UNITED STATES ~~SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549~~

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2023~~2024

☐ 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 001-41039

PERCEPTION CAPITAL CORP. IV ~~(Exact name of registrant as specified in its charter)~~

(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 Number)

3109 W. 50th Street Minneapolis, MN		55410
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (952) 456-5300

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant	RCFA.U	The New York Stock Exchange
Class A ordinary shares, par value $0.0001 per share	RCFA	The New York Stock Exchange
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share	RCFA WS	The New York Stock Exchange

None

Securities registered pursuant to Section 12(g) of the Act: ~~None~~

Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant

Class A ordinary shares, par value $0.0001 per share

Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 (1) has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐

The aggregate market value of the registrant’s Class A ordinary shares outstanding at June 30, ~~2023~~2024, other than shares held by persons who may be deemed affiliates of the registrant, computed by reference to the closing price for the ordinary shares on such date, as reported on the New York Stock Exchange, was $~~139~~54.31 million.

As of ~~April~~March 2227, ~~2024~~2025, the Registrant had 106,~~527~~838,~~671~~552 Class A ordinary shares, $0.0001 issued and outstanding, including 56,~~749~~505,~~999~~624 Non-Redeemable Class A ordinary shares issued and outstanding, and one Class B ordinary share, $0.0001 par value, issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		ii
PART I		1
ITEM 1.	BUSINESS.	1
ITEM 1A.	RISK FACTORS.	8
ITEM 1B.	UNRESOLVED STAFF COMMENTS.	3736
ITEM 1C.	CYBERSECURITY	3736
ITEM 2.	PROPERTIES.	3836
ITEM 3.	LEGAL PROCEEDINGS.	3836
ITEM 4.	MINE SAFETY DISCLOSURES.	3836
PART II		3937
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.	3937
ITEM 6.	[Reserved]	3937
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.	4037
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.	4946
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.	4946
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.	4946
ITEM 9A.	CONTROLS AND PROCEDURES.	4946
ITEM 9B.	OTHER INFORMATION.	5048
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	5048
PART III		5149
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.	5149
ITEM 11.	EXECUTIVE COMPENSATION.	5554
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS.	5655
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.	5756
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES.	5857
ITEM 15.	EXHIBIT AND FINANCIAL STATEMENT SCHEDULES	F-1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements contained in this report may constitute “forward looking statements” for purposes of the federal securities laws. Our forward looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward looking statements, but the absence of these words does not mean that a statement is not forward looking. The forward-looking statements contained in this report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in this Annual Report. Forward looking statements in this Annual Report on Form 10-K may include, for example, statements about:

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our ability to select an appropriate target business or businesses;

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our ability to complete our initial business combination;

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our expectations around the performance of the prospective target business of businesses;

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our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;

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our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination;

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our potential ability to obtain additional financing to complete our initial business combination;

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our pool of prospective target businesses;

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our ability to consummate an initial business combination due to the uncertainty resulting from the ongoing COVID-19 pandemic;

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the ability of our officers and directors to generate a number of potential business combination opportunities;

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our public securities’ potential liquidity and trading;

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the lack of a market for our securities;

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the use of proceeds not held in the Trust Account (as described herein) or available to us from interest income on the Trust Account balance;

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the Trust Account not being subject to claims of third parties; or

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our financial performance.

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Summary of Risk Factors

An investment in our securities involves a high degree of risk. You should consider carefully all of the risks described below, together with the other information contained in this form, before making a decision to invest in our Units. If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. Such risks include, but are not limited to:

●

We are a blank check company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.

●

Our public shareholders may not be afforded an opportunity to vote on our proposed Initial Business Combination, and even if we hold a vote, holders of our Founder Shares will participate in such vote, which means we may complete our initial business combination, even though a majority of our public shareholders do not support such a combination.

●

Your only opportunity to effect your investment decision regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash.

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If we seek shareholder approval of our initial business combination, our initial shareholders and management team have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote.

●

The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target.

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The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize our capital structure.

●

The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares could increase the probability that our Initial Business Combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your shares.

● The requirement that we complete our initial business combination by April 15, 2025 (or as late as November 15, ~~2024~~2025 if the requisite deposits into the Trust Account are made) may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.

●

Our search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets, as well as protectionist legislation in our target markets.

~~iii~~● We may not be able to complete our initial business combination by April 15, 2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made), in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.

● We may not be able to complete our initial business combination by November 15, 2024, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.

●

If we seek shareholder approval of our initial business combination, our Sponsor, initial shareholders, directors, executive, advisors and their affiliates may elect to purchase shares or public warrants, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares.

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If a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for submitting or tendering its shares, such shares may not be redeemed.

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You will not have any rights or interests in funds from the Trust Account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss.

● The NYSE may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.

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You will not be entitled to protections normally afforded to investors of many other blank check companies.

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If we seek shareholder approval of our initial business combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a “group” of shareholders are deemed to hold in excess of 15% of our Class A ordinary shares, you will lose the ability to redeem all such shares in excess of 15% of our Class A ordinary shares.

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Because of our limited resources and the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we have not completed our initial business combination, our public shareholders may receive only their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders, and our warrants will expire worthless.

● If the net proceeds of the Public Offering and the sale of the Private Placement Warrants not being held in the Trust Account are insufficient to allow us to operate at least until April 15, 2025 (or until as late as November 15, ~~2023~~2025), it could limit the amount available to fund our search for a target business or businesses and complete our initial business combination, and we will depend on loans from our Sponsor or management team to fund our search and to complete our initial business combination.

●

The other risks and uncertainties discussed in “Risk Factors” and elsewhere in this Form.

iviii

PART I

References in this report to “we,” “us” or the “Company” refer to Perception Capital Corp. IV formerly known as RCF Acquisition Corp.. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Perception Capital Partners IV LLC, a Cayman Islands exempted company. References to our “initial shareholders” refer to the holders of our non-redeemable Class A ordinary shares and our one Class B ordinary shares (collectively, the “Founder Shares”).

ITEM 1. BUSINESS.

Introduction

We are a blank check company incorporated on June 9, 2021 as a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Based on our business activities, the Company is a “shell company” as defined under the Exchange Act of 1934 (the “Exchange Act”) because we have no operations and nominal assets consisting almost entirely of cash.

Recent Developments

Extensions of Deadline for Completing Business Combination

On May 9, 2023, the Company held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”). At the Extraordinary General Meeting, the Company’s shareholders approved several proposals to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Charter”) to (i) extend the date (the “Extension”) by which the Company must consummate a Business Combination from May 15, 2023 to May 15, 2024 (the “Extended Date”), (ii) permit the Company’s board of directors, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than the Extended Date as determined by the Board and included in a public announcement, (iii) eliminate from the Charter the limitation that the Company may not redeem public shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 in connection with the Company’s Business Combination, and (iv) provide for the right of a holder of the Company’s Class B ordinary shares, par value $0.0001 per share to convert into Class A Ordinary Shares on a one-for-one basis prior to the closing of Business Combination at the election of the holder. Following the Extraordinary General Meeting, the holders of the Class B Ordinary Shares, totaling 5,750,000 Class B Ordinary Shares, elected to convert 5,749,999 Class B Ordinary Shares held by them on a one-for-one basis into nonredeemable Class A Ordinary Shares, with immediate effect. Following such conversion, ~~as of June 30, 2023,~~ the Company had an aggregate of 5,749,999 Non-Redeemable Class A Ordinary Shares issued and outstanding, and one Class B Ordinary Share issued and outstanding.

On December 5, 2023, the Company held a second Extraordinary General Meeting (the “Second Extraordinary General Meeting”) at which shareholders approved: (i) an amendment to the Company’s Charter to further extend the deadline (the “Second Extension”) by which the Company must consummate an initial business combination to November 15, 2024 provided that, the Company make a payment into the trust account established in connection with the Company’s IPO for the first three-month extension (from December 15, 2023 through March 15, 2024) is equal to the lesser of $150,000 or $0.045 per share of Class A Ordinary Shares entitled to redemption rights (the “public shares”) and thereafter, a payment equal to the lesser of $50,000 or $0.015 per public share per month through November 15, 2024 and (ii) an amendment to the Charter to change the name of the Company from “RCF Acquisition Co.” to “Perception Capital Corp. IV”. A total of 8,236,760 shares of the Class A Ordinary Shares were redeemed in connection with the Second Extraordinary General Meeting.

On November 13, 2024, at an Extraordinary General Meeting (the “Third Meeting”), shareholders approved an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (the “Memorandum”) extending the deadline by which the Company must consummate an initial business combination from November 15, 2024 to November 15, 2025 on a month to month basis provided that the Company make a payment into the Trust Account established in connection with the Company’s IPO equal to $5,000 per month for each month extended. This proposal was approved.

In connection with the extensions amendment proposal voted on at the Second Meeting, shareholders holding an aggregate of 4,444,744 Class A ordinary shares exercised their right to redeem their shares for approximately $11.66 per share, for an aggregate redemption amount of $51,847,295 of the funds held in the Company’s Trust Account.

Securities Purchase Agreement

On November 1, 2023, RCF VII Sponsor LLC, the Company’s former sponsor, entered into a Securities Purchase Agreement (the “SPA”) with Perception Capital Partners IV LLC (the “Purchaser”, “Perception”), pursuant to which, among other things, the Purchaser acquired certain of the former sponsor’s (i) Class A ordinary shares, par value $0.0001 per share (“Class A Ordinary Shares”), of the Company and (ii) private placement warrants (together with the Class A Ordinary Shares, the “Securities”). The transactions contemplated by the SPA was closed on November 6, 2023 (“Closing”).

Further, on November 6, 2023, in connection with the Closing, the Company entered into a Joinder Agreement (the “Joinder”) to that certain Registration Rights Agreement dated November 9, 2021, with the former sponsor and Perception. Pursuant the Joinder, Perception will receive the same rights and benefits with respect to its newly acquired Class A ordinary shares and private placement warrants as our former sponsor has with respect to its Class A ordinary shares and private placement warrants.

The Company issued a Convertible Senior Secured Promissory Note on November 6, 2023, to Blue Capital Management Partners, LLP (“Blue Capital”) with a principal amount up to Two Million Dollars ($2,000,000) (the “Blue Capital Note”). The Blue Capital Note bears no interest and is repayable in full upon the earlier of (i) the date on which the Company consummates a Business Combination, (ii) the date of the liquidation of the Company and (iii) December 31, 2024. Concurrent with the closing of the Business Combination, any amounts outstanding under the Blue Capital Note (or any portion thereof) will automatically convert into Class A ordinary shares of the Company, par value $0.0001 per share (“Class A Shares”) at a conversion price equal to $1.00 per share, and our former sponsor will forfeit an equal number of Class A Shares that it owns pursuant to the Purchase Agreement. Additionally, from the closing of the Business Combination until the date that is eighteen (18) months after such closing, the Company has the right to purchase from Perception up to 4,533,750 of the warrants that Perception acquired from our former sponsor upon the Closing of the Purchase Agreement, at a price of $0.10 per private placement warrant.

Also on November 6, 2023, as required by the Purchase Agreement, the Company entered into an Omnibus Termination and Release Agreement with the Sponsor (the “Termination Agreement”). Pursuant to the Termination Agreement, the Company terminated the following agreements in connection with the Closing of the transactions contemplated by the Purchase Agreement:

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Administrative Services Agreement, dated November 9, 2021, by and between the Company and the Sponsor;

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Amended and Restated Convertible Promissory Note, dated as of May 11, 2023 (the “Working Capital Promissory Note”) issued by the Company to the Sponsor, pursuant to which the Company agreed to pay the Sponsor the principal balance advanced by Sponsor to the Company under the Working Capital Promissory Note, up to five million dollars ($5,000,000), upon the earlier of May 15, 2024 and the consummation of the Company’s initial business combination, unless accelerated, in each case upon the terms and subject to the conditions set forth in the Working Capital Promissory Note; and

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Convertible Promissory Note, dated as of May 11, 2023 (the “Extension Promissory Note”, together with the Working Capital Promissory Note, the “Promissory Notes”) issued by the Company to the Sponsor, pursuant to which the Company agreed to pay the Sponsor the principal balance advanced by Sponsor to the Company under the Extension Promissory Note, up to three million six hundred thousand dollars ($3,600,000), upon the earlier of the consummation of the Company’s initial business combination and the liquidation of the Company, in each case upon the terms and subject to the conditions set forth in the Extension Promissory Note.

In connection with the termination of the Administrative Services Agreement and the Promissory Notes, the Sponsor forgave and discharged all outstanding fees owed under the Administrative Services Agreement and agreed to cancel and waive all indebtedness under the Promissory Notes. The Termination Agreement also includes mutual releases of the parties.

Further, in connection with the Closing of the transactions contemplated by the Purchase Agreement, on November 6, 2023: (i) each of the Company’s then-current directors, James McClements, Sunny S. Shah, Thomas M. Boehlert, Hugo Dryland, Elodie Grant Goodey, Timothy Baker, and Daniel Malchuk, resigned as directors, and the Company accepted their resignations; (ii) the vacancies on the Company’s board of directors caused by such resignations were filled by Scott Honour, Rick Gaenzle, R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis (the “New Directors”); (iii) each of the Company’s then-current officers, Sunny S. Shah, Thomas M. Boehlert and Rebecca Coffelt, resigned as Chief Executive Officer, Chief Financial Officer, and Secretary, respectively, and the Company accepted their resignations; and (iv) the appointments of Rick Gaenzle as Chief Executive Officer, John Stanfield as Chief Financial Officer and Secretary, Scott Honour as Chairman of the Board, and Tao Tan as President (the “New Officers”) became effective. R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis currently serve as members of the Company’s Audit Committee, Nominating Committee and Compensation Committee.

At the Closing, the Company’s former sponsor, Perception, the New Officers, and the New Directors entered into an Amended and Restated Letter Agreement, which amends and restates the Letter Agreement, dated November 9, 2021, by and among the Company, the former sponsor, and the Company’s former executive officers and directors and their affiliates. The Amended and Restated Letter Agreement provides for, among other things, (i) Perception to be subject to the same transfer, voting, and non-redemption restrictions with respect to its Class A and Shares and private placement warrants as the Sponsor was subject prior to the Closing with respect to such Class A Shares and private placement warrants, (ii) the removal of the contractual transfer restrictions from the Class A Shares and private placement warrants retained by the Sponsor, and (iii) Perception’s assumption of the former sponsor’s indemnification obligations under Section 4 of the original Letter Agreement.

In addition, each of the New Officers and New Directors entered into a standard indemnity agreement with the Company.

Business Combination Agreement

On December 5, 2023, the Company, Blue Gold Limited, a Cayman Islands company limited by shares (“PubCo”), and Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales (“BGHL”), entered into a Business Combination Agreement (as it may be amended and/or restated from time to time, the “Business Combination Agreement”) pursuant to which, subject to the satisfaction or waiver of the conditions contained in the Business Combination Agreement, (i) BGHL and PubCo shall consummate a share exchange (the “Exchange”) pursuant to which PubCo will purchase all of the issued and outstanding shares of BGHL in exchange for PubCo Ordinary Shares; (ii) Perception and a to-be-formed subsidiary of PubCo (“Merger Sub”) will merge (the “Merger”) with Perception surviving the merger as a wholly owned subsidiary of PubCo. The transactions contemplated by the Business Combination Agreement are collectively referred to herein as the “Business Combination.” Capitalized terms used in this Annual Report on Form 10-K but not otherwise defined herein have the meanings given to them in the Business Combination Agreement, a copy of which is incorporated herein by reference.

BGHL will be acquired by PubCo by means of a share exchange in which all of the issued and outstanding ordinary shares of BGHL will be purchased by PubCo in exchange for PubCo issuing an amount of PubCo ordinary shares with an aggregate value of $114.5 million. Upon consummation of the Exchange, BGHL shall become a wholly owned subsidiary of PubCo. Immediately thereafter, the Merger will be consummated. As a result of the Merger, each outstanding Perception ordinary share being cancelled holders will receive PubCo ordinary shares on a one-for-one basis. Each outstanding warrant to purchase Perception ordinary shares will become a warrant to purchase PubCo ordinary shares on the same terms as prior to the Merger. Immediately prior to the Merger, any outstanding Perception units will be automatically separated into their component securities and converted into PubCo securities.

BGHL formed a wholly owned subsidiary which entered into agreements by which it acquired all rights to leases for certain mines located in Ghana. In connection with the transfers, it also entered into a royalty agreement pursuant to which it will make payments to the former owner of the leases or affiliates thereof.

On December 5, 2023, Future Global Resources Limited which holds all of the shares of BGHL via a trust deed entered into the Support Agreement, pursuant to which it agreed, among other things, (a) to vote all shares of BGHL in favor of the Business Combination and all related matters and (b) not to transfer any of the BGHL securities it owns.

On December 5, 2023, Perception entered into the Sponsor Support Agreement, pursuant to which Perception agreed, among other things, to (a) vote all of its Perception ordinary shares in favor of the Business Combination Agreement and the Business Combination, (b) abstain from exercising any redemption rights in connection with the Business Combination, (c) not to transfer any of the Perception securities it owns during the pendency of the agreement, and (d) not solicit any alternative transactions. The Sponsor agreed that post-Closing the PubCo shares it will receive in exchange for its Perception ordinary shares will be subject to an 18-month lock up period.

In connection with the closing of the Business Combination, certain parties (the “Holders”) will enter into the Registration Rights Agreement at closing. Pursuant to the terms of the Registration Rights Agreement, PubCo will be obligated to file a registration statement to register the resale of certain securities of PubCo held by the Holders. The Registration Rights Agreement will also provide the Holders with “piggy-back” registration rights, subject to certain requirements and customary conditions.

Effecting Our Initial Business Combination

General

We are not presently engaged in, and we will not engage in, any operations for an indefinite period of time. We intend to effectuate our initial business combination using cash held in the Trust Account, our equity, debt or a combination of these as the consideration to be paid in our initial business combination. We may seek to complete our initial business combination with a company or business that may be financially unstable or in its early stages of development or growth, which would subject us to the numerous risks inherent in such companies and businesses.

If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the Trust Account are used for payment of the consideration in connection with our initial business combination or used for redemptions of our Class A ordinary shares, we may apply the balance of the cash released to us from the Trust Account for general corporate purposes, including for maintenance or expansion of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.

Selection of Target Businesses

While we may pursue an initial business combination target in any industry, our intent was to to focus our search on businesses of scale across the critical minerals value chain that are poised to benefit over the long-term from the substantial market opportunity created by the global energy transition. Although our management will assess the risks inherent resulting from the Business Combination, we cannot assure you that this assessment will result in our identifying all risks that may be encountered. Furthermore, some of those risks may be outside of our control, meaning that we can do nothing to control or reduce the chances that those risks will adversely affect the Business Combination.

The New York Stock Exchange (“NYSE”) rules require that we must consummate an initial business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in Trust Account) at the time of our signing a definitive agreement in connection with our initial business combination. In connection with the approval of the Business Combination Agreement, our board of directors made this determination as to the fair market value together with the assistance of an outside financial advisor that provided its opinion that the consideration to be paid was fair from a financial point of view. If our board of directors is not able to independently determine the fair market value of our initial business combination (including with the assistance of financial advisors), we will obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm with respect to the satisfaction of such criteria.

Our initial business combination has been structured so that the post transaction company in which our public shareholders own shares will own or acquire 100% of the equity interests or assets of the target business or businesses. Even if the post transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post transaction company, depending on valuations ascribed to the target and us in the business combination. Pursuant to the terms of the Business Combination Agreement, the newly-formed PubCo will issue a substantial number of new shares in exchange for all of the outstanding capital stock of a target. While we would acquire a 100% controlling interest in the target, as a result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination will own less than a majority of the outstanding shares subsequent to the Business Combination. If less than 100% of the equity interests or assets of a target business or businesses were to be owned or acquired by the post transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account for purposes of NYSE’s 80% of net assets test. If the business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the transactions.

In evaluating our target business, we conducted a thorough due diligence review which encompassed, among other things, meetings with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as applicable, as well as a review of financial, operational, legal and other information which will be made available to us.

The time required to select and evaluate a target business and to structure and complete our initial business combination, and the costs associated with this process, are not currently ascertainable with any degree of certainty. If the Business Combination is not ultimately consummated, any costs incurred with respect to the identification and evaluation of, and negotiation of the Business Combination Agreement will result in our incurring losses and will reduce the funds we can use to complete another business combination. The Company will not pay any consulting fees to members of our management team, or any of their respective affiliates, for services rendered to or in connection with our initial business combination.

Redemption Rights for Public Shareholders upon Completion of Our Initial Business Combination

We will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial business combination, including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to certain limitations. Our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their Founder Shares and any public shares they may hold in connection with the completion of our initial business combination.

Conduct of Redemptions Pursuant to Tender Offer Rules

If we conduct redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), we will, pursuant to our Charter: (a) conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and (b) 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.

Submission of Our Initial Business Combination to a Shareholder Vote

We will seek shareholder approval of the Business Combination and will distribute proxy materials in connection therewith and provide our public shareholders with the redemption rights described above upon completion of the initial business combination.

We will complete our initial business combination only if we receive 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. A quorum for such meeting will be present if the holders of a majority of issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy. Our initial shareholders will count toward this quorum and, pursuant to that certain letter agreement, our Sponsor, officers and directors have agreed to vote their Founder Shares and any public shares purchased during or after the IPO (including in open market and privately-negotiated transactions) in favor of our initial business combination, subject to certain limitations. Each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or whether they were a public shareholder on the record date for the shareholder meeting held to approve the proposed transaction. Our Charter requires that at least five days’ notice will be given of any such shareholder meeting.

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our Sponsor, initial shareholders, directors, officers, advisors or their affiliates may purchase shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is no limit on the number of shares our initial shareholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and NYSE rules. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None of the funds in the Trust Account will be used to purchase shares or public warrants in such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act.

In the event that our Sponsor, directors, officers, advisors or their affiliates purchase shares in privately negotiated transactions from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their shares. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules.

The purpose of any such purchases of shares could be to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. Any shares purchased in these circumstances cannot be voted at the meeting to approve the Business Combination. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public “float” of our Class A ordinary shares or public warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

Limitation on Redemption Rights Upon Completion of Our Initial Business Combination If We Seek Shareholder Approval

Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in the Public Offering. We believe the restriction described above will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in the Public Offering could threaten to exercise its redemption rights against a business combination if such holder’s shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders’ ability to redeem to no more than 15% of the shares sold in the Public Offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders’ ability to vote all of their shares (including all shares held by those shareholders that hold more than 15% of the shares sold in the Public Offering) for or against our initial business combination.

Redemption of Public Shares and Liquidation If No Initial Business Combination

Our Charter as amended in November 2024 provides that we will have until as late as November 15, ~~2024~~2025 to complete our initial business combination provided that, for each one month extension a $5,000 deposit is made into the Trust Account. As of the date of this Annual Report, the deadline has been extended to April 15, 2025. If we do not extend such date with the approval of shareholders or are unable to complete our initial business combination by such deadline, we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our initial business combination by November 15, ~~2024~~2025 or such earlier date if the requisite deposit into the Trust Account is not made.

Competition

In identifying, evaluating and selecting a target business for our initial business combination, we may encounter competition from other entities having a business objective similar to ours, including other special purpose acquisition companies, private equity groups and leveraged buyout funds, public companies and operating businesses seeking strategic acquisitions. Many of these entities are well established and have extensive experience identifying and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess similar or greater financial, technical, human and other resources than us. Additionally, the number of blank check companies looking for business combination targets has increased compared to recent years and many of these blank check companies are sponsored by entities or persons that have significant experience with completing business combinations. Our ability to acquire larger target businesses will be limited by our available financial resources. This inherent limitation gives others an advantage in pursuing the acquisition of a target business. Furthermore, our obligation to pay cash in connection with our public shareholders who exercise their redemption rights may reduce the resources available to us for our initial business combination and our outstanding warrants, and the future dilution they potentially represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a competitive disadvantage in successfully negotiating an initial business combination.

Employees

We currently have two officers: Rick Gaenzle and John Stanfield. These individuals are not obligated to devote any specific number of hours to our matters but intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time they will devote in any time period will vary based on whether a target business has been selected for our initial business combination and the stage of the business combination process we are in. Aside from our chief executive officer and chief financial officer, we do not intend to have any full time employees prior to the completion of our initial business combination.

Available Information

We are required to file Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q with the SEC on a regular basis, and are required to disclose certain material events (e.g., changes in corporate control, acquisitions or dispositions of a significant amount of assets other than in the ordinary course of business and bankruptcy) in a Current Report on Form 8-K. The SEC maintains an Internet website that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. The SEC’s Internet website is located at http://www.sec.gov. In addition, the Company will provide copies of these documents without charge upon request from us in writing at 3109 W. 50th Street, Minneapolis, MN 55410 or on our website at www.perceptioniv.com.

ITEM 1A. RISK FACTORS.

An investment in our securities involves a high degree of risk. You should consider carefully all of the risks described below, together with the other information contained in this Annual Report on Form 10-K, the prospectus associated with our Public Offering and the Registration Statement, before making a decision to invest in our securities. If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.

Risks Relating to our Search for, and Consummation of or Inability to Consummate, a Business Combination

We are a blank check company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.

We are a blank check company incorporated under the laws of the Cayman Islands with no operating results. Because we lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing our initial business combination. While we have entered into the Business Combination Agreement, we may be unable to complete our initial business combination. If we fail to complete our initial business combination, we will never generate any operating revenues.

Our public shareholders may not be afforded an opportunity to vote on our proposed initial business combination, and even if we hold a vote, holders of our Founder Shares will participate in such vote, which means we may complete our initial business combination even though a majority of our public shareholders do not support such a combination.

We may choose not to hold a shareholder vote to approve our initial business combination unless the business combination would require shareholder approval under applicable law or stock exchange listing requirements. In such case, the decision as to whether we will seek shareholder approval of a proposed business combination or will allow shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. Even if we seek shareholder approval, the holders of our Founder Shares will participate in the vote on such approval. Accordingly, we may complete our initial business combination even if holders of a majority of our ordinary shares do not approve of the business combination we complete.

Our initial shareholders owned 20% of our issued and outstanding ordinary shares immediately following the completion of the Public Offering. As a result of redemptions of Class A ordinary shares in connection with our extensions, these shares represent ~~54.6~~95% of our issued and outstanding ordinary shares as of December 31, ~~2023~~2024. Our amended and restated memorandum and articles of association provides that, if we seek shareholder approval of an initial business combination, such initial business combination will be approved if we receive 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, including the Founder Shares. As a result, the business combination could be approved even if none of the Class A Ordinary Shares sold in the Public Offering were voted in favor of the initial business combination.

The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us to optimize our capital structure.

We do not know how many shareholders may exercise their redemption rights, and therefore have structured the transaction based on our expectations as to the number of shares that will be submitted for redemption. If a larger number of shares are submitted for redemption than we initially expected, we may need to restructure the transaction to arrange for third party financing. Raising additional third party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels. Furthermore, this dilution would increase to the extent that the anti-dilution provision of the Class B ordinary shares results in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares at the time of our initial business combination. ~~In addition, the amount of the deferred underwriting commissions payable to the underwriters will not be adjusted for any shares that are redeemed in connection with an initial business combination.~~ The ~~per share amount we will distribute to shareholders who properly exercise~~ their redemption rights will not be reduced by the deferred underwriting commission and after such redemptions, the amount held in trust will continue to reflect our obligation to pay the entire deferred underwriting commissions. The above considerations may limit our ability to complete the most desirable business combination available to us or optimize our capital structure.

We have identified a material weaknesses that have caused management to conclude that, as of December 31, 2023, our disclosure controls and procedures, and our internal control over financial reporting, were not effective at the reasonable assurance level.8

~~Management concluded that our internal control~~We ~~over~~have ~~financial~~identified ~~reporting~~a ~~was~~material ~~not~~weaknesses ~~effective~~that ashave ofcaused ~~December 31, 2023. Specifically, the Company’s~~ management ~~has~~to ~~concluded~~conclude that, our control around the interpretation and accounting for certain complex financial reporting transactions was not effectively designed or maintained. This material weakness resulted in the immaterial corrections of the Company’s balance sheet as of December 31, ~~2022 and its interim financial statements for the quarters ended March 31~~2024, ~~2023,~~our ~~September~~disclosure ~~30,~~controls and ~~2022~~procedures, and ~~June 30, 2022. Additionally, the Company’s management has concluded that~~ our internal control ~~around~~over ~~the accounting for its complex~~ financial ~~instrument~~reporting, ~~related~~were ~~to its convertible sponsor notes was~~ not effective. ~~This~~at ~~material weakness resulted in material correction of~~ the ~~Company’s~~reasonable ~~financial~~assurance ~~statements for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023~~level.

Management concluded that our internal control over financial reporting was not effective as of December 31, 2024. Specifically, the Company’s management has concluded that our control around the interpretation and accounting for certain complex financial reporting transactions was not effectively designed or maintained. This material weakness resulted in the immaterial corrections of the Company’s balance sheet as of December 31, 2022 and its interim financial statements for the quarters ended March 31, 2023, September 30, 2022, and June 30, 2022. Additionally, the Company’s management has concluded that our control around the accounting for its complex financial instrument related to its convertible sponsor notes was not effective. This material weakness resulted in material correction of the Company’s financial statements for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023.

