued listing of the Company’s Class A ordinary shares on Nasdaq, (iii) the waiver by the underwriters of the Company’s initial public offering of their rights to deferred underwriting compensation pursuant to the Underwriting Agreement dated as of October 26, 2021, between the Company and Jefferies LLC as representative of the underwriters named therein, and (iv) the occurrence of the Class B Conversion.</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 June 26, 2023, the Company entered into a termination agreement (the “Termination Agreement”), pursuant to which the Company terminated the Administrative Services Agreement with Tartavull Klein Blatteis Capital, LLC dated October 26, 2021 and Tartavull Klein Blatteis Capital, LLC forgave and fully discharged all outstanding fees thereunder as of the date of the Closing.</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 June 28, 2023, the Company held an extraordinary general meeting (the “Second <span style="text-decoration: underline">Extraordinary General Meeting</span>”). At the Extraordinary General Meeting, the shareholders approved a proposal (the “Second <span style="text-decoration: underline">Extension Amendment Proposal</span>”) to amend the Company’s Amended and restated memorandum and articles of association (the “<span style="text-decoration: underline">Articles</span>”) to extend the date that the Company has to consummate a business combination from June 29, 2023 to October 29, 2024 (the “<span style="text-decoration: underline">Extension Amendment</span>”). The shareholders also approved a proposal (the “Second <span style="text-decoration: underline">Trust Agreement Amendment Proposal</span>”) to amend the Company’s <span style="text-decoration: underline">Trust Agreement</span>, to make a corresponding extension to the date by which the Trustee is obligated to liquidate the trust account to the later of (A) June 29, 2023 provided that the Company may extend such date, monthly, up to October 29, 2024 (i.e.: 36 months after the closing of the IPO provided that the Sponsor or its designee deposits the Monthly Deposit (as defined below) into the trust account), or (B) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association. The term “<span style="text-decoration: underline">Monthly Deposit</span>” is defined in the Amendment to mean an amount equal to the lesser of (x) $<span id="xdx_906_eus-gaap--Deposits_c20230628_pp0p0" title="Aggregate deposit">60,000</span> or (y) $0.03 per public share multiplied by the number of public shares outstanding. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of <span id="xdx_909_ecustom--ClassOrdinaryShares_c20230628_pdd" title="Class A ordinary shares">3,347,468</span> Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $<span id="xdx_901_ecustom--OrdinaryStockRedemptionPricePerShare_c20230628_pdd" title="Redemption price">10.64</span> per share, for an aggregate redemption amount of approximately $<span id="xdx_909_ecustom--AggregateRedemptionsAmount_iI_pp0p0_c20230628_zbHQzVRwSxP9" title="Aggregate redemptions amount">35,601,649</span>. These shares were effectively canceled on July 7, 2023.</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>Liquidity and Going Concern</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">As of December 31, 2023, the Company had $<span id="xdx_90C_eus-gaap--Cash_c20231231_pp0p0" title="Cash">13,755</span> cash and a working capital deficit of $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_c20231231_pp0p0" title="Working capital deficit">1,291,564</span>. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company expects that it 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. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. 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">On January 27, 2023, the Company’s shareholders approved an amendment to the Articles to extend the end of the Combination Period from January 29, 2023 to June 29, 2023 (the “<span style="text-decoration: underline">Extension</span>”). The shareholders also approved an amendment to the Company’s Investment Management Trust Agreement, dated as of October 26, 2021, by and between the Company and Continental Stock Transfer &amp; Trust Company as trustee (the “<span style="text-decoration: underline">Trust Agreement</span>”), to make a corresponding extension to the date the Company must commence liquidation of the Trust Account from January 29, 2023 to June 29, 2023. On January 31, 2023, in connection with the vote to approve the Extension, the holders of <span id="xdx_908_ecustom--ExercisedShares_c20230101__20231231_pdd" title="Exercised Shares">17,533,296</span> Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $<span id="xdx_902_ecustom--OrdinaryStockRedemptionPricePerShare_iI_c20230127_zchJiqjEgG9k" title="Redemption price">10.38</span> per share, for an aggregate redemption amount of approximately $<span id="xdx_90D_ecustom--AggregateRedemptionAmount_iI_pn3n3_dm_c20230127_zPEGDAbfCGue" title="Aggregate redemption amount">181.9</span> million.