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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One) |
|
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended March 31, 2024 |
|
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to |
|
Commission
File Number: 001-41860
AI
Transportation Acquisition Corp
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
N/A |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification No.) |
10
East 53rd Street, Suite 3001
New
York, NY |
|
10022 |
(Address
of principal executive offices) |
|
(Zip
Code) |
+
(86) 1350 1152063
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one Ordinary Share, par value $0.0001 per share, and one right to acquire 1/8th of one Ordinary Share |
|
AITRU |
|
The
Nasdaq Stock Market LLC |
Ordinary
Shares included as part of the Units |
|
AITR |
|
The
Nasdaq Stock Market LLC |
Rights
included as part of the Units |
|
AITRR |
|
The
Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
|
Accelerated
filer ☐ |
|
|
|
Non-accelerated
filer ☒ |
|
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☒ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐
As
of May 9, 2024, there were 7,837,750 of the Company’s ordinary shares, par value $0.0001 per share, of the registrant issued and
outstanding.
AI
TRANSPORTATION ACQUISITION CORP
TABLE
OF CONTENTS
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements
AI
TRANSPORTATION ACQUISITION CORP
BALANCE
SHEETS
(UNAUDITED)
| |
| | | |
| | |
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
Cash | |
$ | 290,347 | | |
$ | 584,635 | |
Prepaid expenses | |
| 105,687 | | |
| - | |
Other receivable | |
| 744 | | |
| - | |
Total Current Assets | |
| 396,778 | | |
| 584,635 | |
| |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 61,506,643 | | |
| 60,721,187 | |
Total Assets | |
$ | 61,903,421 | | |
$ | 61,305,822 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 183,965 | | |
$ | 66,888 | |
Total Current Liabilities | |
| 183,965 | | |
| 66,888 | |
| |
| | | |
| | |
Deferred underwriter fee payable | |
| 1,200,000 | | |
| 1,200,000 | |
Total Liabilities | |
| 1,383,965 | | |
| 1,266,888 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 6) | |
| - | | |
| - | |
Redeemable Ordinary share, $0.0001
par value; 500,000,000
shares authorized; 6,000,000
shares issued and outstanding subject to possible redemption, at redemption value of $10.25
as of March 31, 2024 and $10.12
as of December 31, 2023, respectively | |
| 61,506,643 | | |
| 60,721,187 | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
Ordinary share, $0.0001 par value; 500,000,000 shares authorized; 1,837,750 issued and outstanding (excluding 6,000,000 shares subject to redemption) as of March 31, 2024 and December 31, 2023 | |
| 184 | | |
| 184 | |
Additional paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (987,371 | ) | |
| (682,437 | ) |
Total Stockholders’ Deficit | |
| (987,187 | ) | |
| (682,253 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 61,903,421 | | |
$ | 61,305,822 | |
The
accompanying notes are an integral part of these unaudited financial statements.
AI
TRANSPORTATION ACQUISITION CORP
STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
March 31, 2024 | | |
March 31, 2023 | |
| |
For the three months | | |
For the three months | |
| |
ended | | |
ended | |
| |
March 31, 2024 | | |
March 31, 2023 | |
Formation and operating costs | |
$ | (304,934 | ) | |
$ | - | |
Loss from operations | |
| (304,934 | ) | |
| - | |
| |
| | | |
| | |
Other income: | |
| | | |
| | |
Investment income earned on investments held in Trust Account | |
| 785,456 | | |
| - | |
Total other income | |
| 785,456 | | |
| - | |
| |
| | | |
| | |
Net Income | |
$ | 480,522 | | |
$ | - | |
| |
| | | |
| | |
Weighted average shares outstanding, basic and diluted | |
| 7,837,750 | | |
| 1,500,000 | (1) |
Basic and diluted net income per share | |
$ | 0.06 | | |
$ | N/A | |
The
accompanying notes are an integral part of these unaudited financial statements.
AI
TRANSPORTATION ACQUISITION CORP
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THREE MONTHS ENDED MARCH 31, 2024
(UNAUDITED)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
Ordinary shares | | |
Additional Paid-In | | |
Accumulated | | |
Total
Stockholder’s | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance – December 31, 2023 | |
| 1,837,750 | | |
$ | 184 | | |
$ | - | | |
$ | (682,437 | ) | |
$ | (682,253 | ) |
Remeasurement of common stock subject to redemption | |
| - | | |
| - | | |
| - | | |
| (785,456 | ) | |
| (785,456 | ) |
Net Income | |
| - | | |
| - | | |
| - | | |
| 480,522 | | |
| 480,522 | |
Balance – March 31, 2024 | |
| 1,837,750 | | |
$ | 184 | | |
$ | - | | |
$ | (987,371 | ) | |
$ | (987,187 | ) |
AI
TRANSPORTATION ACQUISITION CORP
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THE THREE MONTHS ENDED MARCH 31, 2023
(UNAUDITED)
| |
Ordinary shares | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance – December 31, 2022 | |
| - | | |
$ | - | | |
$ | - | | |
$ | (4,237 | ) | |
$ | (4,237 | ) |
Balance | |
| - | | |
$ | - | | |
$ | - | | |
$ | (4,237 | ) | |
$ | (4,237 | ) |
Issuance of Founder Shares to Sponsor for subscription fee(1) | |
| 1,725,000 | | |
| 173 | | |
| 24,827 | | |
| - | | |
| 25,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance – March 31, 2023 | |
| 1,725,000 | | |
$ | 173 | | |
$ | 24,827 | | |
$ | (4,237 | ) | |
$ | (20,763 | ) |
Balance | |
| 1,725,000 | | |
$ | 173 | | |
$ | 24,827 | | |
$ | (4,237 | ) | |
$ | (20,763 | ) |
The
accompanying notes are an integral part of these unaudited financial statements.
AI
TRANSPORTATION ACQUISITION CORP
STATEMENTS
OF CASH FLOWS
(UNAUDITED)
| |
| | | |
| | |
| |
For the three
months ended March 31, 2024 | | |
For the three
months ended March 31, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 480,522 | | |
$ | - | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Investment income earned on investments held in Trust Account | |
| (785,456 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| (105,687 | ) | |
| - | |
Other receivables | |
| (744 | ) | |
| - | |
Accrued expenses | |
| 117,077 | | |
| - | |
Net cash used in operating activities | |
| (294,288 | ) | |
| - | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of founder shares to Sponsor | |
| - | | |
| 25,000 | |
Payment of offering cost | |
| - | | |
| (9,211 | ) |
Net cash provided by financing activities | |
| - | | |
| 15,789 | |
| |
| | | |
| | |
Net change in cash | |
| (294,288 | ) | |
| 15,789 | |
Cash at the beginning of the period | |
| 584,635 | | |
| - | |
Cash at the end of the period | |
$ | 290,347 | | |
$ | 15,789 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash financing activities: | |
| | | |
| | |
Remeasurement of common stock subject to redemption | |
$ | 785,456 | | |
$ | - | |
Deferred offering cost included in the promissory note | |
$ | - | | |
$ | 113,756 | |
The
accompanying notes are an integral part of these unaudited financial statements.
AI
TRANSPORTATION ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations
AI
Transportation Acquisition Corp (the “Company”) is a blank check company incorporated in the Cayman Islands on May 9, 2022.
The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company may pursue a business combination target in
any industry, section or geography, though it intends to focus the search in the transportation field, including but not limited to logistics,
new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services and related areas of intelligent transportation.