In light of this material weakness, we performed additional analysis as deemed necessary to ensure that our unaudited interim financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the financial statements included in this Annual Report on Form 10-K present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

Management has undertaken remediation steps to address the material weaknesses, including increasing its management review processes over complex financial reporting transactions. This remediation is an ongoing process and there can be no assurance that it will effectively address the material weaknesses.

The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial business combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your shares.

If our initial business combination is unsuccessful, you would not receive your pro rata portion of the Trust Account until we liquidate the Trust Account. If you are in need of immediate liquidity, you could attempt to sell your shares in the open market; however, at such time our shares may trade at a discount to the pro rata amount per share in the Trust Account. In either situation, you may suffer a material loss on your investment or lose the benefit of funds expected in connection with your exercise of redemption rights until we liquidate or you are able to sell your shares in the open market.

Our completion of the Business Combination, may be materially adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets, as well as protectionist legislation in our target markets.

A significant outbreak of COVID-19 has resulted in a widespread health crisis that could continue to, and other events (such as terrorist attacks, natural disasters or a significant outbreak of other infectious diseases) could:

●

adversely affect the economies and financial markets worldwide, leading to changes in interest rates, reduced liquidity and a continued slowdown in global economic conditions;

●

provoke turbulence in financial markets, which could make it difficult or impossible to raise additional capital to consummate a deal including debt or equity on terms acceptable to us or at all;

●

disrupt our operations and those of our potential partners, including those helping us diligence or search for targets, due to illness or efforts to mitigate the pandemic, including but not limited to government-mandated shutdowns, other social distancing measures, travel restrictions, office closures and measures impacting on working practices, such as the imposition of remote working arrangements, and quarantine requirements and isolation measures under local laws;

●

negatively impact the health of members of our team;

●

adversely affect our ability to conduct redemptions; and

●

materially and adversely affect the business of any potential target business with which we consummate a business combination.

Furthermore, we may be unable to complete the Business Combination at all if concerns relating to COVID-19 continue to restrict travel, limit the ability to have meetings with potential investors or make it impossible or impractical to negotiate and consummate a transaction with the target company’s personnel, vendors and services providers in a timely manner, if at all. The extent to which COVID-19 impacts our completion of the Business Combination will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. The global spread of COVID-19 could materially and adversely affect our operations and financial condition due to the disruptions to commerce, reduced economic activity and other unforeseen consequences of a pandemic that are beyond our control. While vaccines for COVID-19 have been developed, there is no guarantee that any such vaccine will be effective, work as expected or be made available or will be accepted on a significant scale and in a timely manner. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time, our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate a business combination, may be materially adversely affected.

Finally, the outbreak of COVID-19 or other events (such as terrorist attacks, natural disasters or a significant outbreak of other infectious diseases) may also have the effect of heightening many of the other risks described in this “Risk Factors” section, such as those related to the market for our securities.

We may not be able to complete the ~~initial~~ Business Combination by November 15, ~~2024~~2025 in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.

We may not be able to complete the Business Combination by November 15, ~~2024~~2025. Our ability to complete the Business Combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks described herein, including, without limitation, as a result of terrorist attacks, natural disasters or a significant outbreak of other infection diseases. Additionally, the outbreak of COVID-19 and other events (such as terrorist attacks, natural disasters or a significant outbreak of other infection diseases) may negatively impact businesses including the target of our Business Combination. If we have not completed the Business Combination within such time period, we 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 (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.

In such case, our public shareholders may only receive ~~$10.20~~a ~~per~~pro rata share of the trust account balance, and our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $1011.2058 per share on the redemption of their shares.

If a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial Business Combination, or fails to comply with the procedures for submitting or tendering its shares, such shares may not be redeemed.

We will comply with the proxy rules or tender offer rules, as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance with these rules, if a shareholder fails to receive our proxy materials or tender offer documents, as applicable, such shareholder may not become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will describe the various procedures that must be complied with in order to validly tender or submit public shares for redemption. For example, we intend to require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,” to, at the holder’s option, either deliver their share certificates to our transfer agent, or to deliver their shares to our transfer agent electronically prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the scheduled vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a shareholder vote, we intend to require a public shareholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business days prior to the scheduled vote in which the name of the beneficial owner of such shares is included. In the event that a shareholder fails to comply with these or any other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be redeemed.

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to more than an aggregate of 15% of the shares sold in the Public Offering, which we refer to as the “Excess Shares.” However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Your inability to redeem the Excess Shares will reduce your influence over our ability to complete our initial business combination and you could suffer a material loss on your investment in us if you sell Excess Shares in open market transactions. Additionally, you will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And as a result, you will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares, would be required to sell your shares in open market transactions, potentially at a loss.

If we do not complete our initial business combination, our public shareholders may receive only their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders, and our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share on the redemption of their shares.

If the net proceeds of the Public Offering and the sale of the Private Placement Warrants not being held in the Trust Account are insufficient to allow us to operate at least until April 15, 2025, it could limit the amount available to fund our search for a target business or businesses and complete our initial business combination, and we will depend on loans from our Sponsor or management team to fund our search and to complete our initial business combination.

We cannot assure you that the funds available to us outside of the Trust Account will be sufficient to allow us to operate at least until April 15, 2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made).

If ~~the~~we ~~net~~are ~~proceeds~~required ofto ~~the~~seek ~~Public~~additional ~~Offering~~capital, ~~and~~we ~~the~~would ~~sale~~need ofto ~~the~~borrow ~~Private~~funds ~~Placement~~from ~~Warrants~~our ~~not~~Sponsor, ~~being~~management ~~held~~team inor ~~the~~other ~~Trust~~third ~~Account~~parties ~~are~~to operate ~~insufficient~~or may be forced to liquidate. Neither our Sponsor, members of our management team nor any of their affiliates is under any obligation to ~~allow~~advance usfunds to ~~operate~~us atin ~~least~~such ~~until~~circumstances. ~~November~~Any ~~15,~~such ~~2024,~~advances itwould ~~could~~be ~~limit~~repaid only from funds held outside the ~~amount~~Trust ~~available~~Account or from funds released to ~~fund~~us ~~our~~upon ~~search~~completion ~~for~~of aour ~~target~~initial business or ~~businesses~~combination. ~~and~~If ~~complete~~we have not completed our initial business combination, ~~and~~because we do not have sufficient funds available to us, we will ~~depend~~be onforced ~~loans~~to ~~from~~cease operations and liquidate the Trust Account. Consequently, as of December 31, 2024 our ~~Sponsor~~public shareholders may only receive an estimated $11.58 per share, or ~~management~~possibly ~~team~~less toif ~~fund~~funds are withheld ~~our~~in ~~search~~accordance ~~and~~with the trust agreement to ~~complete~~pay our ~~initial~~dissolution ~~business~~expenses, ~~combination~~on our redemption of our public shares, and our warrants will expire worthless.

We cannot assure you that the funds available to us outside of the Trust Account will be sufficient to allow us to operate at least until November 15, 2024. Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants to assist us with our search for a target business. We could also use a portion of the funds as a down payment or to fund a “no-shop” provision (a provision in letters of intent or merger agreements designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have any current intention to do so. If we entered into a letter of intent or merger agreement where we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds (whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect to, a target business.

If we are required to seek additional capital, we would need to borrow funds from our Sponsor, management team or other third parties to operate or may be forced to liquidate. Neither our Sponsor, members of our management team nor any of their affiliates is under any obligation to advance funds to us in such circumstances. Any such advances would be repaid only from funds held outside the Trust Account or from funds released to us upon completion of our initial business combination. If we have not completed our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account. Consequently, as of December 31, 2023 our public shareholders may only receive an estimated $11.07 per share, or possibly less if funds are withheld in accordance with the trust agreement to pay our dissolution expenses, on our redemption of our public shares, and our warrants will expire worthless.

Changes in the market for directors’ and officers’ liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination.

In recent months, the market for directors’ and officers’ liability insurance for special purpose acquisition companies has changed in ways adverse to us and our management team. Fewer insurance companies are offering quotes for directors and officers liability coverage, the premiums charged for such policies have generally increased and the terms of such policies have generally become less favorable. These trends may continue into the future.

The increased cost and decreased availability of directors’ and officers’ liability insurance could make it more difficult and more expensive for us to negotiate an initial business combination. In order to obtain directors’ and officers’ liability insurance or modify its coverage as a result of becoming a public company, the post-business combination entity might need to incur greater expense, accept less favorable terms or both. However, any failure to obtain adequate directors’ and officers’ liability insurance could have an adverse impact on the post-business combination’s ability to attract and retain qualified officers and directors.

In addition, even after we were to complete an initial business combination, our directors and officers could still be subject to potential liability from claims arising from conduct alleged to have occurred prior to the initial business combination. As a result, in order to protect our directors and officers, the post-business combination entity may need to purchase additional insurance with respect to any such claims (“run-off insurance”). The need for run-off insurance would be an added expense for the post-business combination entity, and could interfere with or frustrate our ability to consummate an initial business combination on terms favorable to our investors.

If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share.

Our placing of funds in the Trust Account may not protect those funds from third party claims against us. Although we will seek to have all vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our public shareholders, such parties may not execute such agreements, or even if they execute such agreements they may not be prevented from bringing claims against the Trust Account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, our management will consider whether competitive alternatives are reasonably available to us and will only enter into an agreement with such third party if management believes that such third party’s engagement would be in the best interests of the Company under the circumstances. The underwriters of the Public Offering will not execute agreements with us waiving such claims to the monies held in the Trust Account.

Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the Trust Account for any reason. Upon redemption of our public shares, if we have not completed our initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public shareholders could be less than the $10.20 per public share initially held in the Trust Account, due to claims of such creditors. Pursuant to the letter agreement the form of which is filed as an exhibit to this Form 10-K, our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that our Sponsor’s only assets are securities of our Company. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations.

As a result, if any such claims were successfully made against the Trust Account, the funds available for our initial business combination and redemptions could be reduced to less than $10.20 per public share. In such event, we may not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

Our directors may decide not to enforce the indemnification obligations of our Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to our public shareholders.

In the event that the proceeds in the Trust Account are reduced below the lesser of (i) $10.20 per share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.20 per share due to reductions in the value of the trust assets, in each case less taxes payable, and our Sponsor asserts that it is unable to satisfy his obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do so in any particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. If our independent directors choose not to enforce these indemnification obligations, the amount of funds in the Trust Account available for distribution to our public shareholders may be reduced below $10.20 per share.

Our financial condition raises substantial doubt about our ability to continue as a “going concern.”

As of December 31, ~~2023~~2024, we had cash of $~~222~~43,~~581~~499 and a working capital deficit of $~~496~~2,~~139~~341,218. We have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans. We cannot assure you that our plans to consummate an initial business combination will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements contained elsewhere in this report do not include any adjustments that might result from our inability to continue as a going concern.

The securities in which we invest the proceeds held in the trust account could bear a negative rate of interest, which could reduce the interest income available for payment of taxes or reduce the value of the assets held in trust such that the per share redemption amount received by shareholders may be less than $10.20 per share.

The net proceeds the Public Offering and Private Placement are held in the trust account. The proceeds held in the trust account may only be invested in direct U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. While short-term U.S. treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event of very low or negative yields, the amount of interest income (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses) would be reduced. In the event that we are unable to complete our initial business combination, our public shareholders are entitled to receive their pro-rata share of the proceeds held in the trust account, plus any interest income. If the balance of the trust account is reduced below $204,000,000 as a result of negative interest rates, the amount of funds in the trust account available for distribution to our public shareholders may be reduced below $10.20 per share.

If, after we distribute the proceeds in the Trust Account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, a bankruptcy or insolvency court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.

If, after we distribute the proceeds in the Trust Account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or insolvency laws as either a “preferential transfer” or a “fraudulent conveyance.” As a result, a bankruptcy or insolvency court could seek to recover some or all amounts received by our shareholders. In addition, our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself and us to claims of punitive damages, by paying public shareholders from the Trust Account prior to addressing the claims of creditors.

If, before distributing the proceeds in the Trust Account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.

If, before distributing the proceeds in the Trust Account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds held in Trust Account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust Account, the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.

If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination.

If we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:

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restrictions on the nature of our investments; and

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restrictions on the issuance of securities,

each of which may make it difficult for us to complete our business combination. In addition, we may have imposed upon us burdensome requirements, including:

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registration as an investment company;

●

adoption of a specific form of corporate structure; and

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reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.

In order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business is to identify and complete a business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.

We do not believe that our principal activities subject us to the Investment Company Act. To this end, the proceeds held in the Trust Account may only be invested in United States “government securities” within the meaning of Section 2 (a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being deemed an “investment company” within the meaning of the Investment Company Act. The Trust Account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by April 15, 2025 (or as late as November 15, ~~2024~~2025 if the requisite deposits into the Trust Account are made) or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity; or (iii) absent anthe ~~initial~~completion ~~business~~of ~~combination~~the Business Combination by November 15, ~~2024~~2025, our return of the funds held in the Trust Account to our public shareholders as part of our redemption of the public shares. If we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may hinder our ability to complete a business combination. If we have not completed our initial business combination, our public shareholders may only receive their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders, and our warrants will expire worthless.

Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business combination, and results of operations.

We are subject to laws and regulations enacted by national, regional and local governments. In particular, we are required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination, and results of operations.

If we are unable to consummate the Business Combination by April 15, 2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made), our public shareholders may be forced to wait beyond such date before redemption from our Trust Account.

If we are unable to consummate the Business Combination by April 15, 2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made), the proceeds then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), will be used to fund the redemption of our public shares, as further described herein. Any redemption of public shareholders from the Trust Account will be effected automatically by function of our amended and restated memorandum and articles of association prior to any voluntary winding up. If we are required to wind-up, liquidate the Trust Account and distribute such amount therein, pro rata, to our public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable provisions of the Companies Act. In that case, investors may be forced to wait beyond November 15, 2025 before the redemption proceeds of our Trust Account become available to them, and they receive the return of their pro rata portion of the proceeds from our Trust Account. We have no obligation to return funds to investors prior to the date of our redemption or liquidation unless we consummate our initial business combination prior thereto and only then in cases where investors have sought to redeem their Class A ordinary shares. Only upon our redemption or any liquidation will public shareholders be entitled to distributions if we are unable to complete our initial business combination.

If we are unable to consummate our initial business combination by November 15, 2024, our public shareholders may be forced to wait beyond such date before redemption from our Trust Account.

If we are unable to consummate our initial business combination by November 15, 2024, the proceeds then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), will be used to fund the redemption of our public shares, as further described herein. Any redemption of public shareholders from the Trust Account will be effected automatically by function of our amended and restated memorandum and articles of association prior to any voluntary winding up. If we are required to wind-up, liquidate the Trust Account and distribute such amount therein, pro rata, to our public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable provisions of the Companies Act. In that case, investors may be forced to wait beyond November 15, 2024 before the redemption proceeds of our Trust Account become available to them, and they receive the return of their pro rata portion of the proceeds from our Trust Account. We have no obligation to return funds to investors prior to the date of our redemption or liquidation unless we consummate our initial business combination prior thereto and only then in cases where investors have sought to redeem their Class A ordinary shares. Only upon our redemption or any liquidation will public shareholders be entitled to distributions if we are unable to complete our initial business combination.

Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.

If we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves and our Company to claims, by paying public shareholders from the Trust Account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. We and our directors and officers who knowingly and willfully authorized or permitted any distribution to be paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable to a fine and to imprisonment for five years in the Cayman Islands.

We may seek business combination opportunities with an entity lacking an established record of revenue, cash flow or earnings, which could subject us to volatile revenues, cash flows or earnings or difficulty in retaining key personnel.

To the extent we complete our initial business combination with an entity lacking an established record of revenues or earnings, we may be affected by numerous risks inherent in the operations of the business with which we combine. These risks include volatile revenues or earnings and difficulties in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business, we may not be able to properly ascertain or assess all of the significant risk factors and we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.

Our letter agreement with our Sponsor, officers and directors may be amended without shareholder approval.

Our letter agreement with our Sponsor, officers and directors contains provisions relating to transfer restrictions of our Founder Shares and Private Placement Warrants, indemnification of the Trust Account, waiver of redemption rights and participation in liquidating distributions from the Trust Account. The letter agreement may be amended without shareholder approval. While we do not expect our board to approve any amendment to the letter agreement prior to our initial business combination, it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to the letter agreement. Any such amendments to the letter agreement would not require approval from our shareholders and may have an adverse effect on the value of an investment in our securities.

Our initial shareholders control a substantial interest in us and thus may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.

Our initial shareholders own ~~54.6~~approximately 95% of our issued and outstanding ordinary shares as of December 31, ~~2023~~2024. Accordingly, they may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support, including amendments to our amended and restated memorandum and articles of association. In addition, prior to the closing of our initial business combination, only holders of the Class B ordinary shares will have the right to vote to continue the Company in a jurisdiction outside the Cayman Islands. This provision of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than 90% of our ordinary shares which are represented in person or by proxy and are voted at our general meeting. As a result, you will not have any influence over our continuation in a jurisdiction outside the Cayman Islands prior to our initial business combination.

If our initial shareholders purchase any additional Class A ordinary shares in the aftermarket or in privately negotiated transactions, this would increase their control. Neither our initial shareholders nor, to our knowledge, any of our officers or directors, have any current intention to purchase additional securities, other than as disclosed in this report. Factors that would be considered in making such additional purchases would include consideration of the current trading price of our Class A ordinary shares. In addition, our board of directors is and will be divided into three classes, each of which will generally serve for a term for three years with only one class of directors being appointed in each year. We may not hold an annual or extraordinary general meeting to appoint new directors prior to the completion of our initial business combination, in which case all of the current directors will continue in office until at least the completion of the business combination. If there is an annual general meeting, as a consequence of our “staggered” board of directors, only a minority of the board of directors will be considered for appointment and our initial shareholders, because of their ownership position, will have considerable influence regarding the outcome. Accordingly, our initial shareholders will continue to exert control at least until the completion of our initial business combination.

A provision of our warrant agreement may make it more difficult for us to consummate an initial business combination.

If (i) we issue additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination, and (iii) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a business combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. This may make it more difficult for us to consummate an initial business combination with a target business.

Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate our initial business combination, require substantial financial and management resources, and increase the time and costs of completing an initial business combination.

Section 404 of the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with this Annual Report on Form 10-K for the year ending December 31, ~~2023~~2024. Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. Further, for as long as we remain an emerging growth company, we will not be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome on us as compared to other public companies because a target business with which we seek to complete our initial business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination.

Our initial business combination and our structure thereafter may not be tax-efficient to our shareholders and warrant holders. As a result of our business combination, our tax obligations may be more complex, burdensome and uncertain.

Although we will attempt to structure our initial business combination in a tax-efficient manner, tax structuring considerations are complex, the relevant facts and law are uncertain and may change, and we may prioritize commercial and other considerations over tax considerations. For example, in connection with our initial business combination and subject to any requisite shareholder approval, we may structure our business combination in a manner that requires shareholders and/or warrant holders to recognize gain or income for tax purposes, effect a business combination with a target company in another jurisdiction, or reincorporate in a different jurisdiction (including, but not limited to, the jurisdiction in which the target company or business is located). We do not intend to make any cash distributions to shareholders or warrant holders to pay taxes in connection with our business combination or thereafter. Accordingly, a shareholder or a warrant holder may need to satisfy any liability resulting from our initial business combination with cash from its own funds or by selling all or a portion of the shares or warrants received. In addition, shareholders and warrant holders may also be subject to additional income, withholding or other taxes with respect to their ownership of us after our initial business combination.

In addition, because we intend to effect a business combination with a target company that has business operations outside of the United States, and possibly, business operations in multiple jurisdictions, we could be subject to significant income, withholding and other tax obligations in a number of jurisdictions with respect to income, operations and subsidiaries related to those jurisdictions. Due to the complexity of tax obligations and filings in other jurisdictions, we may have a heightened risk related to audits or examinations by U.S. federal, state, local and non-U.S. taxing authorities. This additional complexity and risk could have an adverse effect on our after-tax profitability and financial condition.

Any negative developments involving our Sponsor, management, directors and companies with which they are currently or have been affiliated, including civil disputes, litigation, government or other investigations or other actual or alleged misconduct, unrelated to our business affairs could materially impact our ability to consummate an initial business combination.

Our Sponsor, members of our management team, our directors, and companies with which they are affiliated have been, and in the future will continue to be, involved in a wide variety of business and other activities. As a result of such involvement, our Sponsor, members of our management, our directors and companies with which they are affiliated may become involved in or subject to civil disputes, litigation, governmental or other investigations, actual or alleged misconduct or other negative developments relating to their affairs unrelated to our company. Negative developments, including any negative publicity related thereto, may be detrimental to our reputation, may negatively affect our ability to identify and complete an initial business combination in a material manner, and may have an adverse effect on the price of our securities.

Past performance by members of our management team or their respective affiliates may not be indicative of future performance of an investment in us.

Information regarding performance is presented for informational purposes only. Any past experience or performance of members of our management team and their respective affiliates is not a guarantee of either (i) our ability to successfully identify and execute a transaction or (ii) success with respect to any business combination that we may consummate. You should not rely on the historical record of our management team or their respective affiliates as indicative of the future performance of an investment in us or the returns we will, or are likely to, generate going forward. Our management has no experience in operating special purpose acquisition companies.

Risks Relating to the Post-Business Combination Company

Subsequent to our completion of our initial business combination, we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and our share price, which could cause you to lose some or all of your investment.

Even if we conduct due diligence on a target business with which we combine, we cannot assure you that this diligence will identify all material issues that may be present within a particular target business, that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result of these factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may cause us to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by a target business or by virtue of our obtaining debt financing to partially finance the initial business combination or thereafter. Accordingly, any shareholders who choose to remain shareholders following the business combination could suffer a reduction in the value of their securities. Such shareholders are unlikely to have a remedy for such reduction in value unless they are able to successfully claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities laws that the proxy solicitation or tender offer materials, as applicable, relating to the business combination contained an actionable material misstatement or material omission.

We are dependent upon our officers and directors and their loss could adversely affect our ability to operate.

Our operations are dependent upon a relatively small group of individuals and, in particular, our officers and directors and the members of our advisory board. We believe that our success depends on the continued service of our officers, directors and the members of our advisory board, at least until we have completed our initial business combination. In addition, our officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest in allocating their time among various business activities, including identifying potential business combinations and monitoring the related due diligence. We do not have key-man insurance on the life of any of our directors or officers. The unexpected loss of the services of one or more of our directors or officers could have a detrimental effect on us.

Our ability to successfully effect our initial business combination and to be successful thereafter will be dependent upon the efforts of our key personnel, some of whom may join us following our initial business combination. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.

Our ability to successfully effect our initial business combination is dependent upon the efforts of our key personnel. The role of our key personnel in the target business, however, cannot presently be ascertained. Although some of our key personnel may remain with the target business in senior management or advisory positions following our initial business combination, it is likely that some or all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals we engage after our initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct. These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to have to expend time and resources helping them become familiar with such requirements.

In addition, the officers and directors of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business combination target’s key personnel could negatively impact the operations and profitability of our post-combination business. The role of an acquisition candidate’s key personnel upon the completion of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate’s management team will remain associated with the acquisition candidate following our initial business combination, it is possible that members of the management of an acquisition candidate will not wish to remain in place. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.

After our initial business combination, it is possible that a majority of our directors and officers will live outside the United States and all of our assets will be located outside the United States; therefore investors may not be able to enforce federal securities laws or their other legal rights.

It is possible that after our initial business combination, a majority of our directors and officers will reside outside of the United States and all of our assets will be located outside of the United States. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process upon all of our directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on our directors and officers under United States laws.

Our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination, and a particular business combination may be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous.

Our key personnel may be able to remain with our Company after the completion of our initial business combination only if they are able to negotiate employment or consulting agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation of the business combination and could provide for such individuals to receive compensation in the form of cash payments and/or our securities for services they would render to us after the completion of the business combination. Such negotiations also could make such key personnel’s retention or resignation a condition to any such agreement. The personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business, subject to their fiduciary duties under Cayman Islands law.

We may have a limited ability to assess the management of a prospective target business and, as a result, may effect our initial business combination with a target business whose management may not have the skills, qualifications or abilities to manage a public company.

When evaluating the desirability of effecting our initial business combination with a prospective target business, our ability to assess the target business’s management may be limited due to a lack of time, resources or information. Our assessment of the capabilities of the target business’s management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should the target business’s management not possess the skills, qualifications or abilities necessary to manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly, any shareholders who choose to remain shareholders following the business combination could suffer a reduction in the value of their shares. Such shareholders are unlikely to have a remedy for such reduction in value unless they are able to successfully claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities laws that the proxy solicitation or tender offer materials, as applicable, relating to the business combination contained an actionable material misstatement or material omission.

The officers and directors of an acquisition candidate may resign upon completion of our initial business combination. The loss of a business combination target’s key personnel could negatively impact the operations and profitability of our post-combination business.

The role of an acquisition candidate’s key personnel upon the completion of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate’s management team will remain associated with the acquisition candidate following our initial business combination, it is possible that members of the management of an acquisition candidate will not wish to remain in place.

We may issue notes or other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely affect our leverage and financial condition and thus negatively impact the value of our shareholders’ investment in us.

We and our officers have agreed that we will not incur any indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the Trust Account. As such, no issuance of debt will affect the per share amount available for redemption from the Trust Account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:

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default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;

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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;

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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;

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our inability to pay dividends on our Class A 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 Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

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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; and

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limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

We will only be able to complete one business combination, which will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of diversification may negatively impact our operations and profitability.

We may effectuate our initial business combination with a single target business or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our initial business combination with more than one target business because of various factors, including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing our initial business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects for our success may be:

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solely dependent upon the performance of a single business, property or asset, or

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dependent upon the development or market acceptance of a single or limited number of products, processes or services.

This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination.

We may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations and profitability.

If we determine to simultaneously acquire several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability, to complete our initial business combination. With multiple business combinations, we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or products of the acquired companies in a single operating business. If we are unable to adequately address these risks, it could negatively impact our profitability and results of operations.

Our initial business combination agreement is with a private company about which little information is available, which may result in a business combination with a company that is not as profitable as we suspected, if at all.

In pursuing our business combination strategy, we may seek to effectuate our initial business combination with a privately held company. Very little public information generally exists about private companies, and we could be required to make our decision on whether to pursue a potential initial business combination on the basis of limited information, which may result in a business combination with a company that is not as profitable as we suspected, if at all.

We do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to complete our initial business combination with which a substantial majority of our shareholders do not agree.

Our proposed initial business combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. As a result, we may be able to complete our initial business combination even though a substantial majority of our public shareholders do not agree with the transaction and have redeemed their shares or, if we seek shareholder approval of our initial business combination and do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, have entered into privately negotiated agreements to sell their shares to our Sponsor, officers, directors, advisors or any of their affiliates. In the event the aggregate cash consideration we would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, all Class A ordinary shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.

In order to effectuate an initial business combination, special purpose acquisition companies have, in the recent past, amended various provisions of their charters and other governing instruments, including their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles of association or governing instruments in a manner that will make it easier for us to complete our initial business combination and that our shareholders may not support.

In order to effectuate a business combination, special purpose acquisition companies have, in the recent past, amended various provisions of their charters and governing instruments, including their warrant agreements. For example, special purpose acquisition companies have amended the definition of business combination, increased redemption thresholds and extended the time to consummate an initial business combination and, with respect to their warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending our amended and restated memorandum and articles of association will require a special resolution under Cayman Islands law, which requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend and vote at a general meeting of the Company, and amending our warrant agreement will require a vote of holders of at least 50% of the public warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants, 50% of the then outstanding Private Placement Warrants. In addition, our amended and restated memorandum and articles of association require us to provide our public shareholders with the opportunity to redeem their public shares for cash if we propose an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete anthe ~~initial~~Business ~~business~~Combination ~~combination b~~by April 15, 2025 (or as late as November 15, ~~2024~~2025 if the requisite deposits into the Trust Account are made) or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity. We cannot assure you that we will not seek to amend our charter or governing instruments or extend the time to ~~consummate~~ consummate an initial business combination in order to effectuate our initial business combination.

The provisions of our amended and restated memorandum and articles of association that relate to our pre-business combination activity (and corresponding provisions of the agreement governing the release of funds from our Trust Account) may be amended with the approval of holders of not less than two-thirds of our ordinary shares who attend and vote at a general meeting of the Company (or 65% of our ordinary shares with respect to amendments to the trust agreement governing the release of funds from our Trust Account), which is a lower amendment threshold than that of some other special purpose acquisition companies. It may be easier for us, therefore, to amend our amended and restated memorandum and articles of association to facilitate the completion of an initial business combination that some of our shareholders may not support.