</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 June 28, 2023, the Company held an extraordinary general meeting (the “Second <span style="text-decoration: underline">Extraordinary General Meeting</span>”). At the Extraordinary General Meeting, the shareholders approved a proposal (the “Second <span style="text-decoration: underline">Extension Amendment Proposal</span>”) to amend the Company’s Amended and restated memorandum and articles of association (the “<span style="text-decoration: underline">Articles</span>”) to extend the date that the Company has to consummate a business combination from June 29, 2023 to October 29, 2024 (the “<span style="text-decoration: underline">Extension Amendment</span>”). The shareholders also approved a proposal (the “Second <span style="text-decoration: underline">Trust Agreement Amendment Proposal</span>”) to amend the Company’s <span style="text-decoration: underline">Trust Agreement</span>, to make a corresponding extension to the date by which the Trustee is obligated to liquidate the trust account to the later of (A) June 29, 2023 provided that the Company may extend such date, monthly, up to October 29, 2024 (i.e.: 36 months after the closing of the IPO provided that the Sponsor or its designee deposits the Monthly Deposit (as defined below) into the trust account), or (B) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association. The term “<span style="text-decoration: underline">Monthly Deposit</span>” is defined in the Amendment to mean an amount equal to the lesser of (x) $<span id="xdx_903_eus-gaap--Deposits_iI_pp0p0_c20230628_zSbvZfcklbQg" title="Aggregate deposit">60,000</span> or (y) $0.03 per public share multiplied by the number of public shares outstanding. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of <span id="xdx_905_ecustom--ClassOrdinaryShares_iI_c20230628_zczHiBsDvDR" title="Class A ordinary shares">3,347,468</span> Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $<span id="xdx_90A_ecustom--OrdinaryStockRedemptionPricePerShare_iI_c20230628_zgWFqh7pMFol" title="Redemption price">10.64</span> per share, for an aggregate redemption amount of approximately $<span id="xdx_90B_ecustom--AggregateRedemptionsAmount_iI_pp0p0_c20230628_z1oUKgw4t0Dh" title="Aggregate redemptions amount">35,601,649</span>. These shares were effectively canceled on July 7, 2023. As of the date of these financial statements, the Company has deposited an aggregate of $<span id="xdx_90B_eus-gaap--Deposits_iI_c20230629_zMh1PqP0FhQ4" title="Aggregate deposit">540,000</span> into the trust account for a total of Nine Monthly Deposits, thereby extending the Business Combination period to March 29, 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">The Company assessed going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“<span style="text-decoration: underline">ASC</span>”) Topic 205-40, “Basis of Presentation – Going Concern”. The Company has until March 29, 2024 (absent any extensions of such period by the Company’s shareholders) to consummate an initial business combination. While the Company intends to complete a business combination before the mandatory liquidation date, it is uncertain that the Company will be able to consummate an initial business combination by that time. If an initial business combination is not consummated by that date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should an initial business combination not occur, and potential subsequent dissolution, raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 29, 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"><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: 0; text-align: justify">Management continues to evaluate 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/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements does 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">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. 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 financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2021Q4 USCTU Transaction Costs
TransactionCosts
21140059 usd
CY2021Q4 USCTU Underwriting Fees
UnderwritingFees
3850000 usd
CY2021Q4 USCTU Deferred Underwriting Fees
DeferredUnderwritingFees
8800000 usd
CY2021Q4 USCTU Excess Fair Value Of Founder Shares
ExcessFairValueOfFounderShares
7748431 usd
CY2021Q4 USCTU Actual Offering Cost
ActualOfferingCost
741628 usd
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
19774814 usd
CY2021Q4 USCTU Warrant Liability Cost