As
of March 31, 2024, the Company had not yet commenced any operations. All activity through March 31, 2024 related to the Company’s
formation and the Initial Public Offering (as defined below). 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 on
cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal
year end. 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 sponsor is AI Transportation Corp, a newly-formed British Virgin Islands company (the “Sponsor”). The registration
statement for the Company’s Initial Public Offering was declared effective on November 8, 2023. On November 10, 2023, the Company
consummated its Initial Public Offering of 6,000,000 units (the “Units” and, with respect to the Ordinary Shares included
in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $60,000,000 (the “Initial
Public Offering”), and incurring offering costs of $2,723,449, of which $1,200,000 was for deferred underwriting commissions (see
Note 3). The Company granted the underwriter a 45-day option to purchase up to an additional 900,000 Units at the Initial Public Offering
price to cover over-allotments, if any. On December 26, 2023, the Underwriters advised the Company that it has elected not to exercise
the over-allotment option and thereby forfeit the option. As a result, the Company cancelled a total of of the Company’s
sponsor shares, issued to AI Transportation Corp. thereby reducing the sponsor’s total shares to 1,500,000.
Simultaneously
with the consummation of the closing of the IPO, the Company consummated the private placement of an aggregate of 277,750 units (the
“Placement Units”) to the Sponsor at a price of $10.00 per Unit, generating gross proceeds of $2,777,500 (the “Private
Placement”). (see Note 4).
Following
the closing of the Initial Public Offering on November 10, 2023, an amount of $60,600,000 ($10.10 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in
a trust account (the “Trust Account”), located in the United States and held as cash items or invested only in U.S. government
securities with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act, that invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i)
the consummation of a Business Combination, or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders,
as described below.
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination either (i) in connection with a shareholder meeting called to approve the initial business combination
or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of
a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of how
they vote for the Business Combination. The Company will proceed with a Business Combination only if the Company have net tangible assets
of at least $5,000,001 immediately prior to or upon such consummation and if a vote is held to approve a Business Combination by 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.
Note
1 — Description of Organization and Business Operations (Continued)
The
shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. These ordinary shares will be recorded at a redemption
value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards
Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
If
a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other reasons, the Company
will, pursuant to its amended and restated memorandum and articles of association conduct the redemptions pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act, which regulate issuer tender offers, and file tender offer documents with the SEC prior to completing
our initial business combination which contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
The
Sponsor has agreed (A) to vote its founder shares, the ordinary shares included in the Placement Units (the “Placement Shares”)
and any Public Shares purchased during or after the Initial Public Offering in favor of any proposed Business Combination, (B) not to
convert any placement shares in connection with a shareholder vote to approve a proposed initial business combination or sell any placement
shares to the Company in a tender offer in connection with a proposed initial business combination and (C) that the founder shares and
Placement Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business
Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect
to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.
The
Company will have until 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing if the Company
extends the period to consummate a Business Combination by up to six additional months through six one-month extensions of time, as further
provided in the Company’s amended and restated memorandum and articles of association) to consummate a Business Combination (the
“Combination Period”). If the Company is unable to complete a 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
franchise and income taxes as well as expenses relating to the administration of the trust account (less up to $50,000 of interest released
to the Company to pay taxes and potentially, 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
our remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to our obligations
under the Companies Act to provide for claims of creditors and the requirements of other applicable law.
The
underwriter has agreed to waive its rights to the deferred underwriting commission 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 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).
Note
1 — Description of Organization and Business Operations (Continued)
The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than our independent
registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which
we have discussed entering into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $ per
public share and (ii) the actual amount per unit held in the trust account as of the date of the liquidation of the trust account if
less than $ per unit due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn
to pay its taxes, if any, provided that such liability will not apply to any claims by a third party or prospective target business that
executed a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of the
underwriters of this offering against certain liabilities, including liabilities under 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 for the Company’s independent registered
accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company
waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Capital Resources
As
of March 31, 2024, the Company had $290,347 of cash in its operating bank account.
The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $
from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as defined
in Note 5), and loan from the Sponsor of $ under the Note (as defined in Note 5). On December 6, 2023, an amount of $ borrowed
under the promissory note with the Sponsor, which the Company fully repaid at the closing of the Initial Public Offering. Subsequent
to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the
consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance
transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of March 31,
2024, there were no amounts outstanding under any Working Capital Loan.
Over
this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying
and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying
for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business
Combination.
Note
1 — Description of Organization and Business Operations (Continued)
Liquidity
and Management’s Plans
Prior
to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period
of time, which is considered to be one year from the issuance date of the financial statements. The Company has incurred and expect to
continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during
period leading up to the Business Combination. There is no assurance that the Company’s plans to consummate an initial Business
Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
Going
Concern Consideration
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing
of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises
substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty. The accompanying financial statements have been prepared in conformity with generally accepted
accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going
concern.
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America (“GAAP”) for interim financial information, as set forth by the Financial Accounting Standards
Board (“FASB”), and pursuant to the rules and regulations of the SEC. The unaudited interim financial statements should be
read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in the 10-K
as filed with the SEC on April 5, 2024. In the opinion of management, the unaudited financial statements reflect all adjustments, which
include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The
interim results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected through
December 31, 2024 or for any future periods.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has
different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Note
2 — Summary of Significant Accounting Policies (Continued)
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
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. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
As of March 31, 2024, the Company had $290,347 of cash in its operating bank account and no cash equivalents. As of December 31, 2023,
the Company had $584,635 of cash in its operating bank account or cash equivalents.
Investments
Held in Trust Account
As
of March 31, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities
Money Market Funds. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities
are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair
value of investments held in Trust Account are included in investment income earned on investments held in Trust in the accompanying
statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information.
As of March 31, 2024 and December 31, 2023, the estimated fair values of investments held in Trust Account amounted to $61,506,643 and
$60,721,187, respectively.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. These costs, together with the underwriter discount of $1,200,000, were charged to additional
paid-in capital upon completion of the Public Offering.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United
States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2024 and December
31, 2023 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, there is no provision for income taxes for the three months ended March 31, 2024 and for the three months ended March 31, 2023.
Note
2 — Summary of Significant Accounting Policies (Continued)
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss)
per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. The calculation of diluted income (loss) per share does not consider the effect of
the rights issued in connection with the Initial Public Offering and rights issued as components of the Private Placement Units (the
“Placement Rights”) since the exercise of the Rights are contingent upon the occurrence of future events.
As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the periods
presented.
Concentration
of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial
institution which, at times may exceed the Federal depository insurance coverage of $250,000.
At March 31, 2024 and December 31, 2023, the Company had not experienced losses on this account and management believes the Company
is not exposed to significant risks on such account. As of March 31, 2024, cash amounting to $40,347 was not insured.
Fair
value of financial instruments
The Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability,
in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These
tiers include:
|
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
|
|
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March
31, 2024 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:
Schedule of Assets Measured at Fair Value on a Recurring Basis
Description | |
Quoted Prices in Active Markets (Level 1) | | |
Significant other Observable Inputs (Level 2) | | |
Significant other Unobservable Inputs (Level 3) | |
Assets | |
| - | | |
| - | | |
| - | |
Marketable securities held in trust account | |
$ | 61,506,643 | | |
$ | — | | |
$ | — | |
Risks
and Uncertainties
Management
continues to evaluate the impact of the COVID-19 pandemic on the industry 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, close of the Proposed Public
Offering, 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 do not include any adjustments that might result from the outcome of this uncertainty.
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect
on the accompanying financial statements.
Note
2 — Summary of Significant Accounting Policies (Continued)
Ordinary
Shares Subject to Possible Redemption
As
discussed in Note 3, all of the 6,000,000 Ordinary Shares sold as part of the Units in the Initial Public Offering contain a redemption
feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder
vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended
and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Ordinary Share (including Ordinary Shares
that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) are classified as temporary equity. The Company elected to apply immediate accretion
related to all offering discounts with the accretion reducing additional paid in capital to $0 and any additional accretion charged to
accumulated deficit. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments,
are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides
that currently, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (stockholders’
equity) to be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying shares as redeemable
and thus Public Shares would be required to be disclosed outside of permanent equity.
Accordingly,
on March 31, 2024 and December 31, 2023, 6,000,000 Ordinary Shares subject to possible redemption at the redemption amount were presented
at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet.