Our amended and restated memorandum and articles of association provide that any of its provisions related to pre-business combination activity (including the requirement to deposit proceeds of the Public Offering and the Private Placement into the Trust Account and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders as described herein) may be amended if approved by special resolution under Cayman Islands law, which requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend and vote at a general meeting of the Company, and corresponding provisions of the trust agreement governing the release of funds from our Trust Account may be amended if approved by holders of 65% of our ordinary shares. Our initial shareholders, who collectively beneficially own 20% of our ordinary shares following the Public Offering, will participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended and restated memorandum and articles of association which govern our pre-business combination behavior more easily than some other special purpose acquisition companies, and this may increase our ability to complete a business combination with which you do not agree. Our shareholders may pursue remedies against us for any breach of our amended and restated memorandum and articles of association.

Our Sponsor, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by ~~November~~April 15, ~~2024~~2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made) or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, ~~unless~~ unless we provide our public shareholders with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment at at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares. Our shareholders are not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability to pursue remedies against our Sponsor, officers or directors for any breach of these agreements. As a result, in the event of a breach, our shareholders would need to pursue a shareholder derivative action, subject to applicable law.

We may be unable to obtain additional financing to complete our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular business combination.

We may be required to seek additional financing to complete the initial business combination. We cannot assure you that such financing will be available on acceptable terms, if at all. To the extent that additional financing proves to be unavailable when needed to complete our initial business combination, we would be compelled to either restructure the transaction or abandon that particular business combination and seek an alternative target business candidate. Further, we may be required to obtain additional financing in connection with the closing of our initial business combination for general corporate purposes, including for maintenance or expansion of operations of the post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, or to fund the purchase of other companies. If we have not completed our initial business combination, our public shareholders may only receive their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders, and our warrants will expire worthless. In addition, even if we do not need additional financing to complete our initial business combination, we may require such financing to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued development or growth of the target business. None of our officers, directors or shareholders is required to provide any financing to us in connection with or after our initial business combination. If we are unable to complete our initial business combination, our public shareholders may only receive approximately $10.20 per share on the liquidation of our trust account, and our warrants will expire worthless. Furthermore, as described in the risk factor entitled “If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share,” under certain circumstances our public shareholders may receive less than $10.20 per share upon the liquidation of the trust account.

Risks Relating to Acquiring and Operating a Business in Foreign Countries

We intend on effecting our initial business combination with a company located outside of the United States and, as such, we could be subject to a variety of additional risks that may adversely affect us.

As the target company in our proposed business combination is located in and has operations or opportunities outside of the United States, we may face additional burdens in connection with investigating, agreeing to and completing such initial business combination, and if we effect such initial business combination, we would be subject to a variety of additional risks that may negatively impact our operations.

We could be subject to risks associated with cross-border business combinations, including in connection with investigating, agreeing to and completing our initial business combination, conducting due diligence in a foreign jurisdiction, having such transaction approved by any local governments, regulators or agencies and changes in the purchase price based on fluctuations in foreign exchange rates.

If we effect our initial business combination with such a company, we could be subject to any special considerations or risks associated with companies operating in an international setting, including any of the following:

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costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal requirements of overseas markets;

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rules and regulations regarding currency redemption;

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complex corporate withholding taxes on individuals;

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laws governing the manner in which future business combinations may be effected;

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exchange listing and/or delisting requirements;

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tariffs and trade barriers;

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regulations related to customs and import/export matters;

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local or regional economic policies and market conditions;

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unexpected changes in regulatory requirements;

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challenges in managing and staffing international operations;

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longer payment cycles and challenges in collecting accounts receivable;

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tax issues, such as tax law changes and variations in tax laws as compared to the United States;

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currency fluctuations and exchange controls;

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rates of inflation;

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challenges in collecting accounts receivable;

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cultural and language differences;

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employment regulations;

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underdeveloped or unpredictable legal or regulatory systems;

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corruption;

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protection of intellectual property;

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social unrest, crime, strikes, riots and civil disturbances;

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regime changes and political upheaval;

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terrorist attacks, natural disasters and wars; and

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deterioration of political relations with the United States.

We may not be able to adequately address these additional risks. If we were unable to do so, we may be unable to complete such initial business combination, or, if we complete such initial business combination, our operations might suffer, either of which may adversely impact our business, financial condition and results of operations.

After our initial business combination, substantially all of our assets will be located in a foreign country and substantially all of our revenue will be derived from our operations in such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and legal policies, developments and conditions in the country in which we operate.

The economic, political and social conditions, as well as government policies, of the country in which our operations are located could affect our business. Economic growth could be uneven, both geographically and among various sectors of the economy and such growth may not be sustained in the future. If in the future such country’s economy experiences a downturn or grows at a slower rate than expected, there may be less demand for spending in certain industries. A decrease in demand for spending in certain industries could materially and adversely affect our ability to find an attractive target business with which to consummate our initial business combination and if we effect our initial business combination, the ability of that target business to become profitable.

Exchange rate fluctuations and currency policies may cause the target business’s ability to succeed in the international markets to be diminished.

If we complete the Business Combination, all revenues and income would likely be received in a foreign currency, and the dollar equivalent of our net assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value of the currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions. Any change in the relative value of such currency against our reporting currency may affect the attractiveness of any target business or, following consummation of our initial business combination, our financial condition and results of operations. Additionally, if a currency appreciates in value against the dollar prior to the consummation of our initial business combination, the cost of a target business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.

Risks Relating to our Management Team

We may not have sufficient funds to satisfy indemnification claims of our directors and officers.

We have agreed to indemnify our officers and directors to the fullest extent permitted by law. However, our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the Trust Account and to not seek recourse against the Trust Account for any reason whatsoever. Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the Trust Account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

Past performance by our management team and their affiliates, including investments and transactions in which they have participated and businesses with which they have been associated, may not be indicative of future performance of an investment in the Company.

Information regarding our management team and their affiliates, including investments and transactions in which they have participated and businesses with which they have been associated, is presented for informational purposes only. Any past experience and performance by our management team and their affiliates and the businesses with which they have been associated, is not a guarantee that we will be able to successfully identify a suitable candidate for our initial business combination, that we will be able to provide positive returns to our shareholders, or of any results with respect to any initial business combination we may consummate. You should not rely on the historical experiences of our management team and their affiliates, including investments and transactions in which they have participated and businesses with which they have been associated, as indicative of the future performance of an investment in us or as indicative of every prior investment by each of the members of our management team or their affiliates. The market price of our securities may be influenced by numerous factors, many of which are beyond our control, and our shareholders may experience losses on their investment in our securities.

Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination.

Our officers and directors are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations and our search for a business combination and their other businesses. We do not intend to have any full-time employees prior to the completion of our initial business combination. Each of our officers is engaged in other business endeavors for which he or she may be entitled to substantial compensation, and our officers are not obligated to contribute any specific number of hours per week to our affairs. Our independent directors also serve as officers and board members for other entities. If our officers’ and directors’ other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote time to our affairs which may have a negative impact on our ability to complete our initial business combination.

Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented.

Until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entities. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us, subject to their fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other.

In addition, our Sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business combination.

Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests.

We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our Sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.

The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it could be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. However, we might not ultimately be successful in any claim we may make against them for such reason.

We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our Sponsor, officers, directors or existing holders which may raise potential conflicts of interest.

In light of the involvement of our Sponsor, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our Sponsor, officers, directors or existing holders. Our directors also serve as officers and board members for other entities. Such entities may compete with us for business combination opportunities. Our Sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no substantive discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm regarding the fairness to our Company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our Sponsor, officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest.

Since our Sponsor, officers and directors will lose their entire investment in us if our initial business combination is not completed (other than with respect to public shares they may acquire after the Public Offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. Additionally, since our initial shareholders only paid approximately $0.004 per Founder Share, our officers and directors could potentially make a substantial profit even if we acquire a target business that subsequently declines in value.

On June 9, 2021, our Sponsor paid an aggregate of $25,000 for certain expenses on our behalf in exchange for issuance of 5,750,000 Founder Shares, or approximately $0.004 per share.

The Founder Shares will be worthless if we do not complete an initial business combination. In addition, our initial shareholders have purchased an aggregate of 11,700,000 warrants for an aggregate purchase price of $11,700,000, or $1.00 per warrant. The Private Placement Warrants will also be worthless if we do not complete our initial business combination. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 18-month anniversary of the Public Offering nears, which is the deadline for our completion of an initial business combination.

Additionally, since our initial shareholders only paid approximately $0.004 per Founder Share, our officers and directors could potentially make a substantial profit even if we acquire a target business that subsequently declines in value and is unprofitable for public investors. Thus, such parties may have more of an economic incentive for us to enter into an initial business combination with a riskier, weaker-performing entity or an entity lacking an established record of revenues or earnings, than would be the case if such parties had paid the full offering price for their Founder Shares.

If our management following our initial business combination is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws, which could lead to various regulatory issues.

Following our initial business combination, our management may resign from their positions as officers or directors of the Company and the management of the target business at the time of the business combination will remain in place. Management of the target business may not be familiar with United States securities laws. If new management is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could lead to various regulatory issues which may adversely affect our operations.

Risks Relating to our Securities

Our public shareholders will be entitled to receive funds from the Trust Account only upon the earliest to occur of: (i) our completion of an initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly elected to redeem, subject to the limitations and the conditions described herein, (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by April 15, 2025 (or as late as November 15, ~~2024~~2025 if the requisite deposits into the Trust Account are made) or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, and (iii) the redemption of our public shares if we have not completed an initial business combination by April 15, 2025 (or as late as November 15, ~~2024~~2025 if the requisite deposits into the Trust Account are made), subject to applicable law and as further described herein. In no other circumstances will a public shareholder have any right or interest of any kind in the Trust Account. Holders of warrants will not have any right to the proceeds held in the Trust Account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss.

NYSE may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.

Our Units, Class A ordinary shares and warrants are listed on NYSE. We cannot assure you that our securities will continue to be listed on NYSE in the future or prior to our initial business combination. In order to continue listing our securities on NYSE prior to our initial business combination, we must maintain certain financial, distribution and share price levels. Generally, we must maintain a minimum amount in shareholders’ equity (generally $2,500,000) and a minimum number of holders of our securities (generally 300 public holders). Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with NYSE’s initial listing requirements, which are more rigorous than NYSE’s continued listing requirements, in order to continue to maintain the listing of our securities on NYSE. For instance, our share price would generally be required to be at least $4.00 per share and our shareholders’ equity would generally be required to be at least $5.0 million. We cannot assure you that we will be able to meet those initial listing requirements at that time.

If NYSE delists our securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our securities;

● reduced liquidity for our securities;

● a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Our Units, Class A ordinary shares and warrants are listed on NYSE, and, as a result, qualify as covered securities under the statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on NYSE, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each state in which we offer our securities.

You may only be able to exercise your public warrants on a “cashless basis” under certain circumstances, and if you do so, you will receive fewer Class A ordinary shares from such exercise than if you were to exercise such warrants for cash.

The warrant agreement provides that in the following circumstances holders of warrants who seek to exercise their warrants will not be permitted to do so for cash and will, instead, be required to do so on a cashless basis in accordance with Section 3(a)(9) of the Securities Act: (i) if the Class A ordinary shares issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the terms of the warrant agreement; (ii) if we have so elected and the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of “covered securities” under Section 18(b)(1) of the Securities Act; and (iii) if we have so elected and we call the public warrants for redemption. If you exercise your public warrants on a cashless basis, you would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” of our Class A ordinary shares (as defined in the next sentence) over the exercise price of the warrants by (y) the fair market value. The “fair market value” is the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable. As a result, you would receive fewer Class A ordinary shares from such exercise than if you were to exercise such warrants for cash. The grant of registration rights to our initial shareholders and holders of our Private Placement Warrants may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect the market price of our Class A ordinary shares.

The grant of registration rights to our initial shareholders and holders of our Private Placement Warrants may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect the market price of our Class A ordinary shares

Pursuant to an agreement entered into concurrently with the issuance and sale of the securities in the Public Offering, our initial shareholders and their permitted transferees can demand that we register the Class A ordinary shares into which Founder Shares are convertible, holders of our Private Placement Warrants and their permitted transferees can demand that we register the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants, and holders of warrants that may be issued upon conversion of working capital loans may demand that we register the Class A ordinary shares issuable upon exercise of such warrants. We will bear the cost of registering these securities. The registration and availability of such a significant number of securities for trading in the public market may have an adverse effect on the market price of our Class A ordinary shares. In addition, the existence of the registration rights may make our initial business combination more costly or difficult to conclude. This is because the shareholders of the target business may increase the equity stake they seek in the combined entity or ask for more cash consideration to offset the negative impact on the market price of our Class A ordinary shares that is expected when the ordinary shares owned by our initial shareholders, holders of our Private Placement Warrants or holders of our working capital loans or their respective permitted transferees are registered.

We may issue additional Class A ordinary shares or preferred shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Founder Shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained therein. Any such issuances would dilute the interest of our shareholders and likely present other risks.

Our amended and restated memorandum and articles of association authorize the issuance of up to 200,000,000 Class A ordinary shares, par value $0.0001 per share, 20,000,000 Class B ordinary shares, par value $0.0001 per share, and 1,000,000 preferred shares, par value $0.0001 per share. There are 189,472,329 and 19,999,999 authorized but unissued Class A ordinary shares and Class B ordinary shares, respectively, available for issuance, which amount does not take into account shares reserved for issuance upon exercise of outstanding warrants or shares issuable upon conversion of the Class B ordinary share. The Class B ordinary share is automatically convertible into a Class A ordinary share concurrently with or immediately following the consummation of our initial business combination, initially at a one-for-one ratio but subject to adjustment as set forth herein and in our amended and restated memorandum and articles of association, including in certain circumstances in which we issue Class A ordinary shares or equity-linked securities related to our initial business combination. Immediately after the Public Offering, there will be no preferred shares issued and outstanding.

We may issue a substantial number of additional Class A ordinary shares or preferred shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon conversion of the Class B ordinary share at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions as set forth therein. However, our amended and restated memorandum and articles of association provide, among other things, that prior to our initial business combination, we may not issue additional shares that would entitle the holders thereof to (i) receive funds from the Trust Account or (ii) vote on any initial business combination. These provisions of our amended and restated memorandum and articles of association, like all provisions of our amended and restated memorandum and articles of association, may be amended with a shareholder vote. The issuance of additional ordinary or preferred shares:

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may significantly dilute the equity interest of investors in the Public Offering;

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may subordinate the rights of holders of Class A ordinary shares if preferred shares are issued with rights senior to those afforded our Class A ordinary shares;

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could cause a change in control if a substantial number of Class A ordinary shares are 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; and

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may adversely affect prevailing market prices for our Units, Class A ordinary shares and/or warrants.

Unlike some other similarly structured special purpose acquisition companies, our initial shareholders will receive additional Class A ordinary shares if we issue certain shares to consummate an initial business combination.

The Founder Shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with our initial business combination, 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 sum of (i) the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), 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, or to be issued, to any seller in the initial business combination and any Private Placement Warrants issued to our Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

We may amend the terms of the warrants in a manner that may be adverse to holders of public warrants with the approval by the holders of at least 50% of the then outstanding public warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number of Class A ordinary shares purchasable upon exercise of a warrant could be decreased, all without your approval.

Our warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or to correct any defective provision or mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement, (ii) adjusting the provisions relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely affects the interests of the registered holders of public warrants. Accordingly, we may amend the terms of the public warrants in a manner adverse to a holder of public warrants if holders of at least 50% of the then outstanding public warrants approve of such amendment. Although our ability to amend the terms of the public warrants with the consent of at least 50% of the then outstanding public warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the warrants, convert the warrants into cash or shares, shorten the exercise period or decrease the number of Class A ordinary shares purchasable upon exercise of a warrant.

Our warrant agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our Company.

Our warrant agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

Notwithstanding the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

This choice-of-forum provision may limit a warrant holder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with our Company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

Our amended and restated memorandum and articles of association provide that the courts of the Cayman Islands will be the exclusive forums for certain disputes between us and our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for complaints against us or our directors, officers or employees.

Our amended and restated memorandum and articles of association provide that unless we consent in writing to the selection of an alternative forum, the courts of the Cayman Islands shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with our amended and restated memorandum and articles of association or otherwise related in any way to each shareholder’s shareholding in us, including but not limited to (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of any fiduciary or other duty owed by any of our current or former director, officer or other employee to us or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Companies Act or our amended and restated memorandum and articles of association, or (iv) any action asserting a claim against us governed by the internal affairs doctrine (as such concept is recognized under the laws of the United States of America) and that each shareholder irrevocably submits to the exclusive jurisdiction of the courts of the Cayman Islands over all such claims or disputes. The forum selection provision in our amended and restated memorandum and articles of association will not apply to actions or suits brought to enforce any liability or duty created by the Securities Act, Exchange Act or any claim for which the federal district courts of the United States of America are, as a matter of the laws of the United States of America, the sole and exclusive forum for determination of such a claim.

Our amended and restated memorandum and articles of association also provide that, without prejudice to any other rights or remedies that we may have, each of our shareholders acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the Cayman Islands as exclusive forum and that accordingly we shall be entitled, without proof of special damages, to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the selection of the courts of the Cayman Islands as exclusive forum.

This choice of forum provision may increase a shareholder’s cost and limit the shareholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees. Any person or entity purchasing or otherwise acquiring any of our shares or other securities, whether by transfer, sale, operation of law or otherwise, shall be deemed to have notice of and have irrevocably agreed and consented to these provisions. There is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice of forum provisions in other companies’ charter documents has been challenged in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable, and if a court were to find this provision in our amended and restated memorandum and articles of association to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse effect on our business and financial performance.

We may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.

We have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that the closing price of our Class A ordinary shares equals or exceeds $18.00 per share (adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which we send notice of such redemption to the warrants holders and provided certain other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result, we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise the warrants. Redemption of the outstanding warrants could force you to (i) exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) sell your warrants at the then-current market price when you might otherwise wish to hold your warrants or (iii) accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value of your warrants.

In addition, we have the ability to redeem the outstanding public warrants at any time after they become exercisable and prior to their expiration, at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that the closing price of our Class A ordinary shares equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period ending on the third trading day prior to proper notice of such redemption and provided that certain other conditions are met, including that holders will be able to exercise their warrants prior to redemption for a number of Class A ordinary shares determined based on the redemption date and the fair market value of our Class A ordinary shares. The value received upon exercise of the warrants (1) may be less than the value the holders would have received if they had exercised their warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the warrants, including because the number of ordinary shares received is capped at 0.361 Class A ordinary shares per warrant (subject to adjustment) irrespective of the remaining life of the warrants.

None of the Private Placement Warrants will be redeemable by us so long as they are held by the Sponsor or its permitted transferees.

Our warrants may have an adverse effect on the market price of our Class A ordinary shares and make it more difficult to effectuate our initial business combination.

We issued warrants to purchase 11,500,000 of our Class A ordinary shares as part of the Units sold in the Public Offering and, simultaneously with the Public Offering, we issued in a Private Placement an aggregate of 11,700,000 Private Placement Warrants, each exercisable to purchase one Class A ordinary share at $11.50 per share. In addition, if the Sponsor makes any Working Capital Loans, it may convert those loans into up to an additional 1,500,000 Private Placement Warrants, at the price of $1.00 per warrant. To the extent we issue ordinary shares to effectuate a business transaction, the potential for the issuance of a substantial number of additional Class A ordinary shares upon exercise of these warrants could make us a less attractive acquisition vehicle to a target business. Such warrants, when exercised, will increase the number of issued and outstanding Class A ordinary shares and reduce the value of the Class A ordinary shares issued to complete the business transaction. Therefore, our warrants may make it more difficult to effectuate a business transaction or increase the cost of acquiring the target business.

The Private Placement Warrants are identical to the warrants included in the Units sold in the Public Offering, except that, so long as they are held by their initial purchasers or their permitted transferees, (i) they will not be redeemable by the Company, (ii) they (including the Class A ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the Company completes its initial business combination, (iii) they may be exercised by the holders on a cashless basis and (iv) they will be entitled to registration rights.

Our warrants are expected to be accounted for as a warrant liability and will be recorded at fair value upon issuance with changes in fair value each period reported in earnings, which may have an adverse effect on the market price of our Class A ordinary shares or may make it more difficult for us to consummate an initial business combination.

We issued an aggregate of 23,200,000 warrants in connection with the Public Offering. These are accounted as liabilities and, as such, we must record any changes in fair value each period reported in earnings as determined by us based upon a valuation report obtained from its independent third party valuation firm. The impact of changes in fair value on earnings may have an adverse effect on the market price of our Class A ordinary shares. In addition, potential targets may prefer combining with a special purpose acquisition company that does not have warrants that are accounted for as a warrant liability, which may make it more difficult for us to consummate an initial business combination with a target business.

Because each unit contains one-half of one warrant and only a whole warrant may be exercised, the Units may be worth less than Units of other special purpose acquisition companies.

Each unit contains one-half of one warrant Pursuant to the warrant agreement, no fractional warrants were issued upon separation of the Units, and only whole Units can trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder. This is different from other offerings similar to ours whose Units include one ordinary share and one warrant to purchase one whole share. We have established the components of the Units in this way in order to reduce the dilutive effect of the warrants upon completion of a business combination since the warrants will be exercisable in the aggregate for one-half of the number of shares compared to Units that each contain a whole warrant to purchase one share, thus making us, we believe, a more attractive merger partner for target businesses. Nevertheless, this unit structure may cause our Units to be worth less than if it included a warrant to purchase one whole share.

General Risk Factors

We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.

We are an “emerging growth company” within the meaning of the Securities Act, as modified by the JOBS Act, and we 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 internal controls attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our 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. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class A ordinary shares held by non-affiliates equals or exceeds $700 million as of any June 30 before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more volatile.

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 an election to opt out is irrevocable. We have 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, we, 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 our 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.

Additionally, we are a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates equals or exceeds $250 million as of the prior June 30, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of the prior June 30th. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

Provisions in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Class A ordinary shares and could entrench management.

Our amended and restated memorandum and articles of association contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions include a staggered board of directors and the ability of the board of directors to designate the terms of and issue new series of preferred shares, which may make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.

Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited.

We are an exempted company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service of process within the United States upon our directors or officers, or enforce judgments obtained in the United States courts against our directors or officers.

Our corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act (as the same may be supplemented or amended from time to time) and the common law of the Cayman Islands. We will also be subject to the federal securities laws of the United States. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a Federal court of the United States.

35We have been advised by Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

We have been advised by Maples and Calder (Cayman) LLP, Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a United States company.

Cyber incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.

We depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences on our business and lead to financial loss.

We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.

We are subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

We may be exposed to liabilities under the Foreign Corrupt Practices Act, and any determination that we violated the Foreign Corrupt Practices Act could have a material adverse effect on our business.

We are subject to the Foreign Corrupt Practices Act, or FCPA, and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by U.S. persons and issuers as defined by the statute for the purpose of obtaining or retaining business. We may have operations, enter into agreements with third parties and make sales in countries that may experience corruption. It will be our policy to implement safeguards to discourage the unauthorized payments or offers of payments by one of the employees, consultants, or sales agents of our Company by our employees; however, these parties are not always subject to our control. Also, our existing safeguards and any future improvements may prove to be less than effective, and the employees, consultants, or sales agents of our Company may engage in conduct for which we might be held responsible. Violations of the FCPA may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business, operating results and financial condition. In addition, the government may seek to hold our Company liable for successor liability FCPA violations committed by companies in which we invest or that we acquire.

We may not be able to complete an initial business combination since such initial business combination may be subject to regulatory review and approval requirements, including pursuant to foreign investment regulations and review by governmental entities such as the Committee on Foreign Investment in the United States (“CFIUS”), or may be ultimately prohibited.

Our initial business combination may be subject to regulatory review and approval requirements by governmental entities, or ultimately prohibited. For example, CFIUS has authority to review certain direct or indirect foreign investments in U.S. businesses. Among other things, CFIUS is empowered to require mandatory filings related to certain foreign investments, to charge filing fees related to such filings, and to self-initiate national security reviews of foreign direct and indirect investments in U.S. businesses if the parties to that investment choose not to file voluntarily. If CFIUS determines that an investment threatens national security, CFIUS has the power to impose restrictions on the investment or recommend that the President prohibit it or order divestment. Whether CFIUS has jurisdiction to review an acquisition or investment transaction depends on, among other factors, the nature and structure of the transaction, the nationality of the parties, the level of beneficial ownership interest and the nature of any information or governance rights involved.

If CFIUS determines it has jurisdiction, CFIUS may decide to recommend a block or delay our initial business combination, or require conditions with respect to it, which may delay or prevent us from consummating a potential transaction.

The process of government review, whether by CFIUS or otherwise, could be lengthy. Because we have only a limited time to complete our initial business combination, our failure to obtain any required approvals within the requisite time period may require us to liquidate. If we are unable to consummate our initial business combination within the applicable time period required, including as a result of extended regulatory review, we will, as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares for a pro rata portion of the funds held in the trust account and as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, our shareholders will miss the opportunity to benefit from an investment in a target company and the potential appreciation in value of such investment. Additionally, our warrants will become worthless.”

ITEM IB. UNRESOLVED STAFF COMMENTS.

None.

ITEM 1C. CYBERSECURITY

The Company maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company’s enterprise risk management system and disclosure committee. The program addresses the corporate information technology environment, third-party service providers and customer-facing products and applications.

The Company’s Chief Financial Officer is responsible for developing and implementing our information security program and reporting on cybersecurity matters to the Board and the audit committee. Our Chief Financial Officer works with our broader IT security team, including our specialty IT advisor. Our specialty IT advisor has over 25 years of experience leading technology oversight, and others on its IT security team have cybersecurity experience or certifications.

37Our cybersecurity incident response process involves a multi-functional approach for investigating, containing, and mitigating incidents, including reporting findings to senior management and other key stakeholders, including if appropriate the audit committee and the board, and keeping them informed and involved as appropriate. While we have not, as of the date of this Form 10-K, experienced a cybersecurity threat or incident that has had a material impact on our business or operations, we have experienced incidents that did not have a material impact on our business or operations, and there can be no guarantee that we will not experience an incident that results in a material impact to our business or operations in the future. In addition, cybersecurity threats are constantly evolving and increasing in sophistication, which increases the difficulty of successfully defending against them or implementing adequate preventative measures.

Our board ~~cybersecurity~~of ~~incident~~directors ~~response~~has ~~process~~ultimate ~~involves~~responsibility ~~a multi-functional approach~~ for ~~investigating,~~oversight ~~containing,~~of ~~and~~our ~~mitigating~~risk ~~incidents~~management, ~~including~~and ~~reporting~~delegates ~~findings~~cybersecurity torisk ~~senior~~ management ~~and other key stakeholders,~~oversight ~~including~~to ~~if appropriate~~ the audit committee ~~and the board, and keeping them informed and involved as appropriate~~. ~~While~~The weaudit ~~have not~~committee, as ofwhich ~~the~~is ~~date~~responsible offor ~~this~~ensuring ~~Form 10-K, experienced a cybersecurity threat or incident~~ that management has ~~had~~processes ain ~~material~~place ~~impact~~designed onto ~~our business or operations~~identify, weevaluate ~~have~~and ~~experienced~~manage ~~incidents~~cybersecurity ~~that~~risks ~~did~~and ~~not~~incidents, ~~have~~regularly areviews ~~material impact on~~ our ~~business~~cybersecurity orprogram ~~operations,~~with management and ~~there~~reports ~~can~~to ~~be no guarantee that we~~the ~~will~~board ~~not~~of ~~experience~~directors. anCybersecurity ~~incident~~reviews ~~that~~by ~~results~~the inaudit acommittee ~~material~~generally ~~impact~~occur toat ~~our~~least ~~business~~quarterly. orA ~~operations~~number inof ~~the~~our ~~future.~~directors Inhave ~~addition, cybersecurity~~experience ~~threats~~in ~~are~~assessing ~~constantly evolving~~ and ~~increasing~~managing incybersecurity ~~sophistication~~risk, ~~which~~including ~~increases~~by ~~the~~serving ~~difficulty~~on ofother ~~successfully~~public ~~defending~~company ~~against~~audit ~~them or~~committees ~~implementing~~having ~~adequate~~responsibility ~~preventative~~for cybersecurity ~~measures~~oversight.

Our cybersecurity ~~board~~program ofis ~~directors~~run ~~has~~by ~~ultimate responsibility for oversight of~~ our ~~risk~~Chief ~~management~~Financial Officer, ~~and~~who ~~delegates~~reports ~~cybersecurity risk management oversight~~ to ~~the~~our ~~audit~~Board, ~~committee.~~with ~~The~~support ~~audit~~from ~~committee,~~our ~~which~~specialty isIT ~~responsible~~advisor. Our ~~for~~specialty ~~ensuring~~IT ~~that~~advisor ~~management~~ has ~~processes~~extensive inexperience ~~place~~leading ~~designed to identify, evaluate~~ and ~~manage~~managing cybersecurity ~~risks~~programs and ~~incidents,~~in ~~regularly reviews our~~ cybersecurity ~~program~~risk ~~with~~ management. ~~and~~Our ~~reports~~specialty advisor tohas ~~the~~served ~~board~~in ofthis ~~directors.~~position ~~Cybersecurity~~since ~~reviews~~2023 byand ~~the~~is ~~audit~~supported ~~committee generally~~by ~~occur~~its atinformation ~~least~~security ~~quarterly.~~team, Amany ~~number~~ of ~~our~~whom ~~directors~~hold ~~have experience in assessing and managing~~ cybersecurity ~~risk, including~~certifications byand ~~serving~~who oncollectively ~~other~~possess ~~public~~relevant ~~company~~experience ~~audit~~in ~~committees~~different ~~having~~areas ~~responsibility~~of ~~for~~ cybersecurity ~~oversight~~.

