SHAREHOLDERS’ DEFICIT |
9 Months Ended |
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Sep. 30, 2023 | |
| Equity [Abstract] | |
| SHAREHOLDERS’ DEFICIT |
NOTE 8. SHAREHOLDERS’ DEFICIT
Preference shares — The Company is authorized to issue preference shares, $ par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2023 and December 31, 2022, there were preference shares issued or outstanding.
Class A ordinary shares — The Company is authorized to issue Class A ordinary shares with a par value of $ per share. At September 30, 2023 and December 31, 2022, there were Class A ordinary shares issued and outstanding, including Class A ordinary shares subject to possible redemption.
Class B ordinary shares — The Company is authorized to issue Class B ordinary shares with a par value of $ per share. As of September 30, 2023 and December 31, 2022, there were Class B ordinary shares outstanding.
Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law.
The Class B ordinary shares and will automatically convert into the Company’s Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Company’s Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to the Company’s Sponsor, the A Anchor Investors, the Company’s affiliates or any member of the management team upon conversion of the Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
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