Note
3 —Initial Public Offering
On
November 10, 2023, the Company consummated its Initial Public Offering of 6,000,000 Units, at $10.00 per Unit, generating gross proceeds
of $60,000,000. The Company granted the underwriter a 45-day option to purchase up to an additional 900,000 Units at the Initial Public
Offering price to cover over-allotments, if any.
Each
Unit consists of one Ordinary Share and one Right entitling the holder thereof to receive one-eighth (1/8) of Ordinary Share upon consummation
of our initial business combination.
As
of November 10, 2023, the Company incurred offering costs of approximately $2,723,449, of which $1,200,000 was for deferred underwriting
commissions.
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 277,750 Placement Units at a price of $10.00 per
Placement Unit raising $2,777,500 in the aggregate.
The
proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units
are identical to the Units sold in the Initial Public Offering, except for the placement rights (“Placement Rights”), as
described in Note 7. If the Company does not complete a Business Combination within the Combination Period, the portion of the proceeds
from the sale of the Placement Units that were deposited into the Trust Account will be used to fund the redemption of the Public Shares
(subject to the requirements of applicable law) and the Placement Rights will expire worthless.
Note
5 — Related Party Transactions
Founder
Shares
On
January 1, 2023, the Company issued an aggregate of ordinary shares to the Sponsor for an aggregate purchase price of $
in cash, of which shares held by the Sponsor are subject to forfeiture to the extent that the underwriter’s over-allotment
option is not exercised in full. During the year ended December 31, 2023, the Sponsor transferred 60,000 ordinary shares among the Company’s
Chief Executive Officer, Chief Financial Officer and three independent directors at their original purchase price. On November 8, 2023,
the Company issued a dividend to our initial shareholders in the form of fully-paid shares in the amount of 287,500 founder shares whereby
a total of shares are subject to forfeiture among the sponsor’s 1,725,000 founder shares if the underwriter does not exercise
its over-allotment option in full, which have been retroactively adjusted. The founder shares held by our initial shareholders will represent
approximately 20% of our outstanding ordinary shares immediately following the completion of this offering (excluding any placement units).
On December 26, 2023, the Underwriters advised the Company that it has elected not to exercise the over-allotment option and thereby
forfeit the option. As a result, the Company cancelled a total of 225,000 of the Company’s sponsor shares, issued to AI Transportation
Corp. thereby reducing the Sponsor’s total shares to 1,500,000.
Subject
to certain limited exceptions, our Sponsor, directors and each member of our management team have agreed not to transfer, assign or sell
any of their founder shares until the earlier to occur of (a) six months after the completion of our initial business combination and
(b) upon completion of our initial business combination, (i) if the last reported sale price of our ordinary shares equals or exceeds
$12.00 per unit (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (ii) the date
on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination
that results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Promissory
Note – Related Party
On
June 1, 2022, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $300,000, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing
and payable on the earlier of (i) December 31, 2023 or (ii) the consummation of the Initial Public Offering. These amounts will be repaid
shortly after completion of the Initial Public Offering out of the $440,000 of offering proceeds that has been allocated for the payment
of offering expenses. On December 6, 2023, an amount of $159,069 borrowed under the promissory note with the Sponsor, which the Company
fully repaid at the closing of the Initial Public Offering. There was a balance of $0 and $0 as of March 31, 2024 and December 31, 2023,
respectively.
Administrative
Services Arrangement
An
affiliate of our Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq, through
the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company our Sponsor
certain general and administrative services, including office space, utilities and administrative services, as the Company may require
from time to time. The Company has agreed to pay to the affiliate of our Sponsor, $ per month, for up to twelve months, subject
to extension to up to 18 months, as provided in the Company’s registration statement, for such administrative services. $50,000
and $20,000 was accrued as of March 31, 2024 and December 31, 2023, respectively.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor,
or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2024 and December 31, 2023, no amounts under
such loans have been drawn.
Note
5 — Related Party Transactions (Continued)
Representative
Shares
On
November 10, 2023, the Company issued 60,000 representative shares to the representative (and/or its designees) as part of representative
compensation. The representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of
180 days immediately following the date of the commencement of sales pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1),
these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic
disposition of the securities by any person for a period of 180 days immediately following the date of the commencement of sales the
IPO, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the date of
the commencement of sales the IPO except to any underwriter and selected dealer participating in the IPO and their officers, partners,
registered persons or affiliates.
Note
6 — Commitments and Contingencies
Registration
Rights
The
initial shareholders and their permitted transferees can demand that the Company register the founder shares, the placement units and
the underlying placement shares and placement rights, and the units issuable upon conversion of working capital loans and the underlying
ordinary shares and rights, pursuant to the Registration Rights Agreement, dated as of November 8, 2023, among the Company and the sponsor
and its permitted transferees. The holders of such securities are entitled to demand that the Company register these securities at any
time after consummation of an initial business combination. In addition, pursuant to the Registration Rights Agreement, the holders have
certain “piggy-back” registration rights on registration statements filed after our consummation of a business combination.
Underwriters
Agreement
The
underwriters were entitled to a cash underwriting discount of: (i) approximately one point four percent (1.40%) of the gross proceeds
of the Initial Public Offering, or $837,500. In addition, the underwriters are entitled to a deferred fee of two percent (2.00%) of the
gross proceeds of the Initial Public Offering upon closing of the Business Combination. The deferred fee will be paid in cash upon the
closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.
Right
of First Refusal
For
a period beginning on the closing of the Initial Public offering and ending 12 months from the closing of a Business Combination, the
Company has granted EF Hutton LLC, a right of first refusal to act as sole book runner, and/or sole placement agent, at the representative’s
sole discretion, for each and every future public and private equity and debt offering, including all equity linked financings for us
or any of our successors or subsidiaries. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration
of more than three years from the effective date of the Registration Statement. In the event that we terminate our engagement with EF
Hutton for cause, any right of first refusal will not survive such termination.
Note
7 – Stockholders’ Deficit
Ordinary
Shares — The Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holders
of the Company’s ordinary shares are entitled to one vote for each share. On December 31, 2022, there were 100 ordinary shares
issued and outstanding, which was surrendered on November 8, 2023 and have been retroactively adjusted. On January 1, 2023, the Company
issued an aggregate of ordinary shares to the Sponsor for an aggregate purchase price of $ in cash, of which
shares held by the Sponsor are subject to forfeiture to the extent that the underwriter’s over-allotment option is not exercised
in full. During the year ended December 31, 2023, the Sponsor transferred 60,000 ordinary shares among the Company’s Chief Executive
Officer, Chief Financial Officer and three independent directors at their original purchase price. On November 8, 2023, the Company issued
a dividend to our initial shareholders in the form of fully-paid shares in the amount of 287,500 founder shares whereby a total of
shares are subject to forfeiture among the sponsor’s 1,725,000 founder shares if the underwriter does not exercise its over-allotment
option in full, which have been retroactively adjusted. The Sponsor and officers and directors (i.e., the Initial Shareholders) will
own approximately 20% of the issued and outstanding shares after the Initial Public Offering (assuming the Initial Shareholders do not
purchase any Public Shares in the Initial Public Offering and excluding the Placement Units). On December 26, 2023, the Underwriters
advised the Company that it has elected not to exercise the over-allotment option and thereby forfeit the option. As a result, the Company
cancelled a total of 225,000 of the Company’s sponsor shares, issued to AI Transportation Corp. thereby reducing the sponsor’s
total shares to 1,500,000.
Note
7 – Shareholders’ Equity (Continued)
As
of March 31, 2024 and December 31, 2023, as a result of closing of the IPO and no exercise of the Representative’s Over-Allotment Option,
there were 1,837,750 ordinary shares issued and outstanding, excluding 6,000,000 ordinary shares subject to possible redemption.
Rights
— Each holder of a right will receive one-eighth (1/8) of one Ordinary Share upon consummation of a Business Combination,
even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will
be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive
its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the unit
purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which
the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per
share consideration the holders of the Ordinary Shares will receive in the transaction on an as-converted into Ordinary Shares and each
holder of a Right will be required to affirmatively convert its Rights in order to receive 1/8 of one Ordinary Share underlying each
Right (without paying additional consideration).