WarrantLiabilityCost
1365245 usd
CY2023 us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
5000001 usd
CY2023 USCTU Dissolution Expenses
DissolutionExpenses
100000 usd
CY2023Q1 USCTU Class Ordinary Shares
ClassOrdinaryShares
17533296 shares
CY2023Q1 USCTU Ordinary Stock Redemption Price Per Share
OrdinaryStockRedemptionPricePerShare
10.38
CY2023Q1 USCTU Aggregate Redemption Amount
AggregateRedemptionAmount
181900000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8062500 shares
CY2023Q2 us-gaap Share Price
SharePrice
1.00
CY2023Q2 us-gaap Deposits
Deposits
60000 usd
CY2023Q2 USCTU Class Ordinary Shares
ClassOrdinaryShares
3347468 shares
CY2023Q2 USCTU Ordinary Stock Redemption Price Per Share
OrdinaryStockRedemptionPricePerShare
10.64
CY2023Q2 USCTU Aggregate Redemptions Amount
AggregateRedemptionsAmount
35601649 usd
CY2023Q4 us-gaap Cash
Cash
13755 usd
CY2023Q4 USCTU Working Capital Deficit
WorkingCapitalDeficit
1291564 usd
CY2023 USCTU Exercised Shares
ExercisedShares
17533296 shares
CY2023Q1 USCTU Ordinary Stock Redemption Price Per Share
OrdinaryStockRedemptionPricePerShare
10.38
CY2023Q1 USCTU Aggregate Redemption Amount
AggregateRedemptionAmount
181900000 usd
CY2023Q2 us-gaap Deposits
Deposits
60000 usd
CY2023Q2 USCTU Class Ordinary Shares
ClassOrdinaryShares
3347468 shares
CY2023Q2 USCTU Ordinary Stock Redemption Price Per Share
OrdinaryStockRedemptionPricePerShare
10.64
CY2023Q2 USCTU Aggregate Redemptions Amount
AggregateRedemptionsAmount
35601649 usd
CY2023Q2 us-gaap Deposits
Deposits
540000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zOGZWlx40gIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86C_zVii0oQl5eni">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 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual results could differ significantly from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2023Q4 us-gaap Cash
Cash
13755 usd
CY2022Q4 us-gaap Cash
Cash
124237 usd
CY2021Q4 USCTU Transaction Cost
TransactionCost
21140059 usd
CY2021Q4 USCTU Actual Offering Costs
ActualOfferingCosts
741628 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1365245 usd
CY2021Q4 USCTU Additional Paid In Capitals
AdditionalPaidInCapitals
19774814 usd
CY2023 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_844_eus-gaap--DerivativesReportingOfDerivativeActivity_zGwZ1lac6wsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_862_z1JRcBeNPXRd">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, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2021Q4 USCTU Notes Receivable Related Partie
NotesReceivableRelatedPartie
20403 usd
CY2023Q3 USCTU Promissory Note
PromissoryNote
1000000 usd
CY2023Q4 USCTU Promissory Note Related Party
PromissoryNoteRelatedParty
682508 usd
CY2023 us-gaap Payments For Fees
PaymentsForFees
60000 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
CY2021Q4 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
22250000 shares
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zVnAoD3uFi8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_868_ztKdBuyuWBCk">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 concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage of $<span id="xdx_90A_eus-gaap--FederalFundsSold_c20231231_pp0p0" title="Federal Depository Insurance Coverage">250,000</span>. The Company has not experienced losses on this account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2023Q4 us-gaap Federal Funds Sold
FederalFundsSold
250000 usd
CY2021Q4 USCTU Transaction Costs
TransactionCosts
21140059 usd
CY2021Q4 USCTU Underwriting Fees
UnderwritingFees
3850000 usd
CY2021Q4 USCTU Deferred Underwriting Fees
DeferredUnderwritingFees
8800000 usd
CY2021Q4 USCTU Excess Fair Value Of Founder Shares
ExcessFairValueOfFounderShares
7748431 usd
CY2021Q4 USCTU Actual Offering Cost
ActualOfferingCost
741628 usd
CY2023Q2 USCTU Class Ordinary Shares
ClassOrdinaryShares
4312500 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8062500 shares
CY2023Q2 us-gaap Share Price
SharePrice
1.00
CY2023Q4 USCTU Outstanding Invoice
OutstandingInvoice
31000 usd
CY2023Q4 USCTU Pay Certain Liabilities
PayCertainLiabilities
300000 usd
CY2023Q4 USCTU Loan
Loan
60000 usd
CY2021Q4 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
300000 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
279597 usd
CY2022 us-gaap Payments For Fees
PaymentsForFees
120000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
0 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
100000 usd
CY2023 USCTU Related Party Loans Description
RelatedPartyLoansDescription
The Working Capital Loans would either be repaid upon consummation of an initial business combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-business combination entity at a price of $1.00 per warrant.