Our Chief ~~cybersecurity~~Financial ~~program~~Officer is ~~run~~informed byabout ~~our~~and ~~Chief Financial~~monitors ~~Officer~~prevention, ~~who~~detection, ~~reports~~mitigation, toand ~~our~~remediation ~~Board,~~efforts ~~with~~through ~~support~~regular communication and reporting from our ~~specialty~~information ITsecurity ~~advisor.~~team, ~~Our~~internal ~~specialty~~governance ITprocesses, ~~advisor~~and ~~has~~by ~~extensive~~reviewing ~~experience leading~~the ~~and~~results ~~managing~~of ~~cybersecurity~~internal ~~programs~~ and inthird-party assessments ~~cybersecurity~~and ~~risk management~~audits. Our ~~specialty~~Chief ~~advisor~~Financial ~~has~~Officer ~~served~~regularly inreports ~~this~~directly ~~position~~to ~~since 2023~~the ~~and~~audit iscommittee ~~supported~~on byour ~~its information security team, many of whom hold~~ cybersecurity ~~certifications~~program and our ~~who~~efforts ~~collectively~~to ~~possess~~prevent, ~~relevant experience~~detect, inmitigate, ~~different~~and ~~areas~~remediate of cybersecurity risks.

~~Our Chief Financial Officer is informed about~~ITEM and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from our information security team, internal governance processes, and by reviewing the results of internal and third-party assessments and audits2. ~~Our Chief Financial Officer regularly reports directly to the audit committee on our cybersecurity program and our efforts to prevent, detect, mitigate, and remediate cybersecurity risks~~PROPERTIES.

~~ITEM~~We maintain 2executive offices at 3109 W. ~~PROPERTIES~~50th Street Minneapolis, Minnesota 55410. We consider our current office space, combined with the office space otherwise available to our executive officers, adequate for our current operations.

~~We maintain executive offices at 3109 W. 50th Street Minneapolis, Minnesota~~ITEM ~~55410~~3. WeLEGAL ~~consider our current office space, combined with the office space otherwise available to our executive officers, adequate for our current operations~~PROCEEDINGS.

~~ITEM~~As of 3.December ~~LEGAL~~31, ~~PROCEEDINGS~~2024, to the knowledge of our management, there was no material litigation, arbitration or governmental proceeding pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding.

~~As of December 31, 2023, to the knowledge of our~~ITEM ~~management,~~4. ~~there~~MINE ~~was~~SAFETY no material litigation, arbitration or governmental proceeding pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceedingDISCLOSURES.

~~ITEM 4~~Not applicable. ~~MINE SAFETY DISCLOSURES.~~

~~Not applicable.~~36

38PART II

~~PART~~ITEM II5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

~~ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.~~Market Information

~~Market~~Our Units, ~~Information~~Class A ordinary shares and warrants listed on NYSE under the symbols “RCFA.U”, “RCFA” and “RCFA WS”, respectively.

~~Our Units, Class A ordinary shares and warrants listed on NYSE under the symbols “RCFA.U”, “RCFA” and “RCFA WS”, respectively.~~Holders

~~Holders~~As of December 31, 2024, there was one holder of record of our Units, 10 holders of record of our Class A ordinary shares and two holders of record of our warrants. The number of holders of record does not include a substantially greater number of “street name” holders or beneficial holders whose Units, Class A ordinary shares and warrants are held of record by banks, brokers and other financial institutions.

As of December 31, 2023, there was one holder of record of our Units, 10 holders of record of our Class A ordinary shares and two holders of record of our warrants. The number of holders of record does not include a substantially greater number of “street name” holders or beneficial holders whose Units, Class A ordinary shares and warrants are held of record by banks, brokers and other financial institutions.Dividends

~~Dividends~~We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

~~We have not paid any cash dividends on our ordinary~~Securities ~~shares~~Authorized tofor ~~date~~Issuance ~~and~~under doEquity ~~not~~Compensation intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.Plans

~~Securities Authorized for Issuance under Equity Compensation Plans~~None.

~~None~~ITEM 6. [Reserved]

~~Recent~~ITEM 7. ~~Sales~~MANAGEMENT’S ofDISCUSSION ~~Unregistered~~AND ~~Securities;~~ANALYSIS ~~Use of~~OF ~~Proceeds~~FINANCIAL ~~from~~CONDITION ~~Registered~~AND ~~Offerings~~RESULTS OF OPERATIONS.

~~The Company issued a Convertible Senior Secured~~References ~~Promissory~~to ~~Note~~the ~~on November 6~~“Company,” ~~2023~~“us,” to“our” ~~Blue~~or ~~Capital~~“we” ~~Management~~refer ~~Partners,~~to ~~LLP~~Perception ~~(“Blue~~ Capital”) ~~with~~Corp. aIV. ~~principal amount up~~References to ~~Two~~our ~~Million~~“management” ~~Dollars~~or ~~($2,000,000)~~our ~~(the~~ “~~Blue~~management ~~Capital Note~~team”). ~~The~~refer ~~Blue~~to ~~Capital~~our ~~Note~~officers ~~bears no interest~~ and ~~is repayable in full upon the earlier of (i) the date on which the Company consummates a Business Combination~~directors, ~~(ii)~~and ~~the~~references ~~date~~to of the ~~liquidation of the~~“Original ~~Company~~Sponsor” ~~and~~refer ~~(iii)~~to ~~December~~RCF ~~31,~~VII ~~2024.~~Sponsor ~~Concurrent~~LLC ~~with~~and ~~the~~“New ~~closing~~Sponsor” ofrefer ~~the~~to ~~Business~~Perception ~~Combination, any amounts outstanding under the Blue~~ Capital ~~Note~~ ~~(or~~Partners ~~any~~IV ~~portion thereof) will automatically convert into Class A ordinary shares of the Company, par value $0~~LLC.~~0001~~ ~~per~~The ~~share (“Class~~following Adiscussion ~~Shares”)~~and atanalysis aof ~~conversion~~our ~~price~~financial ~~equal~~condition ~~to $1.00 per share,~~ and ~~our~~results ~~former~~of ~~sponsor~~operations ~~will~~should ~~forfeit~~be anread ~~equal~~in ~~number~~conjunction ofwith ~~Class~~our Aaudited ~~Shares~~financial ~~that~~statements itand ~~owns~~related ~~pursuant~~notes toincluded ~~the Purchase Agreement~~herein. ~~Additionally,~~Certain ~~from~~information ~~the~~contained ~~closing~~in of the ~~Business~~discussion ~~Combination~~and ~~until~~analysis ~~the~~set ~~date~~forth ~~that~~below isincludes ~~eighteen~~forward-looking ~~(18)~~statements ~~months after such closing, the Company has the right to purchase from Perception up to 4,533,750 of the warrants~~ that ~~Perception acquired~~involve ~~from~~risks ~~our~~and ~~former sponsor upon the Closing of the Purchase Agreement, at a price of $0~~uncertainties.~~10 per private placement warrant.~~

~~ITEM~~Cautionary Note 6.Regarding ~~[Reserved]~~Forward-Looking Statements

39All statements other than statements of historical fact included in this Form 10-K including, without limitation, statements under “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. When used in this Form 10-K, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward- looking statements as a result of certain factors detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on the Company’s behalf are qualified in their entirety by this paragraph.

~~ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.~~37

References to the “Company,” “us,” “our” or “we” refer RCF Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Original Sponsor” refer to RCF VII Sponsor LLC and “New Sponsor” refer to Perception Capital Partners IV LLC. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and related notes included herein. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.Overview

~~Cautionary~~We are ~~Note~~a ~~Regarding~~blank ~~Forward~~check company incorporated on June 9, 2021 as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We have not entered into a definitive agreement with a business combination target with respect to an initial business combination. While we may pursue an initial business combination target in any industry, we intend to target assets or businesses of scale across the critical minerals value chain that are poised to benefit over the long-~~Looking~~term ~~Statements~~from the substantial market opportunity created by the global energy transition. We intend to effectuate our initial business combination using cash from the proceeds of our Public Offering and the Private Placement of the Private Placement Warrants, the proceeds of the sale of our shares in connection with our initial business combination (pursuant to forward purchase agreements or backstop agreements we may enter into following the Public Offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

~~All statements other than statements of historical~~As ~~fact~~indicated ~~included~~ in ~~this Form 10-K including, without limitation, statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding~~ the ~~Company’s~~accompanying financial ~~position~~statements, ~~business~~as ~~strategy and the plans and objectives~~ of ~~management~~December ~~for future operations~~31, ~~are forward-looking statements. When used in this Form 10-K~~2024, ~~words~~we ~~such~~had ~~as “anticipate~~$43,~~” “believe,”~~499 ~~“estimate,”~~held ~~“expect,”~~outside ~~“intend”~~the ~~and~~Trust ~~similar~~Account ~~expressions,~~that asis ~~they relate~~ available to us or ~~the~~to ~~Company’s~~fund ~~management,~~our ~~identify~~working ~~forward-looking~~capital ~~statements.~~requirements ~~Such~~and ~~forward-looking statements are based on the beliefs of management~~$3, ~~as well as assumptions made by~~954,190 ~~and~~held ~~information~~inside ~~currently available to,~~ the ~~Company’s~~Trust ~~management~~Account. ~~Actual~~We ~~results~~cannot ~~could~~assure ~~differ~~you ~~materially from~~that ~~those contemplated by the forward- looking statements as a result of certain factors detailed in~~ our ~~filings~~plan ~~with~~to ~~the SEC. All subsequent~~complete ~~written~~our orinitial ~~oral~~business ~~forward-looking~~combination ~~statements~~will ~~attributable~~be ~~to us or persons acting on the Company’s behalf are qualified in their entirety by this paragraph~~successful.

~~Overview~~Our registration statement for the Public Offering became effective on November 9, 2021. On November 15, 2021, we consummated the Public Offering of 23,000,000 Units, including the issuance of 3,000,000 Units as a result of the underwriters’ exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds, before expenses, of $230,000,000. Simultaneously with the closing of the Public Offering, we consummated the Private Placement of 11,700,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant with the Sponsor, generating gross proceeds, before expenses, of $11,700,000.

WeUpon the ~~are~~closing aof ~~blank~~the ~~check~~Public ~~company~~Offering ~~incorporated~~and onthe ~~June 9~~Private Placement, ~~2021~~$234,600,000 aswas aplaced ~~Cayman~~in ~~Islands~~the ~~exempted~~Trust ~~company~~Account. ~~and~~Except ~~incorporated~~with ~~for~~respect to interest earned on the ~~purpose~~funds ofheld ~~effecting~~in athe ~~merger,~~Trust ~~share~~Account ~~exchange,~~that ~~asset~~may ~~acquisition~~be released to the Company to pay its taxes and up to $100,000 of interest to ~~share~~pay ~~purchase~~dissolution expenses, ~~reorganization~~if orany, ~~similar~~the ~~business~~funds ~~combination~~held ~~with~~in ~~one~~the orTrust ~~more~~Account ~~businesses.~~would Wenot ~~have~~be ~~not~~released ~~entered~~from ~~into~~the aTrust ~~definitive~~Account ~~agreement with~~until athe ~~business~~earliest of ~~combination~~(i) ~~target~~the ~~with~~completion ~~respect~~of tothe anCompany’s initial business combination., ~~While~~(ii) the redemption of our public shares if we ~~may~~are ~~pursue~~unable to ancomplete our initial business combination ~~target~~ inby ~~any~~April ~~industry~~15, we2025, ~~intend~~subject to ~~target~~applicable ~~assets~~law, or(iii) ~~businesses~~the redemption of ~~scale~~the ~~across~~Company’s public ~~the~~shares ~~critical~~properly ~~minerals~~submitted ~~value~~in ~~chain~~connection ~~that~~with ~~are~~a ~~poised~~shareholder vote to ~~benefit~~ ~~over~~approve ~~the~~an ~~long-term~~amendment ~~from~~to ~~the~~our ~~substantial~~amended ~~market~~and ~~opportunity~~restated ~~created~~memorandum and byarticles of association (A) to modify the ~~global~~substance ~~energy~~or ~~transition.~~timing Weof ~~intend~~our obligation to ~~effectuate~~allow redemption in connection with our ~~initial~~ initial business combination ~~using~~or ~~cash~~to ~~from~~redeem ~~the~~100% ~~proceeds~~ of our ~~Public~~public ~~Offering~~shares ~~and~~if ~~the~~we ~~Private~~have ~~Placement~~not ofconsummated ~~the~~our ~~Private~~initial ~~Placement~~business ~~Warrants~~combination by April 15, ~~the~~2025 ~~proceeds~~or of(B) ~~the~~with ~~sale~~respect ofto ~~our~~any ~~shares~~other inprovisions ~~connection~~relating ~~with~~to ~~our~~shareholders’ rights or pre-initial business combination ~~(pursuant~~activity. The toproceeds ~~forward~~held ~~purchase~~in ~~agreements~~the ~~or backstop~~Trust ~~agreements~~Account wewill ~~may~~be ~~enter~~invested ~~into~~only ~~following~~in ~~the~~U.S. ~~Public~~government ~~Offering~~treasury obligations with a maturity of 185 days or ~~otherwise),~~less or ~~shares~~in ~~issued~~money tomarket ~~the~~funds ~~owners~~meeting ofcertain conditions under Rule 2a-7 under the ~~target,~~Investment ~~debt~~Company ~~issued~~Act which invest only in direct U.S. togovernment ~~bank~~treasury orobligations. ~~other~~The ~~lenders~~proceeds ordeposited in the ~~owners~~Trust Account could become subject to the claims of the ~~target~~Company’s creditors, orif aany, ~~combination~~which ofcould have priority over the ~~foregoing~~claims of its public shareholders.

~~The issuance of additional shares in connection with a business combination to the owners of the target or other investors:~~38

●If we ~~may~~are ~~significantly~~unable ~~dilute~~to complete our initial business combination within the ~~equity~~extended ~~interest~~date offrom ~~investors~~the inclosing of the Public Offering, ~~which~~or ~~dilution~~April 15, ~~would~~2025, ~~increase~~we ifwill: ~~the~~(i) ~~anti-dilution~~cease ~~provisions~~all inoperations except for the ~~Class~~purpose Bof ~~ordinary~~winding ~~shares~~up, ~~resulted~~(ii) inas ~~the~~promptly ~~issuance~~as ofreasonably ~~Class~~possible Abut ~~ordinary~~not more than ten business days thereafter, redeem the public shares, onat a ~~greater~~per-share ~~than~~price, ~~one-to-one~~payable ~~basis~~in ~~upon~~cash, ~~conversion~~equal ofto the ~~Class~~aggregate Bamount ~~ordinary~~then on ~~shares;~~deposit ●in ~~may subordinate~~ the ~~rights~~Trust ofAccount, ~~holders~~including ofinterest ~~Class~~earned Aon ~~ordinary~~the ~~shares~~funds ifheld ~~preference~~in ~~shares~~the ~~are~~Trust ~~issued~~Account ~~with~~and ~~rights~~not ~~senior~~previously released to ~~those~~us ~~afforded~~(which interest ~~our~~shall ~~Class~~be Anet ~~ordinary~~of ~~shares;~~taxes ●payable ~~could~~and ~~cause~~up ato ~~change~~$100,000 inof ~~control~~interest ifto apay ~~substantial~~dissolution ~~number~~expenses), ofdivided ~~our~~by ~~Class~~the Anumber ~~ordinary~~of ~~shares~~then ~~are~~outstanding public ~~issued~~shares, which ~~may~~redemption ~~affect,~~will ~~among~~completely ~~other~~extinguish ~~things,~~public ~~our~~shareholders’ ~~ability~~rights toas ~~use~~shareholders ~~our~~(including ~~net~~the ~~operating~~right ~~loss~~to receive ~~carry~~further ~~forwards~~liquidation distributions, if any), and ~~could~~(iii) ~~result~~as inpromptly ~~the~~as ~~resignation~~reasonably orpossible ~~removal~~following ofsuch ~~our~~redemption, ~~present~~subject ~~officers and directors; ● may have~~ to the ~~effect~~approval of ~~delaying~~our orremaining ~~preventing~~shareholders aand ~~change~~our ofboard ~~control~~ of usdirectors, byliquidate ~~diluting~~and ~~the~~dissolve, ~~share~~subject ~~ownership~~in oreach ~~voting~~case ~~rights~~to ofour aobligations under ~~person~~Cayman ~~seeking~~Islands law to ~~obtain~~provide ~~control~~for claims of ~~us;~~creditors and ●in ~~may~~all ~~adversely~~cases ~~affect~~subject ~~prevailing~~to ~~market~~the ~~prices~~other ~~for~~requirements ~~our~~of ~~Class~~applicable ~~A ordinary shares and/or warrants~~law.

40On May 9, 2023, the Company held an Extraordinary General Meeting, in connection with which, shareholders holding an aggregate of 9,985,568 Class A Ordinary Shares exercised their right to redeem their shares for approximately $10.50 per share, for an aggregate redemption amount of $104,889,892 of the funds held in the Company’s Trust Account.

~~Similarly~~On November 2, if2023, wethe ~~issue~~Original ~~debt~~Sponsor ~~securities~~entered orinto ~~otherwise~~a Securities Purchase Agreement (the “SPA”) with Perception Capital Partners ~~incur~~IV ~~significant~~LLC ~~debt~~(the “Buyer” or “New Sponsor”), pursuant to ~~bank~~which, oramong other ~~lenders~~things, or the ~~owners~~Buyer will acquire certain of athe ~~target~~Original Sponsor’s (i) Class A ordinary shares, itpar ~~could~~value ~~result~~$0.0001 ~~in:~~per share (“Class A Ordinary Shares”), of the Company and (ii) private placement warrants (together with the Class A Ordinary Shares, the “Securities”).

●On November ~~default~~6, ~~and~~2023, ~~foreclosure~~in onconnection ~~our~~with ~~assets~~the ifclosing ~~our~~(“Closing”) ~~operating revenues after an initial business combination are insufficient to repay our debt obligations; ● acceleration~~ of ~~our~~the ~~obligations~~transactions tocontemplated ~~repay~~by the ~~indebtedness~~SPA, ~~even~~the ifCompany weentered into ~~make~~a ~~all~~Joinder ~~principal~~Agreement ~~and~~(the ~~interest~~“Joinder”) ~~payments~~to ~~when due if we breach certain covenants~~ that ~~require the maintenance of~~ certain ~~financial~~Registration ~~ratios~~Rights orAgreement ~~reserves~~dated ~~without~~November ~~a waiver or renegotiation of that covenant; ● our immediate payment of all principal and accrued interest~~9, ~~if any~~2021, ifwith the ~~debt~~Original Sponsor ~~security~~and isNew ~~payable~~Sponsor. onPursuant ~~demand; ● our inability to obtain necessary additional financing if~~ the ~~debt~~Joinder, ~~security~~New ~~contains~~Sponsor ~~covenants~~will ~~restricting~~receive ~~our ability to obtain such financing while~~ the ~~debt~~same ~~security~~rights isand ~~outstanding;~~benefits ●with ~~our~~respect ~~inability~~ to ~~pay~~its ~~dividends~~newly ~~on our~~ acquired Class A ~~ordinary~~Shares ~~shares;~~(as ●defined ~~using~~below) ~~a substantial portion of our cash flow to pay principal~~ and ~~interest~~private onplacement ~~our~~warrants ~~debt,~~as ~~which will reduce~~ the ~~funds~~Original ~~available~~Sponsor ~~for~~has ~~dividends~~with onrespect ~~our~~to its Class A ~~ordinary~~Shares ~~shares if declared, expenses, capital expenditures, acquisitions~~ and ~~other~~private placement 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; ● increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and ● limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debtwarrants.

AsIn connection ~~indicated~~with inthe Closing of the ~~accompanying~~transactions ~~financial~~contemplated ~~statements~~by the SPA, on November 6, 2023: (i) each of the Company’s then-current directors, James McClements, Sunny S. Shah, Thomas M. Boehlert, Hugo Dryland, Elodie Grant Goodey, Timothy Baker, and Daniel Malchuk, resigned as directors, and the Company accepted their resignations; (ii) the vacancies on the Company’s board of ~~December~~directors 31caused by such resignations were filled by Scott Honour, ~~2023~~Rick Gaenzle, weR. ~~had~~Rudolph ~~$222~~Reinfrank,~~581~~ ~~held~~Thomas ~~outside~~J. Abood and Karrie Willis (the ~~Trust~~“New Directors”); ~~Account~~(iii) ~~that~~each isof ~~available~~the toCompany’s usthen-current toofficers, ~~fund~~Sunny ~~our~~S. ~~working~~Shah, ~~capital~~Thomas ~~requirements~~M. Boehlert and Rebecca Coffelt, resigned as Chief Executive Officer, Chief Financial Officer, and ~~$52~~Secretary,~~977~~ respectively,~~929~~ ~~held~~and ~~inside~~the Company accepted their resignations; and (iv) the ~~Trust~~appointments ~~Account.~~of WeRick ~~cannot~~Gaenzle ~~assure~~as ~~you~~Chief ~~that~~Executive ~~our~~Officer, ~~plan~~John toStanfield ~~complete~~as ~~our~~Chief ~~initial~~Financial ~~business~~Officer ~~combination~~and ~~will~~Secretary, beScott Honour as ~~successful~~Chairman of the Board, and Tao Tan as President (the “New Officers”) became effective. R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis will serve as members of the Company’s Audit Committee, Nominating Committee and Compensation Committee.

~~Our registration statements for the Public Offering~~On ~~became effective on~~ November 96, ~~2021. On November 15~~2023, ~~2021, we consummated~~ the ~~Public~~Original ~~Offering~~Sponsor ofand ~~23,000,000~~New ~~Units,~~Sponsor ~~including~~consummated the ~~issuance of~~transactions ~~3,000,000~~contemplated ~~Units~~by ~~as a result of~~ the ~~underwriters’~~SPA ~~exercise~~pursuant ofto ~~their over-allotment option~~which, atamong other ~~$10.00 per Unit~~things, ~~generating~~New ~~gross proceeds,~~Sponsor ~~before~~acquired ~~expenses,~~certain of ~~$230,000,000. Simultaneously with~~ the ~~closing~~Original ofSponsor’s ~~the~~(i) ~~Public~~Class ~~Offering,~~A weShares ~~consummated~~and ~~the~~(ii) ~~Private~~private ~~Placement of~~placement 11warrants,~~700,000~~ ~~Private~~subject to ~~Placement~~the ~~Warrants~~terms atand aconditions ~~price~~described ofin ~~$1.00 per Private Placement Warrant with~~ the ~~Sponsor, generating gross proceeds, before expenses, of $11,700,000~~SPA.

~~Upon the closing of the Public Offering and the~~On ~~Private~~December ~~Placement~~5, ~~$234~~2023,~~600,000~~ ~~was placed in~~ the ~~Trust~~Company ~~Account. Except with respect to interest earned on the funds~~ held inanother ~~the~~Extraordinary ~~Trust Account~~General ~~that may be released to the Company to pay its taxes and up to $100~~Meeting,~~000~~ ofin ~~interest~~connection towith ~~pay dissolution expenses~~which, ifshareholders ~~any,~~holding ~~the~~an ~~funds~~aggregate ~~held in the Trust Account would not be released from the Trust Account until the earliest~~ of ~~(i) the completion of the Company’s initial business combination~~8,236,760 ~~(ii)~~Class ~~the~~A ~~redemption~~Ordinary ofShares ~~our~~exercised ~~public~~their ~~shares~~right ~~if we are unable~~ to ~~complete~~redeem ~~our~~their ~~initial~~shares ~~business~~for ~~combination~~approximately ~~by November~~$10.99 ~~15,~~per ~~2024~~share, ~~subject~~for ~~to applicable law, (iii) the redemption of the Company’s public shares properly submitted in connection with a shareholder vote to approve~~ an ~~amendment to our amended and restated memorandum and articles of association (A) to modify the substance~~aggregate ~~or timing of our obligation to allow~~ redemption inamount ~~connection with our initial business combination or to redeem 100%~~ of ~~our public shares if we have not consummated our initial business combination by November 15~~$90,510,679 ~~2024~~of ~~or (B) with respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity. The proceeds held in~~ the ~~Trust Account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market~~ funds ~~meeting~~held ~~certain conditions under Rule 2a-7 under the Investment Company Act which invest only~~ in ~~direct U.S. government treasury obligations. The proceeds deposited in~~ the ~~Trust Account could become subject to the claims of the~~ Company’s ~~creditors,~~Trust ~~if any, which could have priority over the claims of its public shareholders~~Account.

41On December 5, 2023, the Company, Blue Gold Limited, a Cayman Islands company limited by shares (“PubCo”), and Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales (“BGHL”), entered into a Business Combination Agreement (as it may be amended and/or restated from time to time, the “Business Combination Agreement”) pursuant to which, subject to the satisfaction or waiver of the conditions contained in the Business Combination Agreement, (i) BGHL and PubCo shall consummate a share exchange (the “Exchange”) pursuant to which PubCo will purchase all of the issued and outstanding shares of BGHL in exchange for PubCo Ordinary Shares; (ii) the Company and a to-be-formed subsidiary of PubCo (“Merger Sub”) will merge (the “Merger”) with the Company surviving the merger as a wholly owned subsidiary of PubCo.

~~If we are unable to complete our initial business~~On ~~combination within the extended date from the closing of the Public Offering, or~~ November 1513, 2024, weat ~~will:~~an ~~(i)~~Extraordinary ~~cease~~General ~~all~~Meeting ~~operations except for~~ (the ~~purpose~~“Third ~~of winding up, (ii~~Meeting”) ~~as promptly as reasonably possible but not more than ten business days thereafter~~, ~~redeem~~shareholders ~~the public~~approved ~~shares,~~an atamendment ~~a per-share price, payable in cash, equal~~ to the ~~aggregate amount then on deposit in the Trust Account, including interest~~Company’s ~~earned~~Amended ~~on the funds held in the Trust Account~~ and ~~not~~Restated ~~previously~~Memorandum ~~released to us (which interest shall be net of taxes payable~~ and upArticles ~~to $100,000~~ of ~~interest~~Association to(the ~~pay dissolution expenses~~“Memorandum”), ~~divided~~extending by the ~~number~~deadline ofby ~~then outstanding public shares,~~ which ~~redemption~~the ~~will completely~~Company ~~extinguish~~must ~~public~~consummate ~~shareholders’~~an ~~rights~~initial asbusiness ~~shareholders~~combination ~~(including~~from ~~the~~November ~~right~~15, 2024 to ~~receive~~November ~~further liquidation distributions~~15, if2025 ~~any), and~~on ~~(iii)~~a asmonth ~~promptly~~to asmonth ~~reasonably~~basis ~~possible~~provided ~~following~~that ~~such redemption, subject to~~ the Company ~~approval~~make ofa ~~our~~payment ~~remaining~~into ~~shareholders~~the ~~and~~Trust ~~our board~~Account ofestablished ~~directors,~~in ~~liquidate~~connection ~~and~~with ~~dissolve,~~the ~~subject~~Company’s inIPO ~~each~~equal ~~case~~ to ~~our~~$5,000 ~~obligations~~per ~~under~~month ~~Cayman Islands law to provide~~ for ~~claims of~~each ~~creditors~~month ~~and~~extended. inThis ~~all~~proposal ~~cases~~was ~~subject to the other requirements of applicable law~~approved.

On November 2, 2023, the Original Sponsor entered into a Securities Purchase Agreement (the “SPA”) with Perception Capital Partners IV LLC (the “Buyer” or “New Sponsor”), pursuant to which, among other things, the Buyer will acquire certain of the Original Sponsor’s (i) Class A ordinary shares, par value $0.0001 per share (“Class A Ordinary Shares”), of the Company and (ii) private placement warrants (together with the Class A Ordinary Shares, the “Securities”).39

~~On November 6, 2023, in~~ In connection with the ~~closing (“Closing”)~~extensions ofamendment ~~the~~proposal ~~transactions~~voted ~~contemplated~~on byat the ~~SPA~~Second Meeting, ~~the~~shareholders ~~Company~~holding ~~entered~~an ~~into~~aggregate aof ~~Joinder~~4,444,744 ~~Agreement (the “Joinder”)~~Class toA ~~that~~ordinary ~~certain~~shares ~~Registration~~exercised ~~Rights~~their ~~Agreement~~right ~~dated~~to ~~November~~redeem 9,their ~~2021,~~shares ~~with~~for ~~the~~approximately ~~Original Sponsor and New Sponsor~~$11.66 ~~Pursuant~~per ~~the Joinder~~share, ~~New~~ ~~Sponsor~~for ~~will~~an ~~receive~~aggregate ~~the~~redemption ~~same rights and benefits with respect to its newly acquired Class A Shares (as defined below) and private~~amount ~~placement~~of ~~warrants~~$51,847,295 asof the ~~Original~~funds ~~Sponsor~~held ~~has~~in ~~with~~the ~~respect~~Company’s toTrust ~~its Class A Shares and private placement warrants~~Account.