The
Placement Units are identical to the Units sold as part of the public Units, except as described in the Company’s Registration
Statement, including in part that the initial purchasers agreed not to transfer, assign or sell any of the Placement Units or underlying
securities (except in limited circumstances) until 30 days following the completion of the Company’s initial business combination.
Such initial purchasers were granted certain demand and piggyback registration rights in connection with the purchase of the Placement
Units. The Placement Units were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transactions did
not involve a public offering.
The
Ordinary Shares issuable upon exchange of the Rights will be freely tradable (except to the extent held by affiliates of the Company).
Additionally, in no event will the Company be required to net cash settle the rights. If the Company is unable to complete a Business
Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not
receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside
of the Trust Account with respect to such rights. Accordingly, the rights may expire worthless.
NOTE
8. SUBSEQUENT EVENTS
In
accordance with ASC Topic 855, “Subsequent Events,” which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or
transactions that occurred through the date the audited financial statements were available to issue. Based upon this review, the Company
did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References
in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to AI Transportation
Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors,
and references to the “Sponsor” refer to AI Transportation Corp. The following discussion and analysis of the Company’s
financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes
thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes
forward-looking statements that involve risks and uncertainties.
Special
Note Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results
to differ materially from those expected and projected. All statements other than statements of historical fact included in this Form
10-Q including statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations,
are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,”
“estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs,
based on information currently available. A number of factors could cause actual events, performance or results to differ materially
from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that
could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors
section of the Company’s Form S-1 declared effective with the SEC on November 8, 2023. The Company’s securities filings can
be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law,
the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise.
Overview
The
Company is a blank check company formed under the laws of the Cayman Islands on May 9, 2022 for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or similar business combination (a “Business Combination”) with
one or more businesses. The Company intends to effectuate its initial Business Combination using cash from the proceeds of our initial
public offering (“Initial Public Offering”) the private placement of the placement units (“Placement Units”),
the proceeds of the sale of our securities in connection with our initial Business Combination, our shares, debt or a combination of
cash, stock and debt.
The
issuance of additional shares in connection with an initial Business Combination to the owners of the target or other investors:
|
● |
may
significantly dilute the equity interest of investors, which dilution would increase if the anti-dilution provisions in the founder
shares resulted in the issuance of ordinary shares on a greater than one-to-one basis upon conversion of the founder shares; |
|
● |
may
subordinate the rights of holders of our ordinary shares if preferred shares are issued with rights senior to those afforded our
ordinary shares; |
|
|
|
|
● |
could
cause a change in control if a substantial number of shares of our ordinary shares is issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors; |
|
● |
may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person
seeking to obtain control of us; and |
|
|
|
|
● |
may
adversely affect prevailing market prices for our ordinary shares and/or rights. |
Similarly,
if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:
|
● |
default
and foreclosure on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt
obligations; |
|
|
|
|
● |
acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
|
|
|
|
● |
our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
|
|
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|
● |
our
inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
financing while the debt security is outstanding; |
|
|
|
|
● |
our
inability to pay dividends on our ordinary shares; |
|
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|
● |
using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our ordinary shares if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general
corporate purposes; |
|
|
|
|
● |
limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
|
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|
● |
increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
|
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● |
limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution
of our strategy; and |
|
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● |
other
purposes and other disadvantages compared to our competitors who have less debt. |
We
expect to continue to incur significant costs in the pursuit of our initial Business Combination plans. We cannot assure you that our
plans to raise capital or to complete our initial Business Combination will be successful.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to March 31, 2024 were
organizational activities, those necessary to prepare for the Initial Public Offering (“Initial Public Offering”) and identifying
a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business
Combination. We expect to continue to generate non-operating income in the form of interest income on cash and marketable securities
held after the Initial Public Offering. We expect that we will incur increased expenses as a result of being a public company (for legal,
financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing a business
combination.
For
the three months ended March 31, 2024, we had a net income of $480,522, which was $785,456 investment income earned on investments held
in Trust Account offset by $304,934 operating costs.
For
the three months ended March 31, 2023, we had a net loss of $0.
Liquidity
and Capital Resources
As
of March 31, 2024, we had available to us $290,347 of cash on our balance sheet and a working capital of $212,813.
On
November 10, 2023, the Company consummated its Initial Public Offering of 6,000,000 units (the “Units” consisting
of one Ordinary share and one right entitling the holder thereof to receive one-eighth (1/8) of one ordinary share of upon consummation
of our initial business combination. (the “Public Shares”)), at $10.00 per Unit, generating gross proceeds of $60,000,000,
and incurring offering costs of 2,723,448, of which $1,200,000 was for deferred underwriting commissions. The Company granted the underwriter
a 45-day option to purchase up to an additional 900,000 Units at the Initial Public Offering price to cover over-allotments.
Simultaneously
with the consummation of the closing of the Initial Public Offering, the Company consummated the private placement of an aggregate of
277,750 units (the “Private Placement Units”) to AI Transportation Corp, the
sponsor of the Company (the “Sponsor”), at a price of $10.00 per Private Placement Unit, generating total gross proceeds
of $2,777,500 (the “Private Placement”).
As
of the date hereof, the underwriters did not exercise their option to purchase an additional 900,000 Option Units pursuant to the exercise
of the over-allotment option.
We
intend to use the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing
business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective
target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business
to acquire and structuring, negotiating and consummating the Business Combination. The interest income earned on the investments in the
Trust Account are unavailable to fund operating expenses.
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor,
or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans.
If
the Company anticipates that it may not be able to consummate our initial Business Combination within 12 months, the Company may extend
the period of time to consummate a Business Combination by up to six one month extensions for a total of up to 18 months to complete
a Business Combination, subject to the Sponsor depositing additional funds into the Trust Account as set out below. Public shareholders,
in this situation, will not be offered the opportunity to vote on or redeem their shares. Pursuant to the terms of our amended
and restated memorandum and articles of association and the trust agreement to be entered into between us and Continental Stock
Transfer & Trust Company on the date of this prospectus, in order for the time available for us to consummate our initial Business
Combination to be extended, our Sponsor or its affiliates or designees, must deposit for each one-month
extension, $199,800 amounting to $0.0333 per unit
in either case, into the Trust Account on or prior to the date of the applicable deadline. Any such payments would be made in
the form of non-interest bearing loans. If the Company completes our initial Business Combination, the Company will, at the option of
our Sponsor, repay such loaned amounts out of the proceeds of the Trust Account released to us or convert a portion or all of the total
loan amount into units at a price of $10.00 per unit, which units will be identical to the placement units. If the Company do not complete
a business combination, the Company will repay such loans only from funds held outside of the Trust Account. Furthermore, the letter
agreement with our initial shareholders contains a provision pursuant to which our sponsor has agreed to waive its right to be repaid
for such loans to the extent there is insufficient funds held outside of the Trust Account in the event that the Company do not complete
a business combination. Our sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for
us to complete our initial Business Combination. In the event the Company receives notice from the sponsor of their intent to effect
an extension, the Company intend to issue a press release announcing such intention at least three days prior to the applicable deadline.
In addition, the Company intend to issue a press release the day after the applicable deadline announcing whether or not the funds had
been timely deposited. The public shareholders will not be afforded an opportunity to vote on the extension of time to consummate an
initial Business Combination from 12 months to up to 18 months described above or redeem their shares in connection with such extensions.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company
is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the
Company will cease all operations, redeem the public shares and thereafter liquidate and dissolve and the Company expects to continue
to incur significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Management plans to address this uncertainty through the Business Combination as discussed above. There is no assurance that the Company’s
plans to consummate the Business Combination will be successful or successful within the Combination Period. The accompanying
financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”),
which contemplate continuation of the Company as a going concern.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements.
We
have not entered any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments
of other entities, or entered any non-financial assets.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. Commencing on the date
of the prospectus and until completion of the Company’s Business Combination or liquidation, the Company may reimburse AI Transportation
Corp, the Sponsor, up to an amount of $10,000 per month for office space, secretarial and administrative support.