CY2023Q1 USCTU Aggregate Principal Amount
AggregatePrincipalAmount
750000 usd
CY2023Q1 USCTU Aggregate Principal Amount
AggregatePrincipalAmount
250000 usd
CY2023Q1 USCTU Business Combination Amount
BusinessCombinationAmount
375000 usd
CY2023 USCTU Commitment Fee
CommitmentFee
125000 usd
CY2023 USCTU Sponsor Description
SponsorDescription
the Sponsor an aggregate of $295,000 to fund the Company’s working capital requirements and the Sponsor agreed to assign to Wejo, effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of 83,250 Founder Shares and 250,000 Private Warrants. Wejo paid $250,000 to the Sponsor on January 11, 2023 and $45,000 to the Sponsor on March 2, 2023, for an aggregate payment of $295,000.
CY2023Q4 USCTU Working Capital
WorkingCapital
250000 usd
CY2023Q1 USCTU Fair Value Of Founder Shares
FairValueOfFounderShares
83250 shares
CY2023Q1 USCTU Fair Value Of Founder Shares Value
FairValueOfFounderSharesValue
294289 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0788 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0478 pure
CY2023Q1 USCTU Closing Price
ClosingPrice
0.03
CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
6789 usd
CY2023Q4 USCTU Advanced From Sponsor
AdvancedFromSponsor
250000 usd
CY2023 USCTU Sponsor Contribution
SponsorContribution
5753 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q1 USCTU Sponsor Description
SponsorDescription
the Sponsor, the holder of an aggregate of 5,650,000 of the Company’s outstanding Class B ordinary shares, par value $0.0001 per share
CY2023Q2 USCTU Remaining Converted Shares
RemainingConvertedShares
25000 shares
CY2023 USCTU Share Redemption Price Per Share
ShareRedemptionPricePerShare
18.00
CY2021Q4 USCTU Cash Underwriting Discount
CashUnderwritingDiscount
3850000 usd
CY2021Q4 USCTU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
8800000 usd
CY2023 USCTU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
8800000 usd
CY2023 USCTU Aggregate Amount Of Underwriting Commissions
AggregateAmountOfUnderwritingCommissions
8800000 usd
CY2023 USCTU Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
0 usd
CY2022 USCTU Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
8800000 usd
CY2021Q3 USCTU Ordinary Shares
OrdinaryShares
45000 shares
CY2022Q3 USCTU Hourly Payment
HourlyPayment
125 usd
CY2022Q4 USCTU Hourly Payment
HourlyPayment
125 usd
CY2023 us-gaap Sponsor Fees
SponsorFees
0 usd
CY2022 us-gaap Sponsor Fees
SponsorFees
191402 usd
CY2023Q4 USCTU Accounts Payable And Accrued Expenses
AccountsPayableAndAccruedExpenses
0 usd
CY2022Q4 USCTU Accounts Payable And Accrued Expenses
AccountsPayableAndAccruedExpenses
42181 usd
CY2023Q3 USCTU Forgiveness Of Debt
ForgivenessOfDebt
42181 usd
CY2023 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
16000 usd
CY2023 USCTU Deferred Legal Fees
DeferredLegalFees
2657577 usd
CY2022 USCTU Deferred Legal Fees
DeferredLegalFees
1164402 usd
USCTU Deferred Legal Fees
DeferredLegalFees
3730114 usd
USCTU Deferred Legal Fees
DeferredLegalFees
3730114 usd
CY2023Q4 USCTU Overpayment Amount
OverpaymentAmount
147410 usd
CY2023Q4 USCTU Trust Account Receivable
TrustAccountReceivable
147410 usd
CY2023Q4 USCTU Fair Value Price Per Warrant
FairValuePricePerWarrant
0.03
CY2022Q4 USCTU Fair Value Price Per Warrant
FairValuePricePerWarrant
0.02
CY2023Q1 USCTU Additional Deposit
AdditionalDeposit
60000 usd
CY2023Q1 USCTU Aggregate Amount
AggregateAmount
180000 usd

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