~~In connection with the Closing of the transactions~~Results ~~contemplated by the SPA, on November 6, 2023: (i) each~~ of the Company’s then-current directors, James McClements, Sunny S. Shah, Thomas M. Boehlert, Hugo Dryland, Elodie Grant Goodey, Timothy Baker, and Daniel Malchuk, resigned as directors, and the Company accepted their resignations; (ii) the vacancies on the Company’s board of directors caused by such resignations were filled by Scott Honour, Rick Gaenzle, R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis (the “New Directors”); (iii) each of the Company’s then-current officers, Sunny S. Shah, Thomas M. Boehlert and Rebecca Coffelt, resigned as Chief Executive Officer, Chief Financial Officer, and Secretary, respectively, and the Company accepted their resignations; and (iv) the appointments of Rick Gaenzle as Chief Executive Officer, John Stanfield as Chief Financial Officer and Secretary, Scott Honour as Chairman of the Board, and Tao Tan as President (the “New Officers”) became effective. R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis will serve as members of the Company’s Audit Committee, Nominating Committee and Compensation Committee.Operations

OnFor the ~~November~~year 6ended December 31, ~~2023~~2024, ~~the~~we ~~Original~~had ~~Sponsor~~net ~~and New~~income ~~Sponsor~~of ~~consummated~~$702,959. ~~the~~The ~~transactions~~net ~~contemplated~~income bywas ~~the~~comprised ~~SPA~~of ~~pursuant~~other toincome, ~~which~~net, ~~among~~of ~~other~~$2,840,832 ~~things~~offset by general and administrative expenses of $2,137,873. ~~New~~Other ~~Sponsor~~income, ~~acquired~~net ~~certain~~was comprised of interest earned in the ~~Original~~Trust ~~Sponsor’s~~Account ~~(i)~~of ~~Class~~$2,409,077, change Ain ~~Shares~~fair ~~and~~value ~~(ii)~~of ~~private~~derivative ~~placement~~liability ~~warrants~~of $122,297 ~~subject~~and togain ~~the~~on ~~terms~~warrant ~~and~~liability ~~conditions~~of ~~described~~$424,482, inoffset by interest expense – ~~the~~debt ~~SPA~~discount of $115,024.

OnFor the year ended December 531, 2023, ~~the~~we ~~Company,~~had ~~Blue~~net ~~Gold~~income ~~Limited, a~~of ~~Cayman Islands company limited by shares (“PubCo”)~~$5,147,347, and ~~Blue Gold Holdings Limited,~~ a ~~private~~loss ~~company~~from ~~limited~~operations byof ~~shares formed~~$4,565,129, ~~under~~which ~~the~~was ~~laws~~comprised of ~~England~~ general and ~~Wales~~administrative ~~(“BGHL”)~~expenses, ~~entered into a Business Combination Agreement (as it may be amended~~ and~~/or restated~~ ~~from~~n ~~time to time~~income, ~~the~~net ~~“Business~~of ~~Combination~~$9,712,476. ~~Agreement”)~~Other ~~pursuant to which~~income, ~~subject~~net towas ~~the~~comprised ~~satisfaction or waiver~~ of ~~the~~interest ~~conditions~~earned ~~contained~~ in the ~~Business~~Trust ~~Combination~~Account of ~~Agreement~~$8,128,147, ~~(i)~~forgiveness ~~BGHL~~of ~~and~~debt ~~PubCo~~of ~~shall~~$720,077, ~~consummate~~gain aon ~~share~~warrant ~~exchange~~liability ~~(the~~of ~~“Exchange”) pursuant~~$461,680, toother ~~which~~income ~~PubCo~~attributable ~~will~~to ~~purchase~~derecognition ~~all~~ of deferred ~~the~~underwriting ~~issued~~fee ~~and~~allocated ~~outstanding~~to ~~shares~~warrants of ~~BGHL~~$409,845 inand ~~exchange~~change ~~for~~in ~~PubCo~~fair ~~Ordinary~~value ~~Shares;~~of ~~(ii)~~derivative ~~the Company~~liability ~~and a to-be-formed subsidiary~~ of ~~PubCo~~$9,159 ~~(“Merger~~offset ~~Sub”)~~by ~~will merge (the “Merger”) with the Company surviving~~interest ~~the~~expense ~~merger~~– asdebt adiscount ~~wholly~~of ~~owned~~$16,432, ~~subsidiary~~, ~~of PubCo~~and.

42Our only activities from inception to December 31, 2024, have been organizational activities and preparation for our public offering, and activities related to pursuing merger opportunities. Since the consummation of our Public Offering through December 31, 2024, our activity has been limited to the evaluation of potential initial business combination candidates, and we will not be generating any operating revenues until the closing and completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash equivalents after the public offering. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. We are incurring 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.

~~Results~~Liquidity and ofCapital ~~Operations~~Resources

~~For~~On November ~~the~~15, ~~year~~2021, ~~ended~~we ~~December~~consummated ~~31,~~our ~~2023,~~Public weOffering ~~had~~in ~~a net~~which ~~income~~we ofsold $423,~~737~~000,~~502,~~000 ~~and~~of athe ~~loss~~Company’s ~~from~~Units ~~operations~~(“Units”, held ofby $4“Public Shareholders”),~~565,129,~~ ~~which~~each ~~was~~consisting ~~comprised~~ of ~~general~~one ~~and~~Class ~~administrative~~A ~~expenses,~~Ordinary Share (“Public Share”) and ~~non~~one-~~operating~~half warrant ~~income,~~(“Redeemable ~~net~~Warrant”) ofto ~~$9,302,631.~~purchase ~~Non-operating~~one ~~income,~~Class ~~net~~A ~~was~~Ordinary ~~comprised~~Share at an exercise price of ~~change~~$11.50, inat ~~fair~~a ~~value~~price of ~~derivative~~$10.00 ~~liability~~per Unit generating gross proceeds of $9230,~~159~~000,000 ~~interest~~before underwriting fees and expenses. Simultaneously with the consummation of our Public Offering, ~~expense~~we –consummated ~~debt~~the ~~discount~~Private Placement of ~~$16~~11,~~432~~700,000 ~~gain~~Private onPlacement ~~warrant~~Warrants, ~~liability~~each ofPrivate Placement Warrant entitles the holder to purchase one Class A Ordinary Share at $~~461~~11.50 per share,~~680~~ subject to adjustment, ~~forgiveness~~to ofthe ~~debt~~Sponsor, at a price of $~~720,077~~1.00 ~~and~~per ~~interest~~Private ~~earned in~~Placement ~~the~~Warrant, ~~Trust~~generating ~~Account~~gross proceeds, before expenses, of $811,~~128~~700,~~147~~000.

~~For~~In connection ~~the~~with ~~year~~our ~~ended~~Public ~~December 31~~Offering, ~~2022,~~the weCompany ~~have net~~incurred ~~income~~offering costs of $13,~~843~~267,~~499~~977, ~~and~~consisting aof ~~loss~~$12,650,000 ~~from~~of ~~operations~~underwriters fees of which $28,~~291~~050,~~464,~~000 ~~which~~ was ~~comprised~~recorded ofas ~~general~~Deferred ~~and~~Underwriting ~~administrative~~Commissions ~~expense,~~ and ~~non-operating income~~ $16617,~~134,963,~~977 ~~which~~of ~~was~~other ~~comprised~~offering ofcosts. aOther ~~change~~offering incosts ~~fair~~consisted principally ~~value~~ of ~~warrant~~formation ~~liability~~and ofpreparation ~~$12,296,000,~~fees ~~change~~related into ~~fair~~our ~~value~~Public ofOffering. ~~sponsor convertible~~Of ~~note~~the oftotal offering costs, $~~400~~671,~~000~~494 ~~and~~of ~~interest~~which ~~earned~~was inallocated to the ~~Trust~~Warrants, ~~Account~~were ofimmediately expensed and $312,~~438~~596,~~963~~483 was allocated to redeemable Class A Ordinary Shares, reducing the carrying amount of such shares.

~~Our only activities from inception to December~~Of ~~31,~~the ~~2023~~$241, ~~have been organizational activities and preparation for our public offering~~700,000 ~~and~~total ~~activities~~proceeds ~~related~~from ~~to pursuing merger opportunities. Since~~ the ~~consummation of our~~ Public Offering ~~through~~and ~~December~~Private 31Placement, ~~2023~~$234,600,000 ~~our~~was ~~activity~~placed ~~has~~in ~~been~~our ~~limited~~U.S.-based toTrust ~~the evaluation of potential~~Account, ~~initial~~established ~~business~~for ~~combination~~the ~~candidates,~~benefit ~~and~~of weour ~~will~~public ~~not~~shareholders. bePrior ~~generating~~to ~~any operating revenues until~~ the closing ~~and completion~~ of our ~~initial~~ ~~business~~Public ~~combination.~~Offering, Wethe ~~will~~Sponsor ~~generate~~had ~~non-operating~~made ~~income~~$296,235 in loans ~~the form of interest income on cash~~ and ~~cash~~advances ~~equivalents~~to ~~after~~ the ~~public offering~~Company. ~~There~~The ~~has~~loans ~~been~~and noadvances ~~significant~~were ~~change~~non-interest inbearing ~~our~~and ~~financial~~payable oron ~~trading~~the ~~position~~earlier ~~and~~of noDecember ~~material~~31, ~~adverse~~2021 ~~change has occurred~~or ~~since~~ the ~~date~~completion of our ~~audited~~Public ~~financial statements~~Offering. WeThe ~~are~~loans ~~incurring increased expenses as a result~~ of ~~being a public company (for legal~~$296, ~~financial~~235 ~~reporting,~~were ~~accounting~~fully ~~and~~repaid ~~auditing~~upon ~~compliance),~~the asconsummation ~~well~~of asour ~~for~~Public ~~due~~Offering ~~diligence~~on ~~expenses~~November 15, 2021.

In connection with the preparation of the financial statements for the period ended June 30, 2023, the Company determined that there were errors related to the calculation of Redeemable Class A ordinary shares, which also impacted shareholders’ deficit in the previously issued financial statements for the year ended December 31, 2023. Refer to Footnote 2 “Correction of Immaterial Errors in the Previously Issued Financial Statements” for details. The corrections were not material to prior year or interim periods.40

~~Liquidity~~On May 9, 2023 we held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”). At the Extraordinary General Meeting, the Company’s shareholders approved several proposals to amend the Company’s Amended and ~~Capital~~Restated ~~Resources~~Memorandum and Articles of Association (the “Charter”) to (i) extend the date by which the Company must consummate a Business Combination from May 15, 2023 to May 15, 2024 (the “Extended Date”), (ii) permit the Company’s board of directors, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than the Extended Date as determined by the Board and included in a public announcement, (iii) eliminate from the Charter the limitation that the Company may not redeem public shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 in connection with the Company’s Business Combination, and (iv) provide for the right of a holder of the Company’s Class B ordinary shares, par value $0.0001 per share to convert into Class A Ordinary Shares on a one-for-one basis prior to the closing of Business Combination at the election of the holder.

~~Prior~~In connection towith the ~~consummation~~Extended ofDate, ~~our~~shareholders ~~Public~~holding ~~Offering~~an aggregate of 9, ~~our~~985,568 ~~only~~Class ~~sources~~A Ordinary Shares of ~~liquidity~~the ~~were~~Company anexercised ~~initial~~their right ~~purchase~~to ofredeem ~~Founder~~their ~~Shares~~ordinary shares for approximately $~~25,000~~10.50 byper ~~the Sponsor~~share, ~~and~~for aan ~~total~~aggregate redemption amount of $~~296~~104,~~235~~889,892 of ~~loans~~the funds ~~and~~held ~~advances~~in ~~from~~ the ~~Sponsor~~Company’s Trust Account.

OnIn connection ~~November~~with 15the above extension, ~~2021~~beginning on May 16, we2023, ~~consummated~~and ~~our~~thereafter ~~Public~~on the first day of each month (or if such first day is ~~Offering~~not ina ~~which~~business weday, ~~sold~~on 23the business day immediately preceding such first day),~~000,000~~ ofthe Company shall deposit additional funds into the Trust Account established in connection with the Company’s ~~Units~~initial ~~(“Units”,~~public ~~held~~offering byan ~~“Public~~amount ~~Shareholders”~~equal to the lesser of (i), ~~each~~$0.03 per public ~~consisting~~share ofmultiplied ~~one~~by the number of Class A ~~ordinary~~Ordinary Shares, par value $0.0001 per share, ~~(“Public~~then ~~Share”)~~outstanding and ~~one-half~~not ~~warrant~~redeemed ~~(“Redeemable~~in ~~Warrant”~~connection with the Extension Amendment and (ii) to$300,000 ~~purchase one~~(or ~~Class~~a Apro ~~ordinary~~rata ~~share~~portion atthereof anif ~~exercise~~less ~~price~~than ofa ~~$11.50~~full month), atuntil the earlier of (a) ~~price~~the completion of ~~$10.00~~a ~~per~~merger, ~~Unit~~capital ~~generating~~stock ~~gross~~exchange, ~~proceeds~~asset ofacquisition, ~~$230~~stock purchase,~~000~~ reorganization or similar business combination,~~000~~ ~~before~~involving ~~underwriting~~the ~~fees~~Company and ~~expenses.~~one ~~Simultaneously~~or ~~with~~more businesses and (b) the ~~consummation~~announcement of ~~our~~the ~~Public~~Company’s ~~Offering~~intention to wind up its operations. The Company deposited $464,516 weand ~~consummated~~$900,000 in the ~~Private~~Trust ~~Placement~~Account in second quarter and third quarter of 112023,~~700,000 Private~~ ~~Placement~~respectively. ~~Warrants~~On November 6, ~~each~~2023, as ~~Private~~required ~~Placement~~by ~~Warrant~~the ~~entitles~~SPA, the ~~holder~~Company toentered ~~purchase~~into ~~one~~a ~~Class~~Termination AAgreement ~~ordinary~~with ~~share~~the atOriginal ~~$11~~Sponsor.50 ~~per~~Pursuant ~~share, subject~~ to ~~adjustment~~the Termination Agreement, the toCompany terminated the ~~Sponsor,~~Extension atConvertible aPromissory ~~price~~Note in connection with the Closing of $1the transactions contemplated by the SPA.00 ~~per~~In ~~Private~~connection ~~Placement~~with ~~Warrant,~~the ~~generating~~termination ~~gross~~of ~~proceeds,~~the ~~before~~Extension ~~expenses~~Convertible Promissory Note, the Original Sponsor agreed to cancel and waive ofall ~~$11~~indebtedness under the Extension Convertible Promissory Note,~~700~~ including the draws made through December 5,~~000~~ 2023.

InOn December ~~connection~~5, ~~with~~2023, ~~our~~at ~~Public~~an ~~Offering~~Extraordinary General Meeting (the “Meeting”), shareholders approved an amendment to the Company’s ~~incurred~~Amended ~~offering~~and ~~costs~~Restated ofMemorandum ~~$13,267,977,~~and ~~consisting~~Articles of ~~$12,650,000~~Association of(the ~~underwriters~~“Memorandum”) ~~fees~~extending ofthe deadline by which $8the Company must consummate an initial business combination from May 15,~~050~~ 2024 to November 15,~~000~~ ~~was~~2024 ~~recorded~~provided asthat ~~Deferred~~the ~~Underwriting Commissions~~Company ~~and~~make ~~$617,977~~a ofpayment ~~other~~into the ~~offering~~trust ~~costs.~~account ~~Other~~for ~~offering~~the ~~costs~~first ~~consisted~~three-month ~~principally~~extension of(from ~~formation~~December ~~and~~15, ~~preparation~~2023 ~~fees~~through ~~related to~~March ~~our~~15, ~~Public~~2024) ~~Offering.~~equal Ofto the ~~total~~lesser ~~offering~~of ~~costs~~$150,000 or $~~671,494~~0.045 per share of ~~which~~Class ~~was~~A ~~allocated~~Ordinary Shares entitled to ~~the~~redemption ~~Warrants~~rights and thereafter, ~~were~~a ~~immediately~~payment ~~expensed~~of ~~and~~equal to the lesser of $1250,~~596,483~~000 ~~was~~or ~~allocated~~$0.015 toper ~~redeemable~~Public ~~Class~~Share Aper ~~ordinary~~month ~~shares~~through November 15, ~~reducing~~2024. On December 14, 2023, the ~~carrying~~Company ~~amount~~deposited $184,623 into the trust account. Shareholders also approved an amendment to change the name of ~~such~~the ~~shares~~Company from RCF Acquisition Co. to Perception Capital Corp. IV.

43In connection with the extensions amendment proposal voted on at the Meeting, shareholders holding an aggregate of 8,236,760 Class A Ordinary Shares exercised their right to redeem their shares for approximately $10.99 per share, for an aggregate redemption amount of $90,510,679 of the funds held in the Company’s Trust Account.

OfOn November ~~the~~13, ~~$241~~2024,~~700,000~~ ~~total~~at ~~proceeds~~an ~~from~~Extraordinary ~~the~~General ~~Public Offering~~Meeting ~~and~~(the ~~Private~~“Second ~~Placement~~Meeting”), ~~$234,600,000~~shareholders ~~was~~approved ~~placed~~an inamendment ~~our~~to ~~U.S.-based~~the Company’s ~~Trust~~Amended ~~Account,~~and ~~established~~Restated ~~for~~Memorandum ~~the~~and ~~benefit~~Articles of ~~our~~Association ~~public~~(the ~~shareholders. Prior~~“Memorandum”) toextending the ~~closing~~deadline ofby which ~~our~~the ~~Public~~Company ~~Offering,~~must ~~the~~consummate ~~Sponsor~~an ~~had~~initial ~~made~~business ~~$296,235~~combination infrom ~~loans~~November ~~and~~15, ~~advances~~2024 to ~~the~~November ~~Company.~~15, ~~The~~2025 ~~loans~~on ~~and~~a ~~advances were~~month ~~non-interest~~to ~~bearing~~month ~~and~~basis provided ~~payable~~that on the ~~earlier~~Company ofmake ~~December~~a ~~31,~~payment ~~2021~~into or the ~~completion~~Trust ofAccount ~~our~~established ~~Public~~in ~~Offering.~~connection ~~The~~with ~~loans~~the ofCompany’s IPO equal to $~~296~~5,~~235~~000 ~~were~~per ~~fully~~month ~~repaid~~for ~~upon~~each ~~the~~month ~~consummation~~extended. ofThis ~~our~~proposal ~~Public~~was ~~Offering on November 15, 2021~~approved.

OnIn connection ~~May~~with 9,the ~~2023~~extensions weamendment ~~held~~proposal anvoted ~~extraordinary~~on ~~general meeting~~at ~~of shareholders (~~the ~~“Extraordinary~~Second ~~General~~ Meeting~~”). At the Extraordinary General Meeting~~, ~~the Company’s~~ shareholders ~~approved~~ ~~several~~holding ~~proposals~~an toaggregate ~~amend the Company’s Amended and Restated Memorandum and Articles~~ of ~~Association (the “Charter”) to (i) extend the date by which the Company must consummate a Business Combination from May 15~~4, ~~2023 to May 15~~444,744 ~~2024 (the “Extended~~Class ~~Date”),~~A ~~(ii)~~ordinary ~~permit~~shares ~~the~~exercised ~~Company’s~~their ~~board~~right ~~of directors, in its sole discretion,~~ to ~~elect~~redeem totheir ~~wind~~shares upfor ~~the~~approximately ~~Company’s~~$11.66 ~~operations on~~per ~~an earlier date than the Extended Date as determined by the Board and included in a public announcement~~share, ~~(iii)~~for ~~eliminate from the Charter the limitation that the Company may not redeem public shares in~~ an ~~amount~~aggregate ~~that~~redemption ~~would cause the Company’s net tangible assets to~~amount beof ~~less than~~ $551,~~000~~847,~~001~~295 inof ~~connection with~~ the ~~Company’s~~funds ~~Business~~held ~~Combination,~~in ~~and (iv) provide for~~ the ~~right of a holder of the~~ Company’s ~~Class~~Trust ~~B ordinary shares, par value $0~~Account.~~0001 per share to convert into Class A ordinary shares on a one-for-one basis prior to the closing of Business Combination at the election of the holder.~~

InAs of ~~connection~~December ~~with~~31, ~~the~~2024, ~~Extended~~we ~~Date,~~had ~~shareholders holding~~available anto ~~aggregate~~us $43,499 of ~~9,985,568~~cash ~~Class~~on Aour ~~ordinary~~balance ~~shares~~sheet ofand ~~the~~a ~~Company~~working ~~exercised~~capital ~~their~~deficit ~~right~~of to$2,341,218. ~~redeem~~We ~~their~~will use ~~ordinary~~the ~~shares~~available ~~for~~cash ~~approximately $10.50~~primarily ~~per~~to ~~share,~~complete ~~for~~a anbusiness ~~aggregate~~combination. ~~redemption~~The ~~amount~~interest ofincome ~~$104,889,892~~earned ofon the ~~funds~~investments ~~held~~ in ~~the~~our ~~Company’s~~ Trust Account are unavailable to fund operating expenses.

In connection with the above extension, beginning on May 16, 2023, and thereafter on the first day of each month (or if such first day is not a business day, on the business day immediately preceding such first day), the Company shall deposit additional funds into the Trust Account established in connection with the Company’s initial public offering an amount equal to the lesser of (i) $0.03 per public share multiplied by the number of Class A ordinary shares, par value $0.0001 per share, then outstanding and not redeemed in connection with the Extension Amendment and (ii) $300,000 (or a pro rata portion thereof if less than a full month), until the earlier of (a) the completion of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses and (b) the announcement of the Company’s intention to wind up its operations. The Company deposited $464,516 and $900,000 in the Trust Account in second quarter and third quarter of 2023, respectively. On November 6, 2023, as required by the SPA, the Company entered into a Termination Agreement with the Original Sponsor. Pursuant to the Termination Agreement, the Company terminated the Extension Convertible Promissory Note in connection with the Closing of the transactions contemplated by the SPA. In connection with the termination of the Extension Convertible Promissory Note, the Original Sponsor agreed to cancel and waive all indebtedness under the Extension Convertible Promissory Note, including the draws made through December 5, 2023.41

OnIn order ~~December~~to 5,finance ~~2023,~~transaction atcosts anin ~~Extraordinary~~connection ~~General Meeting~~with (the ~~“Meeting”),~~initial ~~shareholders~~business ~~approved~~combination, anprior ~~amendment~~ to ~~the~~November ~~Company’s~~6, ~~Amended~~2023, ~~and~~our ~~Restated~~Sponsor ~~Memorandum~~or ~~and Articles~~an affiliate of ~~Association~~our ~~(the~~Sponsor ~~“Memorandum”)~~or ~~extending~~certain ~~the~~of ~~deadline~~our byofficers ~~which~~and ~~the~~directors ~~Company~~may, ~~must~~but ~~consummate~~are annot ~~initial~~obligated ~~business~~to, ~~combination from~~loan ~~May~~us ~~15,~~funds ~~2024~~as tomay be required. On November 156, ~~2024~~2023, ~~provided~~as ~~that~~required by the ~~Company~~SPA, ~~make~~the aCompany ~~payment~~entered into ~~the~~an ~~trust~~Omnibus ~~account~~Termination ~~for~~and ~~the~~Release ~~first~~Agreement ~~three-month~~with ~~extension~~the Original Sponsor (~~from~~the ~~December~~“Termination ~~15, 2023 through March 15, 2024~~Agreement”). ~~equal~~Pursuant to the ~~lesser~~Termination ~~of $150~~Agreement,~~000~~ orthe ~~$0.045~~Company ~~per~~terminated ~~share~~the ofSponsor ~~Class~~Convertible ~~A Ordinary Shares entitled~~Note toin ~~redemption~~connection ~~rights~~with ~~and~~the ~~thereafter,~~Closing ~~a payment~~ of ~~equal to~~ the ~~lesser~~transactions ofcontemplated ~~$50,000~~by orthe $0SPA.~~015~~ ~~per~~In ~~Public~~connection ~~Share~~with ~~per~~the ~~month~~termination ~~through~~of ~~November 15, 2024. On December 14, 2023,~~ the ~~Company~~Sponsor ~~deposited $184~~Convertible Note,~~623~~ ~~into~~ the ~~trust~~Original ~~account.~~Sponsor ~~Shareholders~~agreed ~~also~~to ~~approved~~cancel anand ~~amendment~~waive toall ~~change the~~indebtedness ~~name~~under of the ~~Company~~Sponsor ~~from~~Convertible ~~RCF Acquisition Co~~Note. ~~to Perception Capital Corp. IV.~~

InWe have ~~connection~~incurred ~~with~~and ~~the~~expect ~~extensions~~to ~~amendment~~continue ~~proposal voted~~to onincur atsignificant costs in pursuit of our acquisition plans. We anticipate that the ~~Meeting,~~cash ~~shareholders~~held outside ~~holding~~of anthe ~~aggregate~~Trust Account as of 8December 31,~~236~~ 2024,~~760~~ ~~Class~~will Anot ~~ordinary~~be ~~shares~~sufficient ~~exercised~~to ~~their~~allow ~~right~~us to ~~redeem~~operate ~~their~~until April15, 2025, the extended ~~shares~~date ~~for~~at ~~approximately~~which ~~$10.99~~we ~~per~~must ~~share~~complete a Business Combination (unless further extended to as late as November 15, ~~for~~2025). anIf ~~aggregate~~we ~~redemption~~are ~~amount~~unable ofto complete ~~$90~~a Business Combination by April 15,~~510~~ 2025,~~679~~ of(or ~~the~~up ~~funds~~to ~~held~~November in15, ~~the~~2025 ~~Company’s~~if further extended) then we will cease all operations ~~Trust~~except ~~Account~~for the purpose of liquidating.

AsIn connection with our assessment of ~~December~~going ~~31,~~concern ~~2023,~~considerations wein ~~have~~accordance ~~available~~with ~~to us~~FASB’s ~~$222~~ASU 2014-15,~~581~~ “Disclosures of ~~cash~~Uncertainties about onan ~~our~~Entity’s ~~balance~~Ability ~~sheet~~to ~~and~~Continue as a ~~working~~Going Concern,” no assurances can be provided that such additional capital ~~deficit~~will ultimately ofbe ~~$496,139~~available if necessary. WeManagement ~~will~~also ~~use~~has determined that if the ~~available~~Company ~~cash~~will ~~primarily~~be unable to ~~find~~complete ~~and evaluate~~a ~~target~~Business ~~businesses,~~Combination by ~~perform~~April ~~business~~15, ~~legal~~2025, ~~and~~the ~~accounting~~extended ~~due~~date ~~diligence~~of onwhich ~~prospective~~the ~~target~~Company ~~businesses,~~must ~~travel~~complete toa ~~and~~Business ~~from~~ Combination. If the ~~offices~~Company is unable to complete a Business Combination by April 15, ~~plants~~2025, orthen ~~similar~~the ~~locations~~Company will cease all operations except for the purpose of ~~prospective~~liquidating. ~~target~~Management has ~~businesses~~determined orthat ~~their~~substantial ~~representatives~~doubt orexists ~~owners,~~about ~~review~~the ~~corporate~~Company’s ~~documents~~ability to continue as a going concern due to the need to obtain ~~and~~additional ~~material~~capital ~~agreements~~from ofthe ~~prospective~~Sponsor ~~target~~to ~~businesses,~~address ~~and~~the ~~structure~~Company’s liquidity condition, ~~negotiate~~which the Sponsor is not obligated to advance, and ~~complete~~the adate ~~business~~for ~~combination~~mandatory liquidation and subsequent dissolution. ~~The~~No ~~interest~~adjustments ~~income earned~~have onbeen made to the ~~investments~~carrying inamounts ~~our~~of ~~Trust~~assets ~~Account~~or liabilities ~~are~~should ~~unavailable~~the Company be required to ~~fund~~liquidate ~~operating~~after ~~expenses~~April 15, 2025.

44As of December 31, 2024, we had 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.

~~In order to finance transaction costs in connection~~We ~~with~~have ~~the initial business combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are~~ not ~~obligated~~entered to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into ~~Private~~any ~~Placement Warrants of the post~~off-~~business~~balance ~~combination~~sheet ~~entity~~financing ~~at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants issued to the Sponsor. Except as set forth above~~arrangements, ~~the~~established ~~terms~~any ofspecial ~~such~~purpose ~~loans~~entities, ifguaranteed any, ~~have~~debt ~~not been determined and no written agreements exist with respect to such loans. Prior to~~or ~~the~~commitments ~~completion~~ of ~~our~~other ~~initial business combination~~entities, ~~we do not expect to seek loans from parties other than our Sponsor~~ or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account. On November 6, 2023, as required by the SPA, the Company entered into anany ~~Omnibus~~non-financial ~~Termination and Release Agreement with the Original Sponsor (the “Termination Agreement”)~~assets. Pursuant to the Termination Agreement, the Company terminated the Sponsor Convertible Note in connection with the Closing of the transactions contemplated by the SPA. In connection with the termination of the Sponsor Convertible Note, the Original Sponsor agreed to cancel and waive all indebtedness under the Sponsor Convertible Note.