The
Underwriter was paid a cash underwriting fee of 1.4% of gross proceeds of the Public Offering, or $837,500. In addition, the Underwriter
is entitled to aggregate deferred underwriting commissions of $1,200,000 consisting of 2.0% of the gross proceeds of the Public Offering.
The deferred underwriting commissions will become payable to the Underwriter from the amounts held in the Trust Account solely in the
event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Following
the consummation of our Initial Public Offering, the net proceeds of our Initial Public Offering, including amounts in the Trust Account,
have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds
that invest solely in US treasuries. Due to the short-term nature of these investments, we do not believe that there will be an associated
material exposure to interest rate risk.
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting
officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter
ended March 31, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our
principal executive officer and principal financial and accounting officer have concluded that due to inadequate segregation of duties
within account processes and insufficient written policies and procedures for accounting, IT and financial reporting and record keeping,
during the period covered by this report, our disclosure controls and procedures were not effective at a reasonable assurance level and,
accordingly, provided reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
Changes
in Internal Control over Financial Reporting
During
the most recently completed fiscal quarter ended March 31, 2024, there was no change in our internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
As
of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our final prospectus
dated November 8, 2023 filed with the SEC, except we may disclose changes to such factors or disclose additional factors from time to
time in our future filings with the SEC. Any of these factors could result in a significant or material adverse effect on our results
of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also
impair our business or results of operations.
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds.
Unregistered
Sales of Equity Securities
On
November 10, 2023, simultaneously with the consummation of the closing of the Offering, the Company consummated the private placement
of an aggregate of 277,750 units (the “Private Placement Units”) to AI Transportation
Corp, the sponsor of the Company (the “Sponsor”), at a price of $10.00 per Private Placement Unit, generating total gross
proceeds of $2,777,500 (the “Private Placement”). No underwriting discounts
or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act.
The
placement units (and underlying placement shares) are identical to the units sold in this offering. Our initial shareholders have agreed
(A) to vote their placement shares in favor of any proposed business combination, (B) not to convert any placement shares in connection
with a shareholder vote to approve a proposed initial business combination or sell any placement shares to us in a tender offer in connection
with a proposed initial business combination and (C) that the placement shares shall not participate in any liquidating distribution
from our trust account upon winding up if a business combination is not consummated. In the event of a liquidation prior to our initial
business combination, the placement units will likely be worthless.
Use
of Proceeds from the Public Offering
On
November 10, 2023, the Company consummated its Initial Public Offering of 6,000,000 units (the “Units” consisting
of one Ordinary share and one right entitling the holder thereof to receive one-eighth (1/8) of one ordinary share of upon consummation
of our initial business combination (the “Public Shares”)), at $10.00 per Unit, generating gross proceeds of $60,000,000,
and incurring offering costs of 2,723,448, of which $1,200,000 was for deferred underwriting commissions. The Company granted the underwriter
a 45-day option to purchase up to an additional 900,000 Units at the Initial Public Offering price to cover over-allotments.
As
of the date hereof, the underwriters have not yet exercised their option to purchase an additional 900,000 Option Units pursuant to the
exercise of the over-allotment option.
The
securities sold in the Public Offering were registered under the Securities Act on the Company’s registration statement on Form
S-1 (No. 333-270558). The SEC declared the registration statement effective on November 8, 2023.
Of
the gross proceeds received from the Initial Public Offering and a portion of the proceeds of the Private Placement Units, $60,600,000
was placed in a Trust Account at the closing on November 10, 2023. We issued 60,000 of the Company’s ordinary shares, par value
$0.0001 per share, to designees of the representative of the underwriters (the “representative shares”). We paid a total
of $837,500 in underwriting discounts and commissions and $685,948 for other costs and expenses related to the Initial Public Offering.
In addition, the underwriters agreed to defer $1,200,000 in underwriting discounts and commission.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
*
Filed herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
AI
Transportation Acquisition Corp. |
|
|
|
Date:
May 9, 2024 |
By:
|
/s/
Yongjin Chen |
|
|
Yongjin
Chen |
|
|
Chief
Executive Officer |
Exhibit
31.1
CERTIFICATIONS
I,
Yongjin Chen, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of AI Transportation Acquisition Corp.; |
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
|
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, which involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
May 9, 2024 |
By: |
/s/
Yongjin Chen |
|
Name:
|
Yongjin
Chen |
|
Title:
|
Chief
Executive Officer and Chairman |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Yun Wu, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of AI Transportation Acquisition Corp.; |
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
|
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, which involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
May 9, 2024 |
By:
|
/s/
Yun Wu |
|
|
Yun
Wu |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of AI Transportation Acquisition Corp. (the “Company”) for the quarter
ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Yongjin Chen, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the report. |
Date:
May 9, 2024 |
By: |
/s/
Yongjin Chen |
|
Name:
|
Yongjin
Chen |
|
Title:
|
Chief
Executive Officer and Chairman |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of AI Transportation Acquisition Corp. (the “Company”) for the year ended
March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Yun Wu, Chief Financial Officer of
the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the report. |
Date:
May 9, 2024 |
By:
|
/s/
Yun Wu |
|
|
Yun
Wu |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
v3.24.1.u1
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 09, 2024 |
Document Type |
10-Q
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|
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Document Quarterly Report |
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|
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Document Period End Date |
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|
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Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41860
|
|
Entity Registrant Name |
AI
Transportation Acquisition Corp
|
|
Entity Central Index Key |
0001966734
|
|
Entity Tax Identification Number |
00-0000000
|
|
Entity Incorporation, State or Country Code |
E9
|
|
Entity Address, Address Line One |
10
East 53rd Street
|
|
Entity Address, Address Line Two |
Suite 3001
|
|
Entity Address, City or Town |
New
York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10022
|
|
City Area Code |
+
(86)
|
|
Local Phone Number |
1350 1152063
|
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Entity Current Reporting Status |
Yes
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Entity Filer Category |
Non-accelerated Filer
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7,837,750
|
Units, each consisting of one Ordinary Share, par value $0.0001 per share, and one right to acquire 1/8 |
|
|
Title of 12(b) Security |
Units,
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AITRU
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Security Exchange Name |
NASDAQ
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NASDAQ
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AITRR
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NASDAQ
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v3.24.1.u1
Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
ASSETS |
|
|
Cash |
$ 290,347
|
$ 584,635
|
Prepaid expenses |
105,687
|
|
Other receivable |
744
|
|
Total Current Assets |
396,778
|
584,635
|
Cash and marketable securities held in trust account |
61,506,643
|
60,721,187
|
Total Assets |
61,903,421
|
61,305,822
|
Current liabilities |
|
|
Accrued expenses |
183,965
|
66,888
|
Total Current Liabilities |
183,965
|
66,888
|
Deferred underwriter fee payable |
1,200,000
|
1,200,000
|
Total Liabilities |
1,383,965
|
1,266,888
|
Commitments and Contingencies (Note 6) |
|
|
Redeemable Ordinary share, $0.0001 par value; 500,000,000 shares authorized; 6,000,000 shares issued and outstanding subject to possible redemption, at redemption value of $10.25 as of March 31, 2024 and $10.12 as of December 31, 2023, respectively |
61,506,643
|
60,721,187
|
Stockholders’ Deficit |
|
|
Ordinary share, $0.0001 par value; 500,000,000 shares authorized; 1,837,750 issued and outstanding (excluding 6,000,000 shares subject to redemption) as of March 31, 2024 and December 31, 2023 |
184
|
184
|
Additional paid-in capital |
|
|
Accumulated deficit |
(987,371)
|
(682,437)
|
Total Stockholders’ Deficit |
(987,187)
|
(682,253)
|
Total Liabilities and Stockholders’ Deficit |
$ 61,903,421
|
$ 61,305,822
|
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v3.24.1.u1
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
|
Redeemable ordinary share, par value |
|
$ 0.0001
|
$ 0.0001
|
Redeemable ordinary share, shares authorized |
|
500,000,000
|
500,000,000
|
Redeemable ordinary share, shares issued |
|
6,000,000
|
6,000,000
|
Redeemable ordinary share, shares outstanding |
|
6,000,000
|
6,000,000
|
Redeemable ordinary share, redemption value |
|
$ 10.25
|
$ 10.12
|
Common stock, par value |
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
|
500,000,000
|
500,000,000
|
Common stock, shares issued |
[1] |
1,837,750
|
1,837,750
|
Common stock, shares outstanding |
[1] |
1,837,750
|
1,837,750
|
Ordinary shares subject to redemption |
|
6,000,000
|
6,000,000
|
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.u1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
Formation and operating costs |
$ (304,934)
|
|
|
Loss from operations |
(304,934)
|
|
|
Other income: |
|
|
|
Investment income earned on investments held in Trust Account |
785,456
|
|
|
Total other income |
785,456
|
|
|
Net Income |
$ 480,522
|
|
|
Weighted average shares outstanding, basic |
7,837,750
|
1,500,000
|
[1] |
Weighted average shares outstanding, diluted |
7,837,750
|
1,500,000
|
[1] |
Basic net income per share |
$ 0.06
|
|
|
Diluted net income per share |
$ 0.06
|
|
|
|
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
|
|
|
$ (4,237)
|
$ (4,237)
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
|
Net loss |
|
|
|
|
|
Issuance of Founder Shares to Sponsor for subscription fee(1) |
|
$ 173
|
24,827
|
|
$ 25,000
|
Issuance of Founder Shares to Sponsor for subscription fee, shares |
[1] |
1,725,000
|
|
|
|
Shares are subject to forfeiture |
|
|
|
|
225,000
|
Balance at Mar. 31, 2023 |
|
$ 173
|
24,827
|
(4,237)
|
$ (20,763)
|
Balance, shares at Mar. 31, 2023 |
|
1,725,000
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 184
|
|
(682,437)
|
(682,253)
|
Balance, shares at Dec. 31, 2023 |
|
1,837,750
|
|
|
|
Remeasurement of common stock subject to redemption |
|
|
|
(785,456)
|
(785,456)
|
Net loss |
|
|
|
480,522
|
480,522
|
Balance at Mar. 31, 2024 |
|
$ 184
|
|
$ (987,371)
|
$ (987,187)
|
Balance, shares at Mar. 31, 2024 |
|
1,837,750
|
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 480,522
|
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Investment income earned on investments held in Trust Account |
(785,456)
|
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
(105,687)
|
|
Other receivables |
(744)
|
|
Accrued expenses |
117,077
|
|
Net cash used in operating activities |
(294,288)
|
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of founder shares to Sponsor |
|
25,000
|
Payment of offering cost |
|
(9,211)
|
Net cash provided by financing activities |
|
15,789
|
Net change in cash |
(294,288)
|
15,789
|
Cash at the beginning of the period |
584,635
|
|
Cash at the end of the period |
290,347
|
15,789
|
Supplemental disclosure of non-cash financing activities: |
|
|
Remeasurement of common stock subject to redemption |
785,456
|
|
Deferred offering cost included in the promissory note |
|
$ 113,756
|
X |
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v3.24.1.u1
Description of Organization and Business Operations
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
AI
Transportation Acquisition Corp (the “Company”) is a blank check company incorporated in the Cayman Islands on May 9, 2022.
The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company may pursue a business combination target in
any industry, section or geography, though it intends to focus the search in the transportation field, including but not limited to logistics,
new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services and related areas of intelligent transportation.
As
of March 31, 2024, the Company had not yet commenced any operations. All activity through March 31, 2024 related to the Company’s
formation and the Initial Public Offering (as defined below). 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 on
cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal
year end. 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 sponsor is AI Transportation Corp, a newly-formed British Virgin Islands company (the “Sponsor”). The registration
statement for the Company’s Initial Public Offering was declared effective on November 8, 2023. On November 10, 2023, the Company
consummated its Initial Public Offering of 6,000,000 units (the “Units” and, with respect to the Ordinary Shares included
in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $60,000,000 (the “Initial
Public Offering”), and incurring offering costs of $2,723,449, of which $1,200,000 was for deferred underwriting commissions (see
Note 3). The Company granted the underwriter a 45-day option to purchase up to an additional 900,000 Units at the Initial Public Offering
price to cover over-allotments, if any. On December 26, 2023, the Underwriters advised the Company that it has elected not to exercise
the over-allotment option and thereby forfeit the option. As a result, the Company cancelled a total of of the Company’s
sponsor shares, issued to AI Transportation Corp. thereby reducing the sponsor’s total shares to 1,500,000.
Simultaneously
with the consummation of the closing of the IPO, the Company consummated the private placement of an aggregate of 277,750 units (the
“Placement Units”) to the Sponsor at a price of $10.00 per Unit, generating gross proceeds of $2,777,500 (the “Private
Placement”). (see Note 4).
Following
the closing of the Initial Public Offering on November 10, 2023, an amount of $60,600,000 ($10.10 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in
a trust account (the “Trust Account”), located in the United States and held as cash items or invested only in U.S. government
securities with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act, that invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i)
the consummation of a Business Combination, or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders,
as described below.
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination either (i) in connection with a shareholder meeting called to approve the initial business combination
or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of
a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of how
they vote for the Business Combination. The Company will proceed with a Business Combination only if the Company have net tangible assets
of at least $5,000,001 immediately prior to or upon such consummation and if a vote is held to approve a Business Combination by 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.
Note
1 — Description of Organization and Business Operations (Continued)
The
shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. These ordinary shares will be recorded at a redemption
value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards
Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
If
a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other reasons, the Company
will, pursuant to its amended and restated memorandum and articles of association conduct the redemptions pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act, which regulate issuer tender offers, and file tender offer documents with the SEC prior to completing
our initial business combination which contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
The
Sponsor has agreed (A) to vote its founder shares, the ordinary shares included in the Placement Units (the “Placement Shares”)
and any Public Shares purchased during or after the Initial Public Offering in favor of any proposed Business Combination, (B) not to
convert any placement shares in connection with a shareholder vote to approve a proposed initial business combination or sell any placement
shares to the Company in a tender offer in connection with a proposed initial business combination and (C) that the founder shares and
Placement Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business
Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect
to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.
The
Company will have until 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing if the Company
extends the period to consummate a Business Combination by up to six additional months through six one-month extensions of time, as further
provided in the Company’s amended and restated memorandum and articles of association) to consummate a Business Combination (the
“Combination Period”). If the Company is unable to complete a 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
franchise and income taxes as well as expenses relating to the administration of the trust account (less up to $50,000 of interest released
to the Company to pay taxes and potentially, 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
our remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to our obligations
under the Companies Act to provide for claims of creditors and the requirements of other applicable law.
The
underwriter has agreed to waive its rights to the deferred underwriting commission 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 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).
Note
1 — Description of Organization and Business Operations (Continued)
The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than our independent
registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which
we have discussed entering into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $ per
public share and (ii) the actual amount per unit held in the trust account as of the date of the liquidation of the trust account if
less than $ per unit due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn
to pay its taxes, if any, provided that such liability will not apply to any claims by a third party or prospective target business that
executed a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of the
underwriters of this offering against certain liabilities, including liabilities under 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 for the Company’s independent registered
accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company
waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Capital Resources
As
of March 31, 2024, the Company had $290,347 of cash in its operating bank account.
The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $
from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as defined
in Note 5), and loan from the Sponsor of $ under the Note (as defined in Note 5). On December 6, 2023, an amount of $ borrowed
under the promissory note with the Sponsor, which the Company fully repaid at the closing of the Initial Public Offering. Subsequent
to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the
consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance
transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of March 31,
2024, there were no amounts outstanding under any Working Capital Loan.
Over
this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying
and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying
for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business
Combination.