WeManagement continues ~~have~~to ~~incurred~~evaluate ~~and~~the ~~expect~~impact toof ~~continue~~the toongoing ~~incur significant~~military ~~costs~~conflict in ~~pursuit~~Ukraine ofand ~~our~~the ~~acquisition~~most ~~plans.~~recent Weescalation ~~anticipate~~of ~~that~~ongoing ~~the~~global ~~cash~~conflicts, including ~~held~~in ~~outside~~the ofMiddle ~~the~~East ~~Trust~~and ~~Account~~has asconcluded ofthat ~~December~~while ~~31, 2023,~~it ~~will~~is ~~not~~reasonably bepossible ~~sufficient~~that tothese ~~allow~~various usglobal toconflicts ~~operate~~could ~~until~~have ~~November~~a negative ~~15,~~effect ~~2024,~~on the ~~extended~~Company’s ~~date~~financial atposition, ~~which~~results weof ~~must~~its ~~complete~~operations, and/or search for a ~~Business~~target ~~Combination.~~company, the specific Ifimpact weis ~~are~~not ~~unable~~readily todeterminable ~~complete~~as aof ~~Business~~the ~~Combination~~date byof ~~November~~these ~~15,~~financial ~~2024,~~statements. ~~then~~The wefinancial ~~will~~statements ~~cease~~do ~~all~~not ~~operations~~include ~~except~~any ~~for~~adjustments that might result from the ~~purpose~~outcome of ~~liquidating~~ this uncertainty.

~~In connection with our assessment of going concern~~Related ~~considerations~~Party in accordance with FASB’s ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” no assurances can be provided that such additional capital will ultimately be available if necessary. Management also has determined that if the Company will be unable to complete a Business Combination by November 15, 2024, the extended date of which the Company must complete a Business Combination. If the Company is unable to complete a Business Combination by November 15, 2024, then the Company will cease all operations except for the purpose of liquidating. Management has determined that substantial doubt exists about the Company’s ability to continue as a going concern due to the need to obtain additional capital from the Sponsor to address the Company’s liquidity condition, which the Sponsor is not obligated to advance, and the date for mandatory liquidation and subsequent dissolution. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 15, 2024.Transactions

~~As of December 31, 2023, we have no obligations,~~Founder 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.Shares

WeOn June ~~have~~9, ~~not~~2021, ~~entered~~the ~~into~~Sponsor ~~any~~purchased ~~off-balance~~5,750,000 ~~sheet financing~~Founder ~~arrangements~~Shares of the Company’s Class B ordinary shares for an aggregate price of $25,000. ~~established~~The ~~any~~Sponsor ~~special~~subsequently ~~purpose~~transferred ~~entities~~an aggregate of 402,500 ~~guaranteed~~Founder ~~any~~Shares ~~debt~~to ormembers ~~commitments~~of the Company’s board of ~~other~~directors, management ~~entities~~team, board of advisors and/or ~~entered~~their ~~into any~~estate ~~non~~planning vehicles for the same per-~~financial~~share ~~assets~~consideration that it originally paid for such shares, resulting in the Sponsor holding 5,347,500 Founder Shares.

~~Management~~Our initial ~~continues~~shareholders have agreed, subject to ~~evaluate~~limited ~~the~~exceptions, ~~impact~~not to transfer, assign or sell any of ~~the~~their ~~ongoing~~Founder ~~military~~Shares and any ~~conflict~~Class inA ~~Ukraine~~Ordinary ~~and~~Shares issuable upon conversion thereof until the ~~most~~earlier ~~recent~~to ~~escalation~~occur of ~~ongoing~~(A) ~~global~~one ~~conflicts,~~year ~~including~~after in the ~~Middle~~completion ~~East~~of our initial business combination and ~~has~~(B) ~~concluded~~subsequent ~~that~~to ~~while it~~our isinitial ~~reasonably~~business ~~possible~~combination, ~~that~~(x) ~~these~~if ~~various~~the ~~global~~closing ~~conflicts~~price ~~could~~of ~~have~~our aClass ~~negative~~A ~~effect~~Ordinary onShares equals ~~the~~or ~~Company’s~~exceeds ~~financial~~$12.00 ~~position~~per share (as adjusted for share sub-divisions, ~~results~~ ofshare ~~its~~capitalizations, ~~operations~~reorganizations, recapitalizations and~~/or~~ the ~~search~~like) for aany ~~target~~20 ~~company,~~trading ~~the~~days ~~specific~~within ~~impact~~any is30-trading ~~not~~day ~~readily~~period ~~determinable~~commencing asat ofleast 150 days after our initial business combination, or (y) the date ofon ~~these financial~~which ~~statements.~~we ~~The~~complete ~~financial~~a ~~statements~~liquidation, domerger, ~~not~~share ~~include~~exchange ~~any~~or ~~adjustments~~other similar transaction that ~~might~~results ~~result~~in ~~from~~all of our public shareholders having the ~~outcome~~right ofto ~~this~~exchange ~~uncertainty~~their ordinary shares for cash, securities or other property.

4542

~~Related~~On May ~~Party~~9, ~~Transactions~~2023, pursuant to the terms of the Company’s Charter, as amended by the amendments to the Charter, the holders of the Class B ordinary shares, totaling 5,750,000 Class B ordinary shares, elected to convert 5,749,999 Class B ordinary share held by them on a one-for-one basis into nonredeemable Class A Ordinary Shares, with immediate effect. As of December 31, 2024 and 2023, the Company had an aggregate of 5,749,999 Non-Redeemable Class A Ordinary Shares issued and outstanding, and one Class B ordinary share issued and outstanding.

~~Founder Shares~~Sponsor Notes

~~On June 9, 2021, the~~ Sponsor ~~purchased 5,750,000~~ ~~Founder~~Convertible Shares of the Company’s Class B ordinary shares for an aggregate price of $25,000. The Sponsor subsequently transferred an aggregate of 402,500 Founder Shares to members of the Company’s board of directors, management team, board of advisors and/or their estate planning vehicles for the same per-share consideration that it originally paid for such shares, resulting in the Sponsor holding 5,347,500 Founder Shares. The Founder shares will automatically convert into shares of Class A ordinary shares at the time of the Company’s initial business combination.Note

~~Our initial shareholders have agreed, subject~~On toApril ~~limited exceptions~~1, ~~not to transfer~~2022, ~~assign~~we orissued ~~sell~~an ~~any~~unsecured ofconvertible ~~their~~promissory ~~Founder~~note ~~Shares~~(the ~~and~~“Sponsor ~~any~~Convertible ~~Class~~Note”) Ato ~~ordinary~~our ~~shares~~Sponsor, ~~issuable~~pursuant to ~~upon~~which ~~conversion thereof~~we ~~until~~may ~~the~~borrow ~~earlier~~up to ~~occur~~$5,000,000 offrom ~~(A) one year after~~ the ~~completion~~Sponsor offor ~~our~~ongoing ~~initial~~expenses ~~business~~reasonably ~~combination~~related ~~and (B) subsequent~~ to ~~our initial~~the business ~~combination,~~of ~~(x) if~~ the ~~closing~~Company ~~price~~and the consummation of ~~our~~a ~~Class~~Business ~~A ordinary shares equals or exceeds $12~~Combination.00 ~~per~~The ~~share~~Sponsor ~~(as~~Convertible ~~adjusted for~~Note ~~share~~is ~~sub~~non-~~divisions,~~interest ~~share~~bearing ~~capitalizations, reorganizations, recapitalizations~~ and ~~the~~all ~~like)~~unpaid ~~for~~principal ~~any~~will 20be ~~trading~~due ~~days within any 30-trading~~and ~~day~~payable ~~period~~in ~~commencing~~full aton ~~least~~the ~~150~~earlier ~~days~~of ~~after~~(i) ~~our~~May ~~initial business combination~~15, or2024 and (yii) the effective date onof ~~which~~a wemerger, ~~complete~~capital astock ~~liquidation~~exchange, ~~merger~~asset acquisition, ~~share~~stock ~~exchange~~purchase, reorganization or ~~other~~ similar ~~transaction~~business ~~that~~combination, ~~results~~involving inus ~~all~~and ofone ~~our~~or ~~public~~more ~~shareholders~~businesses ~~having~~(such ~~the~~earlier ~~right to exchange their ordinary shares for cash~~date, ~~securities~~the ~~or other property~~“Maturity Date”).

OnUp to ~~May 9~~$1, ~~2023~~500,000 ~~pursuant~~of tosuch ~~the~~loans ~~terms~~were convertible into Private Placement Warrants of the ~~Company’s Charter,~~post-business ascombination ~~amended~~entity byat ~~the~~a ~~amendments~~price toof ~~the~~$1.00 per ~~Charter,~~warrant at the ~~holders~~option of the ~~Class~~lender. BOur ~~ordinary~~Sponsor ~~shares~~will have the option, ~~totaling~~at 5any time on or prior to the Maturity Date,~~750,000~~ ~~Class~~to Bconvert ~~ordinary~~any ~~shares~~amounts outstanding under the Sponsor Convertible Note, ~~elected~~into warrants to ~~convert~~purchase ~~5,749,999~~the Company’s Class BA ~~ordinary~~Ordinary ~~share~~Shares ~~held~~at bya ~~them~~conversion price onof a$1.00 ~~one-for-one~~per ~~basis~~warrant, ~~into~~with ~~nonredeemable~~each warrant entitling the holder to purchase one Class A ~~ordinary~~Ordinary ~~shares~~Share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with ~~immediate~~the ~~effect~~Company’s Public Offering. The ~~Following~~Sponsor ~~such~~Convertible ~~conversion,~~Note asis accounted for within the scope of ~~December~~ASC ~~31,~~815 ~~2023~~and as a result, the Company ~~had~~bifurcated anfrom ~~aggregate~~the proceeds allocated to the debt host the fair value of ~~5,749,999~~a ~~Non-Redeemable~~single ~~Class~~derivative that comprises all of the individual features requiring bifurcation. Any remaining Adebt ~~ordinary~~proceeds ~~shares~~will ~~issued~~be ~~and~~allocated ~~outstanding,~~to ~~and~~the ~~one~~debt ~~Class~~host. BThe ~~ordinary~~fair ~~share~~value ~~issued~~of ~~and~~the ~~outstanding~~embedded conversion feature upon the issuance of the Sponsor Convertible Note is de minimis.

On May 11, 2023, the Company amended and restated the Sponsor ~~Notes~~Convertible Note to extend the maturity date from the earlier of (i) May 15, 2023 and (ii) the effective date of a Business Combination to the earlier of (i) May 15, 2024 and (ii) a Business Combination.

On November 6, 2023, as required by the SPA, the Company entered into an Omnibus Termination and Release Agreement with the Original Sponsor (the “Termination Agreement”). Pursuant to the Termination Agreement, the Company terminated the Sponsor Convertible Note in connection with the Closing of the transactions contemplated by the SPA.

OnIn connection ~~April~~with 1,the ~~2022,~~termination weof ~~issued an unsecured convertible promissory note (~~the “Sponsor Convertible Note~~”) to our Sponsor~~, ~~pursuant~~the toOriginal ~~which we may borrow up to $5,000,000 from the~~ Sponsor ~~for~~agreed ~~ongoing expenses reasonably related~~ to ~~the~~cancel ~~business of the Company~~ and ~~the~~waive ~~consummation of a Business Combination. The Sponsor Convertible Note is non-interest bearing and~~ all ~~unpaid~~indebtedness ~~principal will be due and payable in full on the earlier of (i) May 15, 2023 and~~under ~~(ii)~~ the ~~effective~~Sponsor ~~date~~Convertible of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving us and one or more businesses (such earlier date, the “Maturity Date”)Note. If we complete the initial business combination, we will repay any loaned amounts. In the event our initial business combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts.

~~Up to $1,500,000 of such loans may be convertible~~Issuance ~~into Private Placement Warrants~~ of ~~the~~Extension post-business combination entity at a price of $1.00 per warrant at the option of the lender. Our Sponsor will have the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Sponsor Convertible ~~Note,~~ ~~into~~Promissory warrants to purchase the Company’s Class A ordinary shares at a conversion price of $1.00 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company’s Public Offering. The Sponsor Convertible Note is accounted for within the scope of ASC 480 and is measured at fair value upon the issuance and at each reporting period end with changes in fair value recognized in the Statement of Operations. The fair value of this Note considers the likelihood of an initial business combination closing and the potential value of such transaction against the likelihood of no initial business combination taking place resulting in the redemption of the public shares and the fair value of the loan approximating its liquidation value. The fair value of the embedded conversion feature upon the issuance of Sponsor Convertible Note is de minimis.

46In the second quarter of 2023, the Company issued a convertible promissory note (the “Extension Convertible Promissory”) Note to the Sponsor with a principal amount up to $3,600,000. The Extension Convertible Promissory Note bears no interest and is repayable in full upon the earlier of (a) the effective date of a Business Combination, or (b) the date of the Company’s liquidation. If the Company does not consummate a Business Combination by the Extended Date, the Extension Convertible Promissory Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. Upon maturity, the outstanding principal of the Extension Convertible Promissory Note may be converted into warrants, at a price of $1.00 per warrant, at the option of the Sponsor. Such warrants will have terms identical to the warrants issued to the Sponsor in a private placement that closed simultaneously with the IPO.

~~On May 11, 2023,~~ In the ~~Company~~second ~~amended~~quarter and ~~restated the~~third ~~Sponsor~~quarter ~~Convertible~~of ~~Note~~2023, ~~to extend~~ the ~~maturity~~Company ~~date~~borrowed ~~from~~$450,000 ~~the~~and ~~earlier~~$900,000, ~~of (i) May 15~~respectively, ~~2023~~from ~~and (ii)~~ the ~~effective~~Extension ~~date of a Business~~Convertible ~~Combination~~Promissory ~~to the earlier of (i) May 15, 2024 and (ii) a Business Combination~~Note.

On November 6, 2023, as required by the SPA, the Company entered into ana ~~Omnibus~~ Termination ~~and Release~~ Agreement with the Original Sponsor ~~(the “Termination Agreement”)~~. Pursuant to the Termination Agreement, the Company terminated the ~~Sponsor~~Extension Convertible Promissory Note in connection with the Closing of the transactions contemplated by the SPA.

In connection with the termination of the ~~Sponsor~~ Extension Convertible Promissory Note, the Original Sponsor agreed to cancel and waive all indebtedness under the ~~Sponsor~~Extension Convertible Promissory Note.

~~As of December 31, 2023 and 2022, the Company had $0 and $500,000 in total outstanding borrowings under the Sponsor Convertible Note with a fair value of $0 and $100,000, respectively.~~43

~~Issuance of Extension Convertible Promissory~~Blue Perception Note

InThe Company ~~the~~issued ~~second~~a ~~quarter~~Convertible ofSenior Secured Promissory Note on November 6, 2023, ~~the~~to ~~Company~~Blue ~~issued a~~Capital ~~convertible~~Management ~~promissory~~Partners, ~~note~~LLP (~~the~~ “~~Extension Convertible Promissory~~Blue Capital”) ~~Note to the Sponsor~~ with a principal amount up to Two Million Dollars ($32,~~600~~000,000~~. The~~) ~~Extension~~(the ~~Convertible~~“Blue ~~Promissory~~Capital Note”). The Blue Capital Note bears no interest and is repayable in full upon the earlier of (ai) the ~~effective~~ date ofon which the Company consummates a Business Combination, or (bii) the date of the ~~Company’s~~ liquidation. Ifof the Company ~~does~~and ~~not~~(iii) ~~consummate~~December a31, ~~Business~~2024. ~~Combination~~Concurrent bywith the ~~Extended Date,~~closing of the ~~Extension~~Business ~~Convertible~~Combination, any ~~Promissory~~amounts outstanding under the Blue Capital Note ~~will~~(or beany ~~repaid~~portion ~~only~~thereof) ~~from~~will ~~funds~~automatically ~~held~~convert ~~outside~~into Class A Ordinary Shares of the ~~Trust~~Company, ~~Account~~par orvalue ~~will~~$0.0001 beper ~~forfeited, eliminated~~share or(“Class ~~otherwise~~A ~~forgiven~~Ordinary Shares”) at a conversion price equal to $1.00 ~~Upon~~per ~~maturity~~share, and the ~~outstanding~~Original ~~principal~~Sponsor ofwill ~~the~~forfeit ~~Extension~~an ~~Convertible~~equal ~~Promissory~~number ~~Note~~of ~~may~~Class beA ~~converted into~~Ordinary ~~warrants,~~Shares atthat ait ~~price~~owns ofpursuant ~~$1.00~~to ~~per~~the ~~warrant~~SPA. Additionally, atfrom the closing ~~option~~ of the ~~Sponsor.~~Business ~~Such~~Combination ~~warrants~~until ~~will~~the ~~have~~date ~~terms~~that ~~identical~~is toeighteen (18) months after such closing, the ~~warrants~~Company has the right to purchase ~~issued~~from New Sponsor up to 4,533,750 of the warrants that New Sponsor inacquired afrom ~~private~~Original ~~placement~~Sponsor ~~that~~upon ~~closed~~the ~~simultaneously~~Closing ~~with~~of the ~~IPO~~SPA, at a price of $0.10 per private placement warrant.

InIf immediately ~~the~~prior ~~second~~to ~~quarter~~the ~~and~~closing ~~third~~of ~~quarter~~the ofBusiness ~~2023~~Combination, the Maximum Amount has not yet been paid to the Company, ~~borrowed~~Blue Capital shall ~~$450,000~~have ~~and~~the ~~$900,000,~~right ~~respectively,~~to ~~from~~pay any remaining amounts to the ~~Extension~~Company ~~Convertible~~before ~~Promissory~~the ~~Note~~closing of the Business Combination.

OnEffective September ~~November 6~~24, ~~2023~~2024, ~~as required by~~ the ~~SPA, the~~ Company entered into a ~~Termination~~Cancellation Agreement ~~with~~ (the ~~Original~~“Cancellation ~~Sponsor.~~Agreement”) ~~Pursuant~~with Blue Capital pursuant to which the ~~Termination~~Convertible ~~Agreement~~Senior Secured Promissory Note Dated November 6, 2023 in the ~~Company~~original ~~terminated~~principal ~~the~~amount ~~Extension~~of ~~Convertible~~up to Two Million ~~Promissory~~Dollars ($2,000,000) (the “Blue Capital Note”) inwas ~~connection~~cancelled. ~~with~~Prior ~~the~~to ~~Closing~~its ofcancellation, the ~~transactions~~Blue ~~contemplated~~Capital Note had been assigned by ~~the~~Blue ~~SPA~~Capital to Blue Perception Capital LLP (“Blue Perception”).

InConcurrent with ~~connection~~entering into the Cancellation Agreement, the Company entered into a new Convertible Preferred Note dated September 24, 2024 in the original principal amount of up to Two Million Dollars ($2,000,000) with Blue Perception (the ~~termination~~“Blue Perception Note”). The Blue Perception Note bears no interest and is repayable in full upon the earlier of (i) the ~~Extension~~date ~~Convertible~~on ~~Promissory~~which the Company consummates a Business Combination, (ii) the date of the liquidation of the Company and (iii) December 31, 2024. Concurrent with the closing of the Business Combination, any amounts outstanding under the Blue Capital Note (or any portion thereof) will automatically convert into Class A ordinary shares of the Company, par value $0.0001 per share (“Class A Shares”) at a conversion price equal to $1.00 per share, and RCF VII Sponsor LLC (the ~~Original~~“Former Sponsor”) ~~agreed~~will forfeit an equal number of Class A Shares that it owns pursuant to ~~cancel~~the ~~and~~terms ~~waive~~of ~~all~~the ~~indebtedness~~Securities ~~under~~Purchase Agreement. Additionally, from the ~~Extension~~closing ~~Convertible~~of ~~Promissory~~the ~~Note~~Business Combination until the date that is eighteen (18) months after such closing, Blue Perception has the right to purchase from Perception Capital Partners IV LLC up to 377,812.5 Class A Shares, at a per share price of $1.20 per Class A Share.

~~Commitments~~Under the ~~and~~Blue ~~Contractual~~Perception ~~Obligations~~Note, Blue Perception will fund each of the following amounts to the Company no later than the date set forth below:

Ata. ~~December~~Before ~~31,~~the ~~2023,~~date weof ~~did~~the ~~not~~Blue ~~have~~Perception ~~any long-term debt~~Note, ~~finance~~the ~~lease~~Company ~~obligations~~received $1,275,739 ~~operating~~in ~~lease~~connection ~~obligations~~with orthe ~~long-term~~Blue ~~liabilities.~~Capital Note;

~~Service~~b. ~~and~~$50,000 ~~Administrative~~on ~~Fees~~September 30, 2024;

We agreed, commencing on November 10, 2021, to pay an affiliate of our Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support services provided to our management teamc. ~~For the years ended December 31, 2023 and 2022, the Company has incurred~~ $~~237~~50,000 ~~and~~on ~~$137,000,~~October ~~respectively~~15, in ~~these fees. Upon completion of a business combination or the Company’s liquidation, we will cease paying these monthly fees.~~2024;

~~Pursuant to the Termination Agreement, the Company terminated the Administrative Services Agreement, dated November 9, 2021, in connection with the Closing of the transactions contemplated by the SPA~~d. ~~The Original Sponsor forgave and discharged all outstanding fees owed, or~~ $~~237~~312,~~000,~~130 ~~under~~on ~~the~~October ~~Administrative~~31, ~~Services Agreement~~2024;

~~Underwriting~~e. ~~Agreement~~$312,130 on November 29, 2024, provided, however, that the maximum amount of drawdowns outstanding under this Note may not exceed Two Million Dollars ($2,000,000) (such amount, the “Maximum Amount”).

~~The underwriters were paid a cash underwriting~~Subsequent ~~discount~~to ~~of two percent (2%) of~~ the ~~gross~~Company ~~proceeds~~receiving ~~of the Public Offering, or~~ $41,~~600~~275,~~000. Additionally~~739, ~~the~~an ~~underwriters~~additional ~~will be entitled to a Deferred Underwriting Commission of 3.5% or~~ $853,~~050,000~~100 ofwas ~~the~~received ~~gross~~under ~~proceeds of~~ the ~~Public~~Blue ~~Offering~~Perception ~~held~~Note inas ~~the Trust Account upon the completion~~ of ~~the~~December ~~Company’s~~31, ~~initial business combination subject to the terms of the underwriting agreement~~2024. ~~The Deferred Underwriting~~ As ~~Commissions~~of ~~will~~December ~~become~~31, ~~payable~~2024, ~~to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial business combination~~$1,328,839 ~~subject~~was tooutstanding ~~the~~under ~~terms of~~ the ~~underwriting~~Blue ~~agreement~~Perception Note.

~~Registration~~If immediately ~~and~~prior ~~Shareholder~~to ~~Rights~~the closing of the Business Combination, the Maximum Amount has not yet been paid to the Company, Blue Perception shall have the right to pay any remaining amounts to the Company before the closing of the Business Combination.

The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of working capital loans) were entitled to registration rights pursuant to the registration rights agreement signed upon the effective date of the Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.44

47Commitments and Contractual Obligations

~~Employment~~At December ~~Agreement~~31, 2024, we did not have any long-term debt, finance lease obligations, operating lease obligations or long-term liabilities.

~~On September 1, 2022, we entered into the Employment~~Service ~~Agreement with Mr. Shah. The Employment Agreement has a term commencing September 1, 2022~~ and ~~terminates~~Administrative automatically on the later of (i) May 15, 2023, (ii) August 15, 2023 if the Company has executed a letter of intent or agreement in principle in connection with a business combination, and (iii) the closing date of a business combination. Under the Employment Agreement, Mr. Shah is entitled to earn an annual salary of $50,000 and will be reimbursed for all reasonable expenses necessary for him to carry out his duties. Mr. Shah or the Company may terminate the employment with three months’ written notice; however, no notice is required in the case of an automatic termination as described above, or for the Company to terminate the employment for cause, such as due to gross misconduct or material breach of obligations, as set forth under the Employment Agreement. The Employment Agreement also provides for post termination obligations for Mr. Shah, including customary non-compete covenants for up to six months following any termination.Fees

AsWe agreed, commencing on November 10, 2021, to pay an affiliate of our Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support services provided to our management team. For the year ended December 31, 2024 and 2023, ~~Mr.~~the ~~Shah~~Company has ~~received~~incurred ~~compensation of~~$0 and $62237,~~096~~000 ~~under~~of ~~the~~these ~~Employment~~fees, ~~Agreement~~respectively.

~~In connection with Mr. Shah’s resignation~~Pursuant ~~as Chief Executive Officer, pursuant~~ to the ~~SPA~~Termination Agreement, the Company ~~and~~terminated ~~Mr.~~the ~~Shah~~Administrative ~~entered~~Services ~~into~~Agreement, adated ~~letter agreement on~~ November 69, ~~2023 (the “Employment Termination Date”)~~2021, ~~terminating~~in ~~his~~connection ~~Employment Agreement~~ with the ~~Company~~Closing ~~dated~~of ~~September~~the 1,transactions ~~2022~~contemplated (by the ~~“Employment Agreement”)~~SPA. The ~~letter~~Original ~~agreement~~Sponsor ~~between~~forgave ~~Mr. Shah~~ and ~~the~~discharged ~~Company~~all ~~provides~~outstanding ~~that~~fees ~~the~~owed, ~~Company~~or ~~will (i) pay the sum of~~ $12237,~~500 to Mr. Shah as a payment~~000, ~~in lieu of notice owed~~ under the ~~Employment~~Administrative ~~Agreement~~Services ~~through the next available payroll following the Employment Termination Date and (ii) make a payment in lieu of Mr~~Agreement. ~~Shah’s accrued but untaken holiday entitlement.~~

~~Critical Accounting Policies and Estimates~~Underwriting Agreement

The underwriters ~~preparation~~were ofpaid ~~financial~~a ~~statements~~cash inunderwriting ~~conformity~~discount ~~with~~of ~~U.S.~~two ~~GAAP requires~~percent ~~management~~(2%) toof ~~make~~the ~~estimates~~gross ~~and~~proceeds ~~assumptions~~of ~~that affect~~ the ~~reported~~Public ~~amounts~~Offering, ofor ~~assets~~$4,600,000. Additionally, ~~and~~the ~~liabilities~~underwriters ~~and~~will ~~disclosure~~be ofentitled ~~contingent assets~~to ~~and~~a ~~liabilities~~Deferred atUnderwriting ~~the~~Commission ~~date~~ of ~~the~~3.5% ~~financial~~or ~~statements~~$8,050,000 ~~and~~of the ~~reported~~gross ~~amounts~~proceeds of the ~~income~~Public ~~and~~Offering ~~expenses~~held ~~during~~in the ~~reporting~~Trust ~~period. Making~~Account ~~estimates~~upon ~~requires~~the ~~management~~completion toof ~~exercise~~the ~~significant~~Company’s ~~judgment.~~initial Itbusiness iscombination atsubject ~~least~~to ~~reasonably possible that~~ the terms ~~estimate~~ of the ~~effect of~~underwriting aagreement. ~~condition,~~The ~~situation~~Deferred orUnderwriting ~~set~~Commissions ofwas ~~circumstances~~payable ~~that~~to ~~existed at~~ the ~~date~~underwriters offrom the ~~financial~~amounts ~~statements,~~held ~~which management considered~~ in the ~~formulating~~Trust ~~its~~Account ~~estimate,~~solely ~~could change~~ in the ~~near~~event ~~term~~that ~~due~~the toCompany ~~one~~completes oran ~~more~~initial ~~future~~business ~~confirming~~combination, ~~events.~~subject ~~Accordingly,~~to the ~~actual~~terms ~~results~~of ~~could differ significantly from those estimates. We have identified~~ the ~~following critical accounting estimates:~~underwriting agreement.

~~Warrant~~On October ~~Liabilities~~26, 2023 and November 6, 2023, the underwriters for the Company’s Initial Public Offering, consisting of Barclays Capital Inc. and Citigroup Global Markets Inc. agreed to waive all rights to their respective portion of the Deferred Underwriting Commission.

~~We evaluated the Public Warrants and Private Placement~~Registration ~~Warrants (collectively, “Warrant Securities”) in accordance with ASC 815-40, “Derivatives~~ and ~~Hedging~~Shareholder - Contracts in Entity’s Own Equity” and concluded that the Warrant Securities could not be accounted for as components of equity. As the Warrant Securities meet the definition of a derivative in accordance with ASC 815, the Warrant Securities are recorded as derivative liabilities on the balance sheet and measured at fair value at inception (the Closing Date) and remeasured at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change.Rights

~~Convertible~~The holders ~~Senior~~of ~~Secured~~the ~~Promissory~~Founder ~~Note~~Shares, Private Placement Warrants, and warrants that may be issued upon conversion of working capital loans (and any Class A Ordinary Shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of working capital loans) were entitled to registration rights pursuant to the registration rights agreement signed upon the effective date of the Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

~~We evaluated the Convertible Senior Secured Promissory~~Employment Note (“Blue Capital Note”) in accordance with ASC 815-15, “Derivatives and Hedging” and concluded that with the exception of the Private Placement Warrants feature for which the fair value of the embedded derivative feature was bifurcated, the remaining debt proceeds received have been allocated to the debt host at Par (i.e., recorded at proceeds received). Pursuant to ASC 470, the Company recorded the fair value of the embedded derivative feature on the consolidated balance sheets using the relative fair value method and the related amortization of the debt discount on its consolidated statements of operations.Agreement

48On September 1, 2022, we entered into the Employment Agreement with Mr. Shah. The Employment Agreement has a term commencing September 1, 2022 and terminates automatically on the later of (i) May 15, 2023, (ii) August 15, 2023 if the Company has executed a letter of intent or agreement in principle in connection with a business combination, and (iii) the closing date of a business combination. Under the Employment Agreement, Mr. Shah is entitled to earn an annual salary of $50,000 and will be reimbursed for all reasonable expenses necessary for him to carry out his duties. Mr. Shah or the Company may terminate the employment with three months’ written notice; however, no notice is required in the case of an automatic termination as described above, or for the Company to terminate the employment for cause, such as due to gross misconduct or material breach of obligations, as set forth under the Employment Agreement. The Employment Agreement also provides for post termination obligations for Mr. Shah, including customary non-compete covenants for up to six months following any termination.