Note
1 — Description of Organization and Business Operations (Continued)
Liquidity
and Management’s Plans
Prior
to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period
of time, which is considered to be one year from the issuance date of the financial statements. The Company has incurred and expect to
continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during
period leading up to the Business Combination. There is no assurance that the Company’s plans to consummate an initial Business
Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
Going
Concern Consideration
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing
of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises
substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty. The accompanying financial statements have been prepared in conformity with generally accepted
accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going
concern.
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v3.24.1.u1
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America (“GAAP”) for interim financial information, as set forth by the Financial Accounting Standards
Board (“FASB”), and pursuant to the rules and regulations of the SEC. The unaudited interim financial statements should be
read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in the 10-K
as filed with the SEC on April 5, 2024. In the opinion of management, the unaudited financial statements reflect all adjustments, which
include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The
interim results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected through
December 31, 2024 or for any future periods.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has
different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Note
2 — Summary of Significant Accounting Policies (Continued)
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
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. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
As of March 31, 2024, the Company had $290,347 of cash in its operating bank account and no cash equivalents. As of December 31, 2023,
the Company had $584,635 of cash in its operating bank account or cash equivalents.
Investments
Held in Trust Account
As
of March 31, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities
Money Market Funds. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities
are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair
value of investments held in Trust Account are included in investment income earned on investments held in Trust in the accompanying
statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information.
As of March 31, 2024 and December 31, 2023, the estimated fair values of investments held in Trust Account amounted to $61,506,643 and
$60,721,187, respectively.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. These costs, together with the underwriter discount of $1,200,000, were charged to additional
paid-in capital upon completion of the Public Offering.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United
States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2024 and December
31, 2023 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, there is no provision for income taxes for the three months ended March 31, 2024 and for the three months ended March 31, 2023.
Note
2 — Summary of Significant Accounting Policies (Continued)
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss)
per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. The calculation of diluted income (loss) per share does not consider the effect of
the rights issued in connection with the Initial Public Offering and rights issued as components of the Private Placement Units (the
“Placement Rights”) since the exercise of the Rights are contingent upon the occurrence of future events.
As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the periods
presented.
Concentration
of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial
institution which, at times may exceed the Federal depository insurance coverage of $250,000.
At March 31, 2024 and December 31, 2023, the Company had not experienced losses on this account and management believes the Company
is not exposed to significant risks on such account. As of March 31, 2024, cash amounting to $40,347 was not insured.
Fair
value of financial instruments
The Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability,
in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These
tiers include:
|
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
|
|
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March
31, 2024 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:
Schedule of Assets Measured at Fair Value on a Recurring Basis
Description | |
Quoted Prices in Active Markets (Level 1) | | |
Significant other Observable Inputs (Level 2) | | |
Significant other Unobservable Inputs (Level 3) | |
Assets | |
| - | | |
| - | | |
| - | |
Marketable securities held in trust account | |
$ | 61,506,643 | | |
$ | — | | |
$ | — | |
Risks
and Uncertainties
Management
continues to evaluate the impact of the COVID-19 pandemic on the industry 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, close of the Proposed Public
Offering, 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 do not include any adjustments that might result from the outcome of this uncertainty.
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect
on the accompanying financial statements.
Note
2 — Summary of Significant Accounting Policies (Continued)
Ordinary
Shares Subject to Possible Redemption
As
discussed in Note 3, all of the 6,000,000 Ordinary Shares sold as part of the Units in the Initial Public Offering contain a redemption
feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder
vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended
and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Ordinary Share (including Ordinary Shares
that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) are classified as temporary equity. The Company elected to apply immediate accretion
related to all offering discounts with the accretion reducing additional paid in capital to $0 and any additional accretion charged to
accumulated deficit. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments,
are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides
that currently, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (stockholders’
equity) to be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying shares as redeemable
and thus Public Shares would be required to be disclosed outside of permanent equity.
Accordingly,
on March 31, 2024 and December 31, 2023, 6,000,000 Ordinary Shares subject to possible redemption at the redemption amount were presented
at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet.
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v3.24.1.u1
Initial Public Offering
|
3 Months Ended |
Mar. 31, 2024 |
Initial Public Offering |
|
Initial Public Offering |
Note
3 —Initial Public Offering
On
November 10, 2023, the Company consummated its Initial Public Offering of 6,000,000 Units, at $10.00 per Unit, generating gross proceeds
of $60,000,000. The Company granted the underwriter a 45-day option to purchase up to an additional 900,000 Units at the Initial Public
Offering price to cover over-allotments, if any.
Each
Unit consists of one Ordinary Share and one Right entitling the holder thereof to receive one-eighth (1/8) of Ordinary Share upon consummation
of our initial business combination.
As
of November 10, 2023, the Company incurred offering costs of approximately $2,723,449, of which $1,200,000 was for deferred underwriting
commissions.
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v3.24.1.u1
Private Placement
|
3 Months Ended |
Mar. 31, 2024 |
Private Placement |
|
Private Placement |
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 277,750 Placement Units at a price of $10.00 per
Placement Unit raising $2,777,500 in the aggregate.
The
proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units
are identical to the Units sold in the Initial Public Offering, except for the placement rights (“Placement Rights”), as
described in Note 7. If the Company does not complete a Business Combination within the Combination Period, the portion of the proceeds
from the sale of the Placement Units that were deposited into the Trust Account will be used to fund the redemption of the Public Shares
(subject to the requirements of applicable law) and the Placement Rights will expire worthless.
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v3.24.1.u1
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 — Related Party Transactions
Founder
Shares
On
January 1, 2023, the Company issued an aggregate of ordinary shares to the Sponsor for an aggregate purchase price of $
in cash, of which shares held by the Sponsor are subject to forfeiture to the extent that the underwriter’s over-allotment
option is not exercised in full. During the year ended December 31, 2023, the Sponsor transferred 60,000 ordinary shares among the Company’s
Chief Executive Officer, Chief Financial Officer and three independent directors at their original purchase price. On November 8, 2023,
the Company issued a dividend to our initial shareholders in the form of fully-paid shares in the amount of 287,500 founder shares whereby
a total of shares are subject to forfeiture among the sponsor’s 1,725,000 founder shares if the underwriter does not exercise
its over-allotment option in full, which have been retroactively adjusted. The founder shares held by our initial shareholders will represent
approximately 20% of our outstanding ordinary shares immediately following the completion of this offering (excluding any placement units).
On December 26, 2023, the Underwriters advised the Company that it has elected not to exercise the over-allotment option and thereby
forfeit the option. As a result, the Company cancelled a total of 225,000 of the Company’s sponsor shares, issued to AI Transportation
Corp. thereby reducing the Sponsor’s total shares to 1,500,000.
Subject
to certain limited exceptions, our Sponsor, directors and each member of our management team have agreed not to transfer, assign or sell
any of their founder shares until the earlier to occur of (a) six months after the completion of our initial business combination and
(b) upon completion of our initial business combination, (i) if the last reported sale price of our ordinary shares equals or exceeds
$12.00 per unit (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (ii) the date
on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination
that results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Promissory
Note – Related Party
On
June 1, 2022, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $300,000, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing
and payable on the earlier of (i) December 31, 2023 or (ii) the consummation of the Initial Public Offering. These amounts will be repaid
shortly after completion of the Initial Public Offering out of the $440,000 of offering proceeds that has been allocated for the payment
of offering expenses. On December 6, 2023, an amount of $159,069 borrowed under the promissory note with the Sponsor, which the Company
fully repaid at the closing of the Initial Public Offering. There was a balance of $0 and $0 as of March 31, 2024 and December 31, 2023,
respectively.
Administrative
Services Arrangement
An
affiliate of our Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq, through
the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company our Sponsor
certain general and administrative services, including office space, utilities and administrative services, as the Company may require
from time to time. The Company has agreed to pay to the affiliate of our Sponsor, $ per month, for up to twelve months, subject
to extension to up to 18 months, as provided in the Company’s registration statement, for such administrative services. $50,000
and $20,000 was accrued as of March 31, 2024 and December 31, 2023, respectively.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor,
or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2024 and December 31, 2023, no amounts under
such loans have been drawn.