~~Recent~~In connection ~~Accounting~~with ~~Standards~~Mr. Shah’s resignation as Chief Executive Officer, pursuant to the SPA, the Company and Mr. Shah entered into a letter agreement on November 6, 2023 (the “Employment Termination Date”), terminating his Employment Agreement with the Company dated September 1, 2022 (the “Employment Agreement”). The letter agreement between Mr. Shah and the Company provides that the Company will (i) pay the sum of $12,500 to Mr. Shah as a payment in lieu of notice owed under the Employment Agreement through the next available payroll following the Employment Termination Date and (ii) make a payment in lieu of Mr. Shah’s accrued but untaken holiday entitlement.

~~Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statement.~~45

~~Emerging~~Critical Accounting ~~Growth~~Policies ~~Company~~and Estimates

WeThe preparation ~~are~~of anfinancial ~~“emerging~~statements ~~growth~~in ~~company,” as~~conformity ~~defined~~with inU.S. ~~Section~~GAAP ~~2(a)~~requires ofmanagement ~~the~~to ~~Securities~~make ~~Act,~~estimates asand ~~modified~~assumptions bythat affect the reported ~~JOBS~~amounts ~~Act,~~of assets and itliabilities ~~may~~and ~~take~~disclosure ~~advantage~~ of ~~certain~~contingent ~~exemptions~~assets ~~from~~and ~~various reporting~~liabilities ~~requirements~~at ~~that~~the ~~are~~date ~~applicable~~of tothe ~~other~~financial ~~public~~statements and ~~companies~~the ~~that~~reported ~~are~~amounts ~~not~~of ~~emerging~~income ~~growth~~and ~~companies~~expenses ~~including,~~during ~~but~~the ~~not~~reporting ~~limited to,~~period. ~~not~~Making ~~being~~estimates ~~required~~requires management to ~~comply~~exercise ~~with~~significant judgment. ~~the~~It ~~auditor~~is ~~attestation~~at ~~requirements~~least ofreasonably ~~Section~~possible ~~404~~that the estimate of the ~~Sarbanes-Oxley~~effect ~~Act~~ of ~~2002~~a condition, ~~reduced~~situation ~~disclosure obligations~~or ~~regarding~~set ~~executive~~of ~~compensation~~circumstances inthat ~~its~~existed at ~~periodic~~the ~~reports~~date ~~and~~of ~~proxy~~the financial statements, ~~and~~which ~~exemptions~~management ~~from~~considered in formulating its estimate, could change in the ~~requirements~~near ofterm ~~holding~~due to aone ~~nonbinding~~or ~~advisory~~more ~~vote~~future onconfirming ~~executive~~events. ~~compensation~~Accordingly, ~~and~~the ~~stockholder~~actual ~~approval~~results ofcould ~~any~~differ ~~golden~~significantly ~~parachute~~from ~~payments~~those ~~not~~estimates. ~~previously~~We ~~approved.~~have identified the following critical accounting estimates:

~~Further, Section 102(b)(1) of the JOBS Act exempts~~Warrant 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 an emerging growth 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 an election to opt out is irrevocable.Liabilities

We evaluated ~~elected~~the ~~not~~Public toWarrants ~~opt~~and ~~out~~Private ofPlacement ~~such~~Warrants ~~extended~~(collectively, ~~transition~~“Warrant Securities”) in accordance with ASC ~~period~~815-40, ~~which~~“Derivatives ~~means~~and ~~that~~Hedging ~~when~~- aContracts ~~standard~~in isEntity’s ~~issued~~Own orEquity” ~~revised~~ and itconcluded ~~has~~that ~~different~~the ~~application~~Warrant ~~dates~~Securities could not be accounted for ~~public~~as orcomponents ~~private~~of ~~companies~~equity. As the Warrant Securities meet the definition of a derivative in accordance with ASC 815, ~~we,~~the asWarrant anSecurities ~~emerging~~are ~~growth~~recorded ~~company,~~as ~~can~~derivative ~~adopt~~liabilities on the ~~new~~balance orsheet ~~revised~~and ~~standard~~measured at fair value at inception (the ~~time~~Closing Date) ~~private~~and ~~companies~~remeasured ~~adopt~~at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the ~~new~~Statement orof ~~revised~~Operations ~~standard~~in the period of change.

~~Recent~~Convertible Senior ~~Developments~~Secured Promissory Note

OnWe evaluated ~~November 1, 2023,~~ the ~~Sponsor~~Convertible ~~entered~~Senior ~~into a~~Secured ~~Securities~~Promissory ~~Purchase~~Note ~~Agreement~~ (~~the~~ “~~SPA”)~~Blue ~~with Perception~~ Capital ~~Partners~~Note”) IVin ~~LLC~~accordance ~~(the~~with ~~“Purchaser”)~~ASC 815-15, ~~pursuant~~“Derivatives toand ~~which,~~Hedging” ~~among~~and ~~other~~concluded ~~things,~~that with the ~~Purchaser~~exception ~~acquired certain~~ of the ~~Sponsor’s~~Private ~~(i)~~Placement ~~Class~~Warrants Afeature ~~ordinary~~for ~~shares,~~which ~~par~~the fair value ~~$0.0001~~of ~~per~~the embedded ~~share~~derivative ~~(“Class~~feature Awas ~~Ordinary Shares”)~~bifurcated, of the ~~Company~~remaining ~~and~~debt ~~(ii)~~proceeds ~~private~~received ~~placement~~have ~~warrants~~been ~~(together~~allocated ~~with~~to the ~~Class~~debt Ahost ~~Ordinary Shares~~at Par (i.e., ~~the~~recorded ~~“Securities”~~at proceeds received). ~~The~~Pursuant ~~closing~~to ofASC 470, the ~~transactions~~Company ~~contemplated~~recorded by the ~~SPA~~fair isvalue ~~expected~~of tothe beembedded derivative feature on ~~November~~the 6,consolidated ~~2023,~~balance ~~subject~~sheets tousing the ~~terms~~relative fair value method and ~~conditions~~the ~~described~~related ~~therein~~amortization of the debt discount on its statements of operations.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Reference is made to pages F-1 through F-2022 comprising a portion of this Annual Report on Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of December 31, ~~2023~~2024, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of December 31, ~~2023~~2024, our disclosure controls and procedures were not effective due to the material weakness in our internal control over financial reporting in connection with accounting for complex financial reporting transactions.

4946

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Controls Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements prepared for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, ~~2023~~2024 using the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment and those criteria, management concluded that our internal control over financial reporting was not effective as of December 31, ~~2023~~2024. Specifically, the Company’s management has concluded that our control around the interpretation and accounting for certain complex financial reporting transactions was not effectively designed or maintained. This material weakness resulted in the immaterial corrections of the Company’s balance sheet as of December 31, 2022 and its interim financial statements for the quarters ended March 31, 2023, September 30, 2022, and June 30, 2022. Additionally, the Company’s management has concluded that our control around the accounting for its complex financial instrument related to its convertible sponsor notes was not effective. This material weakness resulted in material correction of the Company’s financial statements for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023.

InAdditionally, the ~~light~~Company’s ofmanagement ~~this~~determined ~~material~~it ~~weakness,~~should werestate ~~performed~~its previously reported financial statements for the periods ended December ~~additional~~31, ~~analysis~~2023 asand ~~deemed~~March ~~necessary~~31, to2024. ~~ensure~~The Company identified that ~~our~~the ~~unaudited~~liability ~~interim~~for ~~financial~~deferred ~~statements~~underwriting ~~were~~commissions ~~prepared~~should have been extinguished in ~~accordance~~during ~~with~~the ~~U.S. generally~~quarter ~~accepted~~ended ~~accounting~~December ~~principles~~31, 2023. ~~Accordingly~~As a result, ~~management~~the ~~believes~~Company ~~that~~did ~~the~~not ~~financial~~adhere ~~statements~~to ~~included~~ASC in405 guidance. Due to this ~~Annual~~error, ~~Report~~deferred onunderwriting ~~Form~~commissions ~~10-K~~was ~~present~~overstated ~~fairly~~and inaccumulated ~~all~~deficit ~~material~~and ~~respects~~net ~~our~~income ~~financial~~was ~~position,~~understated. ~~results~~The impact of ~~operations~~the ~~and~~error ~~cash~~affects ~~flows~~the financial statements for the ~~period~~year ~~presented~~ended December 31, 2023 and three months ended March 31, 2024.

~~This~~In light ~~Annual~~of ~~Report~~this onmaterial ~~Form~~weakness, ~~10-K~~we ~~does~~performed ~~not~~additional ~~include an~~analysis ~~attestation~~as ~~report~~deemed ofnecessary to ensure that our ~~independent~~unaudited ~~registered~~interim ~~public~~financial statements were prepared in accordance with U.S. generally accepted accounting ~~firm~~principles. Accordingly, management believes that the financial statements included in this Annual Report on ~~our~~Form ~~internal~~10-K ~~control~~present ~~over~~fairly ~~financial~~in ~~reporting~~all ~~due~~material torespects anour financial position, results ~~exemption~~of ~~established~~operations byand ~~the JOBS~~cash ~~Act~~ flows for ~~“emerging~~the ~~growth~~period ~~companies~~presented.”

~~Changes~~Management has inundertaken ~~Internal~~remediation ~~Control~~steps to address the material weaknesses, including increasing its management review processes over ~~Financial~~complex ~~Reporting~~financial reporting transactions. This remediation is an ongoing process and there can be no assurance that it will effectively address the material weaknesses.

~~There were no changes in our internal control~~This ~~over~~Annual ~~financial~~Report ~~reporting~~on ~~(as~~Form ~~such~~10-K ~~term~~does isnot ~~defined~~include inan ~~Rules~~attestation ~~13a-15(f)~~report ~~and 15d-15(f)~~ of ~~the~~our ~~Exchange~~independent ~~Act)~~registered ~~during~~public ~~the~~accounting ~~most~~firm ~~recent~~on ~~fiscal~~our internal ~~quarter~~control ~~that~~over ~~have~~financial ~~materially~~reporting ~~affected,~~due ~~or are reasonably likely~~ to ~~materially~~an ~~affect,~~exemption ~~our~~established ~~internal~~by ~~control~~the JOBS ~~over~~Act for ~~financial~~“emerging ~~reporting~~growth companies.”

~~ITEM~~Changes in ~~9B.~~Internal ~~OTHER~~Control ~~INFORMATION.~~over Financial Reporting

~~None~~There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9C 9B. ~~DISCLOSURE~~OTHER ~~REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS~~INFORMATION.

~~Not applicable~~None.

50ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

~~PART~~Not ~~III~~applicable.

~~ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.~~48

~~Directors and Executive Officers~~PART III

~~Our~~ITEM 10. ~~directors~~DIRECTORS, ~~and~~EXECUTIVE ~~executive~~OFFICERS ~~officers~~AND ~~are~~CORPORATE ~~as follows:~~GOVERNANCE.

Name	Age	Position
R. Rudolph Reinfrank	68	Independent Director
Thomas J. Abood	59	Independent Director
Scott Honour	57	Chairman
Rick Gaenzle	58	Director and CEO
Karrie Willis	51	Independent Director
Tao Tan	38	President
John Stanfield	42	Chief Financial Officer

Directors and Executive Officers

~~R. Rudolph Reinfrank serves on our~~Our ~~Board~~directors ~~of Directors since November 2023. Mr. Reinfrank is the Managing General Partner of Riverford Partners, LLC, a strategic advisory~~ and ~~investment~~executive ~~firm~~officers ~~which~~are ~~acts~~ as an investor, board member and strategic advisor to growth companies and companies in transition. Prior to founding Riverford, Mr. Reinfrank was a co-founder and a Managing General Partner of Clarity Partners L.P., an $800 million private equity firm focused on media and communications, and a co-founder of Clarity China, L.P., a $220 million private equity partnership with investments in Greater China. Prior to joining Clarity, he was a co-founder and a Managing General Partner of Rader Reinfrank & Co., a private equity fund. His prior experience includes roles as an executive, investor, and advisor across a wide range of industries for the Roy E. Disney and Marvin Davis families. Mr. Reinfrank is a member of the board of directors of MidCap Financial Investment Corp. (formerly Apollo Investment Corporation), a registered investment company and publicly-traded financial services company. Mr. Reinfrank is also a member of the board of directors of Perception Capital Corp. II, Mount Logan Capital, a publicly traded Canadian based asset manager. Mr. Reinfrank is a Senior Advisor to Grafine Partners and an Operating Partner of Nile Capital Group, both private asset management firms. Until 2021, Mr. Reinfrank was a Senior Advisor to BC Partners, a private equity and credit firm. Until November 2018, Mr. Reinfrank was a member of the board of directors of Kayne Anderson Acquisition Corp., and chairman of its audit committee and a member of its compensation committee. Mr. Reinfrank earned a B.A. from Stanford University and an M.B.A from the UCLA Graduate School of Management.follows:

Thomas J. Abood serves on our Board of Directors since November 2023. From September 2019 to September 2022, Mr. Abood was CEO and a director of EVO, a national trucking firm serving the USPS and other freight customers. Currently, he sits on the board of directors of Nelson Worldwide Holdings, a national architecture, engineering and interior design firm, Perception Capital Corp. II, and SBH Funds, a mutual fund complex sponsored by Segall Bryant and Hamill. From 1994 to 2014, Mr. Abood was an owner and Executive Vice President, General Counsel and Secretary of Dougherty Financial Group LLC. From 1988 to 1994, Mr. Abood was an associate with the law firm of Skadden Arps. Mr. Abood is past Chair of the Archdiocesan Finance Council and Corporate Board of the Archdiocese of St. Paul and Minneapolis, past Chair of the board of directors and executive committee member of Citation Jet Pilots, Inc. owner pilot association, past Chair of the Board and director of MacPhail Center for Music, past Chair of the Board and governor of the University of St. Thomas School of Law, past Chair of the Board and director of the Minnesota Children’s Museum and past President and Governor of The Minikahda Club. Mr. Abood received his J.D. from Georgetown University Law Center, cum laude and his B.B.A. from the University of Notre Dame, magna cum laude.

Name	Age	Position
R. Rudolph Reinfrank	69	Independent Director
Thomas J. Abood	60	Independent Director
Scott Honour	58	Chairman
Rick Gaenzle	59	Director and CEO
Karrie Willis	52	Independent Director
John Stanfield	43	Chief Financial Officer

~~Scott~~R. ~~Honour serves~~Rudolph asReinfrank ~~the~~serves ~~Chairman of~~on our Board of Directors since November 2023. Mr. ~~Honour~~Reinfrank ~~has~~is ~~over~~the ~~30 years~~Managing General Partner of ~~private~~Riverford ~~equity~~Partners, ~~investment~~LLC, ~~experience~~a strategic advisory and ~~has~~investment ~~been~~firm ~~involved~~which inacts ~~over 100~~as ~~transactions~~an ~~totaling~~investor, ~~over~~board ~~$20 billion~~member inand ~~transaction~~strategic ~~value.~~advisor ~~Mr. Honour~~to isgrowth ~~the~~companies ~~Managing~~and companies ~~Partner~~in oftransition. ~~NPG,~~Prior ato ~~private~~founding ~~equity firm~~Riverford, ~~which~~Mr. Reinfrank hewas a co-~~founded~~founder inand ~~2012.~~a HeManaging ~~also~~General ~~serves~~Partner ~~as Chairman~~ of Clarity ~~EVO~~Partners L.P., ~~the~~an ~~Chairman~~$800 million ofprivate ~~Perception~~equity ~~Capital~~firm ~~Corp. III,~~focused on media and ~~previously served~~communications, asand ~~Chairman~~a co-founder of Clarity ~~Perception~~China, ~~Capital Corp~~L. IIP., ~~and~~a ~~Sustainable~~$220 million ~~Opportunities~~private ~~Acquisition~~equity ~~Corp.,~~partnership ~~the~~with ~~first~~investments ~~ESG~~in ~~focused~~Greater ~~SPAC~~China. Prior to ~~that~~joining Clarity, ~~Mr.~~he was a co-founder ~~Honour~~and ~~was~~a atManaging ~~The~~General ~~Gores~~Partner ~~Group~~of Rader Reinfrank & Co., a ~~Los Angeles-based~~ private equity ~~firm,~~fund. ~~for~~His ~~10 years,~~prior ~~serving~~experience includes roles as ~~Senior~~an ~~Managing Director~~executive, investor, and asadvisor ~~one~~across a wide range of industries for the ~~firm’s~~Roy ~~top~~E. Disney ~~executives~~and Marvin Davis families. Mr. ~~Honour~~Reinfrank ~~also~~is ~~served~~a onmember of the ~~investment~~board ~~committee~~of ~~for~~directors ~~The~~of ~~Gores~~MidCap ~~Group.~~Financial ~~During his~~Investment ~~time~~Corp. at(formerly ~~The~~Apollo ~~Gores Group~~Investment Corporation), ~~the~~a ~~firm~~registered ~~raised~~investment ~~four~~company ~~funds,~~and ~~totaling $4~~publicly-traded ~~billion~~financial inservices ~~aggregate,~~company. ~~and~~Mr. Reinfrank ~~made~~is ~~over~~also 35a member ~~investments.~~of ~~Prior~~the ~~to joining~~board ~~The~~of ~~Gores~~directors ~~Group,~~of MrPerception Capital Corp. ~~Honour~~II, ~~was~~Mount aLogan ~~Managing~~Capital, ~~Director~~a atpublicly ~~UBS~~traded ~~Investment~~Canadian ~~Bank~~based ~~from~~asset manager. ~~2000~~Until toDecember ~~2002~~2022, ~~and~~Mr. Reinfrank was ana ~~investment~~Senior ~~banker at~~Advisor ~~Donaldson,~~to ~~Lufkin &~~Grafine ~~Jenrette~~Partners ~~from~~and ~~1991~~an toOperating ~~2000.~~Partner ~~Mr. Honour~~of ~~began~~Nile ~~his~~Capital Group, ~~career~~both atprivate ~~Trammell~~asset ~~Crow~~management ~~Company~~firms. inUntil ~~1988.~~2021, Mr. ~~Honour has~~Reinfrank ~~served~~was ona ~~the~~Senior ~~board~~Advisor ofto ~~directors~~BC ofPartners, ~~numerous~~a ~~public and~~ private ~~companies,~~equity ~~including~~and credit ~~Anthem~~firm. ~~Sports~~Until November &2018, ~~Entertainment Inc~~Mr.~~, 1st~~ ~~Choice~~Reinfrank ~~Delivery,~~was ~~United~~a ~~Language~~member ~~Group,~~of ~~Renters~~the ~~Warehouse,~~board ~~Real~~of ~~Dolmen~~directors ~~(REM:~~of ~~BB)~~Kayne ~~and~~Anderson ~~Westwood One, Inc. (formerly~~Acquisition ~~Nasdaq: WWON)~~Corp., and ischairman ~~a co-founder~~ of ~~Titan~~its ~~CNG~~audit ~~LLC~~committee and ~~YapStone~~a ~~Inc~~member of its compensation committee. Mr. ~~Honour~~Reinfrank earned a B.~~S. and B.~~A., ~~cum laude, in Business~~from ~~Administration~~Stanford ~~and Economics from Pepperdine~~ University and an M.B.A. ~~in Finance and Marketing~~ from the ~~Wharton~~UCLA Graduate School of ~~the University of Pennsylvania~~Management.

~~Rick~~Thomas ~~Gaenzle~~J. Abood serves ason our Board ~~Chief~~of ~~Executive Officer~~Directors ~~and~~since ~~director~~November 2023. ~~Mr.~~From September ~~Gaenzle~~2019 ~~has~~to ~~over~~September 2022, 30Mr. ~~years~~Abood ofwas ~~private~~CEO ~~equity investment~~ and ~~corporate~~a ~~finance~~director of ~~experience;~~EVO, ~~he is~~ a ~~co-founder and currently~~national ~~serves~~trucking asfirm aserving ~~Managing~~the ~~Director~~USPS ofand ~~Gilbert~~other ~~Global~~freight ~~Equity~~customers. ~~Capital~~Currently, ~~L.L.C.,~~he ~~the~~sits ~~principal~~on ~~investment~~the ~~advisor~~board toof ~~Gilbert~~directors ~~Global Equity~~of ~~Partners,~~Nelson ~~L.P.~~Worldwide ~~and related entities~~Holdings, a ~~$1.2 billion~~national ~~leveraged~~architecture, ~~buyout~~engineering and ~~private~~interior ~~equity~~design ~~fund.~~firm ~~Mr. Gaenzle~~and ~~has~~SBH ~~spent~~Funds, ~~the~~a ~~last~~mutual fund complex ~~28 years~~sponsored atby ~~Gilbert~~Segall ~~Global~~Bryant and ~~its~~Hamill. ~~predecessor~~From ~~entity,~~1994 ~~completing~~to ~~over 110 direct equity investments~~2014, ~~co-investments~~Mr. ~~and~~Abood ~~add-on acquisitions for~~was ~~portfolio~~an ~~companies.~~owner Heand ~~also~~Executive ~~serves~~Vice asPresident, ~~the~~General ~~Chief Executive Officer~~ Counsel and aSecretary ~~member~~ of ~~the~~Dougherty ~~board~~Financial ofGroup ~~directors~~LLC. From of1988 ~~Perception~~to ~~Capital~~1994, ~~Corp~~Mr. ~~III, and~~Abood ~~previously~~was ~~served~~an inassociate ~~that~~with ~~same~~the ~~role~~law onfirm ~~Perception~~of ~~Capital Corp~~Skadden Arps. ~~II. Previously,~~ Mr. ~~Gaenzle~~Abood ~~was~~is apast ~~Principal~~Chair of ~~Soros Capital L.P.,~~ the ~~principal~~Archdiocesan ~~venture~~Finance ~~capital~~Council and ~~leveraged~~Corporate ~~equity~~Board ~~entity~~ of the ~~Quantum~~Archdiocese ~~Group~~ of ~~Funds~~St. Paul and Minneapolis, apast ~~principal~~Chair ~~advisor~~of tothe ~~Quantum Industrial~~board ~~Holdings~~of ~~Ltd.~~directors ~~Prior~~and toexecutive ~~joining~~committee ~~Soros~~member ~~Capital,~~of ~~Mr. Gaenzle~~Citation ~~held~~Jet ~~various~~Pilots, ~~positions at PaineWebber~~ Inc. ~~Mr. Gaenzle~~owner pilot ~~currently~~association, ~~serves~~past asChair ~~an Operating Partner~~ of ~~NPG~~the Board and ~~Chairman~~director of ~~Lake~~MacPhail ~~Street~~Center ~~Homes~~for Music, apast ~~single-family rental~~Chair ~~investment~~of ~~vehicle.~~the ~~Mr. Gaenzle previously~~Board ~~served~~and ongovernor of the University ~~boards~~ of ~~CPM Holdings, Inc~~St., ~~True~~Thomas ~~Temper~~School ~~Corp,~~of ~~Optical Capital Group~~Law, ~~Inc.,~~past ~~Birch~~Chair ~~Telecommunications,~~of ~~Inc., E-via S.p.A., Tinka-ServiCos de Consultoria, S.A.,~~ the ~~LaserSharp~~Board ~~Corporation~~ and ~~Sustainable~~director ~~Opportunities~~of ~~Acquisition~~the ~~Corp. (“SOAC”),~~Minnesota ~~where~~Children’s heMuseum ~~also~~and ~~served~~past President asand ~~Chairman~~Governor of ~~the~~The ~~Audit~~Minikahda ~~Committee~~Club. Mr. ~~Gaenzle~~Abood ~~holds~~received ahis BJ.AD. from ~~Hartwick~~Georgetown ~~College~~University Law Center, cum laude and anhis MB.B.A. from ~~Fordham~~the University of Notre Dame, magna cum laude.

51Scott Honour serves as the Chairman of our Board of Directors. Mr. Honour has over 30 years of private equity investment experience and has been involved in over 100 transactions totaling over $20 billion in transaction value. Mr. Honour is the Managing Partner of NPG, a private equity firm, which he co-founded in 2012. He also serves as Chairman of EVO, the Chairman of Perception Capital Corp. III, and previously served as Chairman of Perception Capital Corp. II and Sustainable Opportunities Acquisition Corp., the first ESG focused SPAC. Prior to that, Mr. Honour was at The Gores Group, a Los Angeles-based private equity firm, for 10 years, serving as Senior Managing Director and as one of the firm’s top executives. Mr. Honour also served on the investment committee for The Gores Group. During his time at The Gores Group, the firm raised four funds, totaling $4 billion in aggregate, and made over 35 investments. Prior to joining The Gores Group, Mr. Honour was a Managing Director at UBS Investment Bank from 2000 to 2002 and was an investment banker at Donaldson, Lufkin & Jenrette from 1991 to 2000. Mr. Honour began his career at Trammell Crow Company in 1988. Mr. Honour has served on the board of directors of numerous public and private companies, including Anthem Sports & Entertainment Inc., 1st Choice Delivery, United Language Group, Renters Warehouse, Real Dolmen (REM: BB) and Westwood One, Inc. (formerly Nasdaq: WWON), and is a co-founder of Titan CNG LLC and YapStone Inc. Mr. Honour earned a B.S. and B.A., cum laude, in Business Administration and Economics from Pepperdine University and an M.B.A. in Finance and Marketing from the Wharton School of the University of Pennsylvania.

Karrie Willis serves on our Board of Directors. Ms. Willis is the CFO of SMITH, a full-service digital agency with expertise in commerce, technology, custom architecture and software development. Prior to joining SMITH in 2020, Ms. Willis was the CFO of United Language Group, where she worked for four years. Currently, she is an independent board member and chair of the audit committee of Perception Capital Corp. II, as well as MSA Engineering, a board member and treasurer of The Heroes Journey and executive chair of the Diversity & Inclusion Committee of SMITH, where she also attends all board meetings and presents content as a non-board member. During Ms. Willis’ tenure at United Language Group, she attended all board meetings and presented content as a non-board member. Ms. Willis has over 25 years of experience in financial and board leadership in private, private-equity and family fund sponsored structures. She earned a B.S. in Accounting from the University of Wisconsin LaCrosse and is licensed as a Certified Public Accountant in Minnesota.49

Rick Gaenzle serves as our Chief Executive ~~Officers~~Officer ~~Who~~and ~~Are~~director. ~~Not~~Mr. Gaenzle ~~Directors~~has over 30 years of private equity investment and corporate finance experience; he is a co-founder and currently serves as a Managing Director of Gilbert Global Equity Capital, L.L.C., the principal investment advisor to Gilbert Global Equity Partners, L.P. and related entities, a $1.2 billion leveraged buyout and private equity fund. Mr. Gaenzle has spent the last 28 years at Gilbert Global and its predecessor entity, completing over 110 direct equity investments, co-investments and add-on acquisitions for portfolio companies. He also serves as the Chief Executive Officer and a member of the board of directors of Perception Capital Corp. III, and previously served in that same role on Perception Capital Corp. II. Previously, Mr. Gaenzle was a Principal of Soros Capital L.P., the principal venture capital and leveraged equity entity of the Quantum Group of Funds and a principal advisor to Quantum Industrial Holdings Ltd. Prior to joining Soros Capital, Mr. Gaenzle held various positions at PaineWebber Inc. Mr. Gaenzle currently serves as an Operating Partner of NPG and Chairman of Lake Street Homes, a single-family rental investment vehicle. Mr. Gaenzle previously served on the boards of CPM Holdings, Inc., True Temper Corp, Optical Capital Group, Inc., Birch Telecommunications, Inc., E-via S.p.A., Tinka-ServiCos de Consultoria, S.A., the LaserSharp Corporation and Sustainable Opportunities Acquisition Corp. (“SOAC”), where he also served as Chairman of the Audit Committee. Mr. Gaenzle holds a B.A. from Hartwick College and an M.B.A. from Fordham University.