Note
5 — Related Party Transactions (Continued)
Representative
Shares
On
November 10, 2023, the Company issued 60,000 representative shares to the representative (and/or its designees) as part of representative
compensation. The representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of
180 days immediately following the date of the commencement of sales pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1),
these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic
disposition of the securities by any person for a period of 180 days immediately following the date of the commencement of sales the
IPO, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the date of
the commencement of sales the IPO except to any underwriter and selected dealer participating in the IPO and their officers, partners,
registered persons or affiliates.
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v3.24.1.u1
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 — Commitments and Contingencies
Registration
Rights
The
initial shareholders and their permitted transferees can demand that the Company register the founder shares, the placement units and
the underlying placement shares and placement rights, and the units issuable upon conversion of working capital loans and the underlying
ordinary shares and rights, pursuant to the Registration Rights Agreement, dated as of November 8, 2023, among the Company and the sponsor
and its permitted transferees. The holders of such securities are entitled to demand that the Company register these securities at any
time after consummation of an initial business combination. In addition, pursuant to the Registration Rights Agreement, the holders have
certain “piggy-back” registration rights on registration statements filed after our consummation of a business combination.
Underwriters
Agreement
The
underwriters were entitled to a cash underwriting discount of: (i) approximately one point four percent (1.40%) of the gross proceeds
of the Initial Public Offering, or $837,500. In addition, the underwriters are entitled to a deferred fee of two percent (2.00%) of the
gross proceeds of the Initial Public Offering upon closing of the Business Combination. The deferred fee will be paid in cash upon the
closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.
Right
of First Refusal
For
a period beginning on the closing of the Initial Public offering and ending 12 months from the closing of a Business Combination, the
Company has granted EF Hutton LLC, a right of first refusal to act as sole book runner, and/or sole placement agent, at the representative’s
sole discretion, for each and every future public and private equity and debt offering, including all equity linked financings for us
or any of our successors or subsidiaries. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration
of more than three years from the effective date of the Registration Statement. In the event that we terminate our engagement with EF
Hutton for cause, any right of first refusal will not survive such termination.
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v3.24.1.u1
Stockholders’ Deficit
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Stockholders’ Deficit |
Note
7 – Stockholders’ Deficit
Ordinary
Shares — The Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holders
of the Company’s ordinary shares are entitled to one vote for each share. On December 31, 2022, there were 100 ordinary shares
issued and outstanding, which was surrendered on November 8, 2023 and have been retroactively adjusted. On January 1, 2023, the Company
issued an aggregate of ordinary shares to the Sponsor for an aggregate purchase price of $ in cash, of which
shares held by the Sponsor are subject to forfeiture to the extent that the underwriter’s over-allotment option is not exercised
in full. During the year ended December 31, 2023, the Sponsor transferred 60,000 ordinary shares among the Company’s Chief Executive
Officer, Chief Financial Officer and three independent directors at their original purchase price. On November 8, 2023, the Company issued
a dividend to our initial shareholders in the form of fully-paid shares in the amount of 287,500 founder shares whereby a total of
shares are subject to forfeiture among the sponsor’s 1,725,000 founder shares if the underwriter does not exercise its over-allotment
option in full, which have been retroactively adjusted. The Sponsor and officers and directors (i.e., the Initial Shareholders) will
own approximately 20% of the issued and outstanding shares after the Initial Public Offering (assuming the Initial Shareholders do not
purchase any Public Shares in the Initial Public Offering and excluding the Placement Units). On December 26, 2023, the Underwriters
advised the Company that it has elected not to exercise the over-allotment option and thereby forfeit the option. As a result, the Company
cancelled a total of 225,000 of the Company’s sponsor shares, issued to AI Transportation Corp. thereby reducing the sponsor’s
total shares to 1,500,000.
Note
7 – Shareholders’ Equity (Continued)
As
of March 31, 2024 and December 31, 2023, as a result of closing of the IPO and no exercise of the Representative’s Over-Allotment Option,
there were 1,837,750 ordinary shares issued and outstanding, excluding 6,000,000 ordinary shares subject to possible redemption.
Rights
— Each holder of a right will receive one-eighth (1/8) of one Ordinary Share upon consummation of a Business Combination,
even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will
be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive
its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the unit
purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which
the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per
share consideration the holders of the Ordinary Shares will receive in the transaction on an as-converted into Ordinary Shares and each
holder of a Right will be required to affirmatively convert its Rights in order to receive 1/8 of one Ordinary Share underlying each
Right (without paying additional consideration).
The
Placement Units are identical to the Units sold as part of the public Units, except as described in the Company’s Registration
Statement, including in part that the initial purchasers agreed not to transfer, assign or sell any of the Placement Units or underlying
securities (except in limited circumstances) until 30 days following the completion of the Company’s initial business combination.
Such initial purchasers were granted certain demand and piggyback registration rights in connection with the purchase of the Placement
Units. The Placement Units were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transactions did
not involve a public offering.
The
Ordinary Shares issuable upon exchange of the Rights will be freely tradable (except to the extent held by affiliates of the Company).
Additionally, in no event will the Company be required to net cash settle the rights. If the Company is unable to complete a Business
Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not
receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside
of the Trust Account with respect to such rights. Accordingly, the rights may expire worthless.
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SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events |
|
SUBSEQUENT EVENTS |
NOTE
8. SUBSEQUENT EVENTS
In
accordance with ASC Topic 855, “Subsequent Events,” which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or
transactions that occurred through the date the audited financial statements were available to issue. Based upon this review, the Company
did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
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v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America (“GAAP”) for interim financial information, as set forth by the Financial Accounting Standards
Board (“FASB”), and pursuant to the rules and regulations of the SEC. The unaudited interim financial statements should be
read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in the 10-K
as filed with the SEC on April 5, 2024. In the opinion of management, the unaudited financial statements reflect all adjustments, which
include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The
interim results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected through
December 31, 2024 or for any future periods.
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Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has
different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Note
2 — Summary of Significant Accounting Policies (Continued)
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Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
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. Accordingly, the actual results could differ
significantly from those estimates.
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Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
As of March 31, 2024, the Company had $290,347 of cash in its operating bank account and no cash equivalents. As of December 31, 2023,
the Company had $584,635 of cash in its operating bank account or cash equivalents.
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Investments Held in Trust Account |
Investments
Held in Trust Account
As
of March 31, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities
Money Market Funds. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities
are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair
value of investments held in Trust Account are included in investment income earned on investments held in Trust in the accompanying
statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information.
As of March 31, 2024 and December 31, 2023, the estimated fair values of investments held in Trust Account amounted to $61,506,643 and
$60,721,187, respectively.
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Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. These costs, together with the underwriter discount of $1,200,000, were charged to additional
paid-in capital upon completion of the Public Offering.
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Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United
States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2024 and December
31, 2023 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, there is no provision for income taxes for the three months ended March 31, 2024 and for the three months ended March 31, 2023.
Note
2 — Summary of Significant Accounting Policies (Continued)
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Net income (loss) per share |
Net
income (loss) per share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss)
per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. The calculation of diluted income (loss) per share does not consider the effect of
the rights issued in connection with the Initial Public Offering and rights issued as components of the Private Placement Units (the
“Placement Rights”) since the exercise of the Rights are contingent upon the occurrence of future events.
As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the periods
presented.
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Concentration of credit risk |
Concentration
of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial
institution which, at times may exceed the Federal depository insurance coverage of $250,000.
At March 31, 2024 and December 31, 2023, the Company had not experienced losses on this account and management believes the Company
is not exposed to significant risks on such account. As of March 31, 2024, cash amounting to $40,347 was not insured.
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Fair value of financial instruments |
Fair
value of financial instruments
The Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability,
in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These
tiers include:
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● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
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● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
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● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March
31, 2024 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:
Schedule of Assets Measured at Fair Value on a Recurring Basis
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