~~Tao Tan~~Karrie Willis serves ason our ~~President.~~Board ~~Mr. Tan has nearly 15 years~~ of ~~experience~~Directors. ~~across finance, strategy and business transformation~~Ms. HeWillis ~~serves~~is asthe ~~Co-President~~ CFO of ~~Perception Capital Corp. III~~SMITH, ~~and~~a ~~previously served as Co~~full-~~President~~service ofdigital ~~Perception~~agency ~~Capital~~with ~~Corp. II. Prior~~expertise toin commerce, ~~joining Perception~~technology, ~~Mr. Tan~~ ~~was~~custom anarchitecture ~~officer~~ and asoftware ~~senior~~development. ~~advisor~~Prior to ~~multiple~~joining ~~investing~~SMITH ~~and~~in ~~operating entities. Until~~ 2020, MrMs. ~~Tan~~ Willis was anthe ~~Associate Partner~~CFO atof ~~McKinsey &~~United Language ~~Company’s New York office. At McKinsey~~Group, ~~Mr. Tan~~where ~~led~~she ~~teams~~worked ~~across~~for ~~the firm’s transformation and private equity~~four &years. ~~principal investor practices~~Currently, ~~where~~she heis ~~drove~~an ~~comprehensive~~independent ~~performance~~board ~~transformation~~member and ~~turnaround~~chair ~~programs for~~of ~~companies~~the ~~with~~audit ~~revenues~~committee of ~~ranging~~Perception ~~from~~Capital ~~$200~~Corp. ~~million~~II, toas ~~$25 billion~~well ~~across~~as ~~multiple~~MSA ~~industries and continents. Most recently~~Engineering, ~~Mr. Tan~~ ~~helped~~a ~~found,~~board ~~launch~~member and ~~lead~~treasurer ~~McKinsey’s~~of ~~SPAC~~The ~~service~~Heroes ~~line,~~Journey and ~~served~~executive inchair of athe ~~leadership role in McKinsey’s COVID-19~~Diversity ~~client response~~& ~~team.~~Inclusion ~~Prior~~Committee toof ~~McKinsey~~SMITH, ~~Mr. Tan~~where ~~was~~she aalso ~~Senior~~attends ~~Associate~~all atboard ~~Rose~~meetings ~~Tech~~and ~~Ventures,~~presents ~~where~~content heas ~~led~~a ~~the firm’s first~~non-~~round~~board ~~investment~~member. inDuring ~~JUMP~~Ms. ~~Bikes,~~Willis’ ~~which~~tenure ~~was~~at ~~subsequently~~United ~~sold~~Language toGroup, ~~Uber~~she inattended ~~2018.~~all ~~Prior~~board tomeetings ~~Rose~~and ~~Tech~~presented ~~Ventures,~~content ~~Mr. Tan~~as ~~served~~a innon-board ~~investment banking and~~member. ~~capital~~Ms. ~~markets~~Willis ~~roles~~has atover ~~Bank~~25 years of ~~America~~experience ~~Merrill~~in ~~Lynch~~financial and ~~Lehman~~board ~~Brothers.~~leadership ~~Mr. Tan~~in isprivate, ~~a member of the Council on Foreign Relations~~ private-equity and offamily ~~the~~fund ~~Economic Club of New York~~sponsored structures. ~~Mr. Tan~~She ~~received~~earned ~~his~~a B.AS. ~~and~~in ~~his~~Accounting ~~M.B.A, both with honors,~~ from ~~Columbia~~the University ~~in the City~~ of ~~New York,~~Wisconsin ~~where~~LaCrosse heand ~~was~~is anlicensed ~~Erwin~~as ~~Wolfson Scholar and~~ a ~~Toigo~~Certified ~~Foundation~~Public ~~Fellow~~Accountant in Minnesota.

John Stanfield serves as our Chief Financial Officer. Mr. Stanfield, age 42, has significant experience with U.S. GAAP, finance, operations, and taxation demonstrated over several years and several billion dollars of enterprise value in the private equity and alternative asset industry. He has been a Certified Public Accountant since 2006, and has served as senior principal with Stanfield & Associates, a public accounting firm specializing in the private equity industry and international taxation, since 2011. Mr. Stanfield has also served as Chief Executive ~~Officer at Aequum Capital, LLC, a tech-enabled commercial lender, since August 2023 and Chief Financial Officer~~ atOfficers ~~Welsbach~~Who ~~Technology~~Are ~~Metals~~Not Acquisition Corp. (Nasdaq: WTMAU) since December 2021. He held the role of Co-President at Aequum from September 2021 to August 2023. Previously, he served as Chief Executive Officer of Lorem LLC, a provider of accounting services for special purpose acquisition companies, from May 2021 to September 2022, and as Chief Financial Officer at LQD Business Finance, a national fintech startup, from 2018 to September 2020. Mr. Stanfield holds a B.A. and an M.S.T. from the University of Illinois Urbana-Champaign and an M.S.A from DePaul University.Directors

~~Number~~John Stanfield serves as our Chief Financial Officer. Mr. Stanfield, age 42, has significant experience with U.S. GAAP, finance, operations, and ~~Terms~~taxation demonstrated over several years and several billion dollars of ~~Office~~enterprise value in the private equity and alternative asset industry. He has been a Certified Public Accountant since 2006, and has served as senior principal with Stanfield & Associates, a public accounting firm specializing in the private equity industry and international taxation, since 2011. Mr. Stanfield has also served as Chief Executive Officer at Aequum Capital, LLC, a tech-enabled commercial lender, since August 2023 and Chief Financial Officer at Welsbach Technology Metals Acquisition Corp. (Nasdaq: WTMAU) since December 2021. He held the role of ~~Officers~~Co-President at Aequum from September 2021 to August 2023. Previously, he served as Chief Executive Officer of Lorem LLC, a provider of accounting services for special purpose acquisition companies, from May 2021 to September 2022, and as Chief Financial Officer at LQD Business Finance, a national fintech startup, from 2018 to September 2020. Mr. Stanfield ~~Directors~~holds a B.A. and an M.S.T. from the University of Illinois Urbana-Champaign and an M.S.A from DePaul University.

~~Our board of directors consists of five members~~Number and isTerms ~~divided into three classes with only one class~~ of ~~directors~~Office ~~being appointed in each year, and with each class (except for those directors elected prior to our first annual general meeting) serving a three-year term. The term~~ of ~~office~~Officers ~~of the first class of directors consisting of R. Rudolph Reinfrank~~ and Thomas J. Abood, will expire in three years. The term of office of the second class of directors, consisting of Scott Honour and Karrie Willis, will expire in two years. The term of office of the third class of directors, consisting of Rick Gaenzle, will expire in one year.Directors

Our board ~~officers~~of ~~are~~directors ~~appointed~~consists byof ~~the~~five ~~board~~members and is divided into three classes with only one class of directors being appointed in each year, and ~~serve~~with ateach ~~the~~class ~~discretion~~(except for those directors elected prior to our first annual general meeting) serving a three-year term. The term of office of the ~~board~~first class of directors consisting of R. Rudolph Reinfrank and Thomas J. Abood, ~~rather~~will ~~than~~expire ~~for~~in ~~specific~~three ~~terms~~years. The term of office. ~~Our~~of ~~board~~the second class of directors, isconsisting ~~authorized to~~of ~~appoint~~Scott ~~officers~~Honour asand itKarrie ~~deems~~Willis, ~~appropriate~~will ~~pursuant~~expire toin ~~our~~two ~~amended~~years. ~~and~~The ~~restated~~term ~~memorandum~~of office ~~and~~of ~~articles~~the third class of ~~association~~directors, consisting of Rick Gaenzle, will expire in one year.

~~Involvement~~Our officers inare ~~Certain~~appointed ~~Legal~~by ~~Proceedings~~the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint officers as it deems appropriate pursuant to our amended and restated memorandum and articles of association.

To the knowledge of our management, there was no material proceeding to which any director or executive officer, or any associate thereof, is a party adverse to us or has a material interest adverse to us.50

~~Director~~Involvement in ~~Independence~~Certain Legal Proceedings

~~NYSE~~To the ~~listing~~knowledge ~~standards require that a majority~~ of our ~~board~~management, ofthere ~~directors be~~was ~~independent.~~no ~~Our~~material ~~Board~~proceeding ofto ~~Directors~~which ~~has~~any ~~determined~~director ~~that~~or R.executive ~~Rudolph Reinfrank~~officer, ~~Thomas~~or ~~Abood~~any ~~and~~associate ~~Karrie Willis are “independent~~thereof, ~~directors”~~is asa ~~defined~~party inadverse ~~the~~to ~~NYSE~~us ~~listing~~or ~~standards.~~has ~~Our~~a ~~independent~~material ~~directors~~interest ~~have~~adverse ~~regularly~~to ~~scheduled meetings at which only independent directors are present~~us.

52Director Independence

We utilize the NYSE listing standards to determine whether our members of the board of directors be independent. Our Board ~~Committees~~of Directors has determined that R. Rudolph Reinfrank, Thomas Abood and Karrie Willis are “independent directors” as defined in the NYSE listing standards. Our independent directors have regularly scheduled meetings at which only independent directors are present.

~~We have established an audit committee of our~~ Board ~~of Directors. R. Rudolph Reinfrank, Thomas Abood, and Karrie Willis serve as members of our audit committee and Mr. Reinfrank~~ serves as the chair of the audit committee. Each member of the audit committee is independent under the NYSE listing standards and applicable SEC rules. Additionally, each member of the audit committee is financially literate and R. Rudolph Reinfrank qualifies as an “audit committee financial expert” as defined in applicable SEC rules.Committees

We have ~~adopted~~established an audit committee ~~charter,~~of ~~which~~our Board of Directors. R. Rudolph ~~details~~Reinfrank, Thomas Abood, and Karrie Willis serve as members of our audit committee and Ms. Willis serves as the ~~principal~~chair ~~functions~~of the audit committee. Each member of the audit committee is independent under the NYSE listing standards and applicable SEC rules. Additionally, ~~including:~~each member of the audit committee is financially literate and R. Rudolph Reinfrank qualifies as an “audit committee financial expert” as defined in applicable SEC rules.

●We have ~~assisting~~adopted ~~board~~an ~~oversight~~audit ofcommittee ~~(1) the integrity of our financial statements~~charter, ~~(2)~~which ~~our~~details ~~compliance~~the ~~with~~principal ~~legal~~functions ~~and~~of ~~regulatory requirements, (3) our independent registered public accounting firm’s qualifications and independence, and (4)~~ the ~~performance of our internal~~ audit ~~function and independent auditors; the appointment~~committee, ~~compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by us;~~including:

● ~~pre-approving~~assisting ~~all~~board ~~audit~~oversight ~~and~~of ~~non-audit~~(1) ~~services~~the tointegrity beof ~~provided~~our byfinancial ~~the~~statements, ~~independent~~(2) ~~auditors~~our orcompliance ~~any~~with ~~other~~legal and regulatory requirements, (3) our independent registered public accounting firm’s ~~engaged~~qualifications byand usindependence, and ~~establishing~~(4) ~~pre-approval~~the ~~policies~~performance ~~and~~of ~~procedures;~~our ~~reviewing~~internal audit function and ~~discussing~~independent ~~with~~auditors; the ~~independent~~appointment, ~~auditors~~compensation, ~~all~~retention, ~~relationships~~replacement, and oversight of the work of the independent auditors ~~have~~and ~~with~~any usother inindependent ~~order~~registered topublic ~~evaluate~~accounting ~~their~~firm ~~continued~~engaged ~~independence~~by us;

● ~~setting~~pre-approving ~~clear~~all ~~policies for~~ audit ~~partner rotation in compliance with applicable laws~~ and ~~regulations;~~non-audit ~~obtaining~~services ~~and~~to ~~reviewing~~be aprovided ~~report,~~by atthe ~~least~~independent ~~annually,~~auditors ~~from~~or ~~the~~any ~~independent~~other registered public accounting firm ~~describing~~engaged ~~(1)~~by ~~the~~us, ~~independent~~and ~~auditor’s~~establishing ~~internal quality~~pre-~~control~~approval ~~procedures~~policies and ~~(2)~~procedures; ~~any~~reviewing ~~material~~and ~~issues~~discussing ~~raised~~with by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent ~~audits~~auditors ~~carried~~all ~~out~~relationships by the ~~firm~~auditors ~~and~~have ~~any~~with ~~steps~~us ~~taken~~in order to ~~deal~~evaluate ~~with~~their ~~such~~continued ~~issues~~independence;

● ~~meeting~~setting toclear ~~review~~policies ~~and~~for ~~discuss~~audit ~~our~~partner ~~annual~~rotation ~~audited~~in ~~financial~~compliance ~~statements~~with applicable laws and ~~quarterly~~regulations; ~~financial~~obtaining ~~statements~~and ~~with~~reviewing ~~management~~a ~~and~~report, at least annually, from the independent ~~auditor,~~registered ~~including~~public ~~reviewing~~accounting ~~our~~firm ~~specific~~describing ~~disclosures~~(1) ~~under~~the ~~“Management~~independent auditor’s ~~Discussion~~internal quality-control procedures and ~~Analysis~~(2) ofany ~~Financial~~material ~~Condition~~issues ~~and~~raised ~~Results~~by the most recent internal quality-control review, or peer review, of ~~Operations”;~~the ~~reviewing~~audit ~~and~~firm, ~~approving~~or by any ~~related~~inquiry ~~party~~or ~~transaction~~investigation ~~required~~by togovernmental beor ~~disclosed~~professional ~~pursuant~~authorities, towithin ~~Item~~the ~~404~~preceding offive ~~Regulation~~years ~~S-K~~respecting ~~promulgated~~one or more independent audits carried out by the ~~SEC~~firm ~~prior~~and toany ussteps ~~entering~~taken ~~into~~to deal with such ~~transaction~~issues; ~~and~~

● ~~reviewing~~meeting ~~with~~to ~~management,~~review ~~the~~and ~~independent~~discuss ~~auditors,~~our ~~and~~annual ~~our~~audited ~~legal~~financial ~~advisors,~~statements asand ~~appropriate,~~quarterly ~~any~~financial ~~legal,~~statements ~~regulatory~~with ormanagement ~~compliance~~and ~~matters~~the independent auditor, including ~~any~~reviewing ~~correspondence~~our ~~with~~specific ~~regulators~~disclosures orunder ~~government~~“Management’s ~~agencies~~Discussion and ~~any~~Analysis ~~employee~~of ~~complaints~~Financial orCondition ~~published~~and ~~reports~~Results ~~that~~of ~~raise~~Operations”; ~~material~~reviewing ~~issues~~and ~~regarding~~approving ~~our~~any ~~financial~~related ~~statements~~party ortransaction ~~accounting~~required ~~policies~~to ~~and~~be ~~any~~disclosed ~~significant~~pursuant ~~changes~~to inItem ~~accounting~~404 ~~standards~~of orRegulation ~~rules~~S-K promulgated by the ~~Financial~~SEC ~~Accounting~~prior ~~Standards~~to ~~Board,~~us ~~the~~entering ~~SEC~~into orsuch ~~other~~transaction; ~~regulatory authorities.~~and

~~Nominating~~● reviewing with management, the independent auditors, and ~~Corporate~~our ~~Governance~~legal ~~Committee~~advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

We have adopted a nominating and corporate governance committee of the Board of Directors. R. Rudolph Reinfrank, Thomas Abood and Karrie Willis serve as members of our nominating and corporate governance committee and Mr. Reinfrank serves as the chair of the nominating and corporate governance committee. We expect that our board of directors will determine that each member of the nominating committee is independent.51

~~We have adopted a nominating and corporate governance~~Nominating ~~committee charter, which details the purpose~~ and ~~responsibilities~~Corporate ofGovernance ~~the nominating and corporate governance committee, including:~~Committee

●We have ~~identifying,~~adopted ~~screening~~a nominating and ~~reviewing~~corporate ~~individuals~~governance ~~qualified~~committee toof the Board of Directors. R. Rudolph Reinfrank, Thomas Abood and Karrie Willis serve as ~~directors,~~members ~~consistent~~of ~~with~~our ~~criteria~~nominating ~~approved~~and bycorporate ~~the~~governance ~~board,~~committee and ~~recommending~~Mr. Reinfrank toserves as the ~~board~~chair of ~~directors~~the ~~candidates~~nominating and ~~for~~corporate ~~nomination~~governance ~~for~~committee. ~~election~~We atexpect ~~the~~that ~~annual~~our ~~meeting~~board of ~~shareholders~~directors orwill todetermine ~~fill~~that ~~vacancies~~each onmember of the ~~board~~nominating ofcommittee is ~~directors;~~independent.

●We have ~~developing~~adopted a nominating and ~~recommending~~corporate togovernance ~~the~~committee ~~board~~charter, ofwhich ~~directors~~details ~~and~~the ~~overseeing~~purpose ~~implementation~~and responsibilities of ~~our~~the nominating and corporate governance ~~guidelines;~~committee, including:

● ~~coordinating~~identifying, screening and ~~overseeing~~reviewing individuals qualified to serve as directors, consistent with criteria approved by the ~~annual~~board, ~~self-evaluation~~and ofrecommending to the board of directors, ~~its~~candidates ~~committees,~~for ~~individual~~nomination ~~directors~~for ~~and~~election ~~management~~at in the ~~governance~~annual meeting of shareholders or to fill vacancies on the ~~company;~~board ~~and~~of directors;

● ~~reviewing~~developing onand arecommending ~~regular~~to ~~basis~~the ~~our~~board ~~overall~~of ~~corporate~~directors ~~governance~~ and ~~recommending~~overseeing ~~improvements~~implementation asof ~~and~~our ~~when~~corporate ~~necessary.~~governance guidelines;

~~The~~● ~~charter~~coordinating ~~also~~and ~~provides~~overseeing ~~that~~ the ~~nominating and~~annual ~~corporate~~self-evaluation ~~governance~~of ~~committee may, in its sole discretion, retain or obtain~~ the ~~advice~~board of directors, ~~and~~its ~~terminate~~committees, ~~any~~individual ~~search~~directors ~~firm to be used to identify director candidates,~~ and ~~will~~management bein ~~directly~~the ~~responsible~~governance ~~for~~of ~~approving~~ the ~~search~~company; ~~firm’s fees~~ and ~~other retention terms.~~

53● reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary.

~~Guidelines~~The charter also provides that the nominating and corporate governance committee may, in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and will be directly responsible for ~~Selecting~~approving ~~Director~~the ~~Nominees~~search firm’s fees and other retention terms.

~~We have not formally established any specific,~~Guidelines ~~minimum qualifications that must be met or skills that are necessary~~ for ~~directors~~Selecting toDirector possess. In general, in identifying and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders. Prior to our initial business combination, holders of our public shares will not have the right to recommend director candidates for nomination to our board of directors.Nominees

~~Compensation~~We have ~~Committee~~not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders. Prior to our initial business combination, holders of our public shares will not have the right to recommend director candidates for nomination to our board of directors.

We have established a compensation committee of the Board of Directors. Thomas Abood, R. Rudolph Reinfrank and Karrie Willis serve as members of our compensation committee and Mr. Abood serves as the chair of the compensation committee. Under the NYSE listing standards, we are required to have a compensation committee composed entirely of independent directors.52

~~We have adopted a compensation committee charter,~~Compensation ~~which details the principal functions of the compensation committee, including:~~Committee

●We have ~~reviewing~~established ~~and~~a ~~approving~~compensation oncommittee anof ~~annual basis~~ the ~~corporate~~Board ~~goals~~of ~~and~~Directors. ~~objectives~~Thomas ~~relevant~~Abood, toR. Rudolph ~~our~~Reinfrank ~~chief~~and ~~executive~~Karrie ~~officer’s~~Willis ~~compensation,~~serve as ~~evaluating~~members of our ~~chief~~compensation ~~executive~~committee ~~officer’s~~and ~~performance~~Mr. Abood inserves ~~light~~as ofthe ~~such~~chair ~~goals~~of ~~and~~the ~~objectives~~compensation ~~and~~committee. ~~determining~~Under ~~and~~the ~~approving~~NYSE ~~the~~listing standards, ~~remuneration~~we ~~(if~~are ~~any)~~required ofto ~~our~~have ~~chief~~a ~~executive~~compensation ~~officer~~committee ~~based~~composed onentirely ~~such~~of ~~evaluation;~~independent directors.

●We have ~~reviewing~~adopted ~~and~~a ~~making~~compensation ~~recommendations~~committee tocharter, ~~our~~which ~~board~~details ofthe ~~directors~~principal ~~with~~functions ~~respect~~of to the compensation committee, ~~and any incentive compensation and equity based plans that are subject to board approval of all of our other officers;~~including:

● reviewing and approving on an annual basis the corporate goals and objectives relevant to our chief executive officer’s compensation, ~~policies~~evaluating our chief executive officer’s performance in light of such goals and ~~plans~~objectives and determining and approving the remuneration (if any) of our chief executive officer based on such evaluation;

● ~~implementing~~reviewing and ~~administering~~making recommendations to our board of directors with respect to the compensation, and any incentive compensation and equity- based ~~remuneration~~ plans that are subject to board approval of all of our other officers;

● ~~assisting~~reviewing ~~management in complying with~~ our ~~proxy~~executive ~~statement~~compensation policies and ~~annual report disclosure requirements~~plans;

● ~~approving~~implementing ~~all special perquisites, special cash payments~~ and ~~other~~administering ~~special~~our incentive compensation ~~and~~equity-based ~~benefit~~remuneration ~~arrangements for our officers and employees~~plans;

● ~~producing~~assisting amanagement ~~report~~in oncomplying ~~executive~~with ~~compensation~~our toproxy bestatement ~~included~~and ~~in our~~ annual ~~proxy~~report ~~statement;~~disclosure ~~and~~requirements;

● ~~reviewing~~approving all special perquisites, ~~evaluating~~special ~~and~~cash ~~recommending~~payments ~~changes,~~and ifother ~~appropriate,~~special tocompensation ~~the~~and ~~remuneration~~benefit arrangements for ~~directors.~~our officers and employees;

~~The~~● ~~charter~~producing ~~also~~a ~~provides~~report ~~that~~on ~~the~~executive compensation ~~committee~~ ~~may,~~to ~~in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser and will~~ be ~~directly~~included ~~responsible~~in ~~for~~our ~~the~~annual ~~appointment,~~proxy ~~compensation~~statement; and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by NYSE and the SEC.

~~Compensation~~● ~~Committee~~reviewing, ~~Interlocks~~evaluating and ~~Insider Participation~~recommending changes, if appropriate, to the remuneration for directors.

ToThe charter also provides that the ~~Company’s~~compensation ~~knowledge~~committee may, ~~none~~in ofits sole discretion, retain or obtain the ~~new~~ ~~officers~~advice ~~currently~~of ~~serves~~a compensation consultant, independent legal counsel or other adviser and inwill ~~the~~be ~~past~~directly ~~year~~responsible ~~has~~for ~~not~~the ~~served~~appointment, ascompensation aand ~~member~~oversight of the ~~Board~~ work of ~~Directors~~any such adviser. However, before engaging or ~~compensation~~receiving ~~committee~~advice ~~of any~~from ~~entity~~a ~~that~~compensation ~~has~~consultant, ~~one~~external legal counsel or ~~more~~any ~~officers~~other adviser, ~~serving~~the oncompensation ~~our~~committee ~~Board~~will consider the independence of ~~Directors~~each such adviser, including the factors required by NYSE and the SEC.

54Compensation Committee Interlocks and Insider Participation

~~Code~~To the Company’s knowledge, none of ~~Ethics~~the officers currently serves, and ~~Committee~~in ~~Charters~~the past year has not served, as a member of the Board of Directors or compensation committee of any entity that has one or more officers serving on our Board of Directors.

We have adopted a Code of Business Conduct and Ethics applicable to our directors, officers and employees. We have filed a copy of our Code of Business Conduct and Ethics as an exhibit to our registration statement in connection with the Public Offering. You are able to review this document by accessing our public filings at the SEC’s web site at www.sec.gov. In addition, a copy of the Code of Business Conduct and Ethics and the charters of the committees of our board of directors will be provided without charge upon request from us. If we make any amendments to our Code of Business Conduct and Ethics other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the Code of Business Conduct and Ethics applicable to our principal executive officer, principal financial officer principal accounting officer or controller or persons performing similar functions requiring disclosure under applicable SEC or NYSE rules, we will disclose the nature of such amendment or waiver on our website.53

~~Delinquent~~Code of ~~Section~~Ethics ~~16(a)~~and ~~Reports~~Committee Charters

~~Section~~We have ~~16(~~adopted a) Code of ~~the~~Business ~~Exchange~~Conduct ~~Act~~and ~~requires~~Ethics applicable to our ~~officers,~~ directors, officers and ~~persons~~employees. ~~who~~We ~~own~~have ~~more~~filed ~~than~~a ~~ten~~copy ~~percent~~of our Code of aBusiness ~~registered~~Conduct ~~class~~and ofEthics ~~our~~as ~~equity~~an ~~securities~~exhibit to ~~file~~our ~~reports~~registration ofstatement ~~ownership~~in connection with the Public Offering. You are able to review ~~and~~this ~~changes~~document inby ~~ownership~~accessing ~~with~~our public filings at the SEC’s web site at www.sec.gov. ~~Officers~~In addition, ~~directors~~a ~~and~~copy ~~ten~~of ~~percent~~the ~~shareholders~~Code of ~~are~~Business ~~required~~Conduct byand ~~regulation~~Ethics toand ~~furnish~~the uscharters ~~with copies~~of the committees of ~~all~~our ~~Section~~board ~~16(a)~~of ~~forms~~directors ~~they~~will ~~file~~be provided without charge upon request from us. ~~Based~~If ~~solely~~we onmake ~~review~~any ofamendments ~~the~~to ~~copies~~our Code of ~~such~~Business ~~forms~~Conduct ~~furnished~~and toEthics usother than technical, administrative or ~~written~~other ~~representations~~non-substantive amendments, ~~that~~or nogrant ~~Forms~~any 5waiver, ~~were~~including ~~required~~any implicit waiver, wefrom ~~believe~~a ~~that,~~provision ~~during~~of the ~~fiscal~~Code ~~year~~of ~~ended~~Business ~~December~~Conduct ~~31,~~and ~~2023~~Ethics applicable to our principal executive officer, ~~all~~principal ~~Section~~financial ~~16(a)~~officer ~~filing~~principal ~~requirements~~accounting officer or controller or persons performing similar functions requiring disclosure under applicable toSEC ~~our~~or ~~officers~~NYSE ~~and~~rules, ~~directors~~we ~~were~~will ~~complied~~disclose ~~with~~the nature of such amendment or waiver on our website.

~~ITEM~~Delinquent Section ~~11.~~16(a) ~~EXECUTIVE COMPENSATION.~~Reports

~~Employment~~Section 16(a) ~~Agreements~~of the Exchange Act requires our officers, directors and persons who own more than ten percent of a registered class of our equity securities to file reports of ownership and changes in ownership with the SEC. Officers, directors and ten percent shareholders are required by regulation to furnish us with copies of all Section 16(a) forms they file. Based solely on review of the copies of such forms furnished to us, or written representations that no Forms 5 were required, we believe that, during the fiscal year ended December 31, 2024, all Section 16(a) filing requirements applicable to our officers and directors were complied with.

~~We have not entered into~~ITEM ~~any~~11. ~~employment~~EXECUTIVE ~~agreements with our executive officers and have not made any agreements to provide benefits upon termination of employment~~COMPENSATION.

~~Executive Officers~~Employment ~~and Director Compensation~~Agreements

NoWe have ~~executive~~not ~~officer has~~entered ~~received~~into any ~~cash~~employment ~~compensation~~agreements ~~for~~with ~~services~~our ~~rendered~~executive officers and have not made any agreements to usprovide benefits upon termination of employment.

~~Our officers and directors~~Executive ~~will~~Officers also receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and ~~business~~Director combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable by us provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination. Our audit committee will review and approve all reimbursements made to our sponsor, officers, directors or their respective affiliates, with any interested director abstaining from such review and approval.Compensation

~~After our initial business~~No ~~combination,~~executive ~~members~~officer ofhas ~~our~~received ~~management team who remain with us may be paid consulting, management or other fees from the combined company with~~ any ~~and~~cash ~~all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished to our stockholders. However, the amount of such~~ compensation ~~may~~for ~~not~~services berendered ~~known at the time of the stockholder meeting held~~ to ~~consider our initial business combination, as it will be up to the directors of the post-combination business to determine executive and director compensation~~us. ~~In this event, such compensation will be publicly disclosed at the time of its determination in a Current Report on Form 8-K or a periodic report, as required by the SEC.~~

55Our officers and directors will also receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable by us provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination. Our audit committee will review and approve all reimbursements made to our sponsor, officers, directors or their respective affiliates, with any interested director abstaining from such review and approval.

~~ITEM~~After our 12initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished to our stockholders. ~~SECURITY~~However, ~~OWNERSHIP~~the OFamount ~~CERTAIN~~of ~~BENEFICIAL~~such ~~OWNERS~~compensation ~~AND~~may ~~MANAGEMENT~~not ~~AND~~be ~~RELATED~~known ~~SHAREHOLDER~~at ~~MATTERS~~the time of the stockholder meeting held to consider our initial business combination, as it will be up to the directors of the post-combination business to determine executive and director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current Report on Form 8-K or a periodic report, as required by the SEC.

~~We have no compensation plans under which equity securities are authorized for issuance.~~54

~~The following table sets forth information regarding~~ITEM ~~the~~12. ~~beneficial~~SECURITY ~~ownership~~OWNERSHIP ofOF ~~our~~CERTAIN ~~ordinary~~BENEFICIAL ~~shares~~OWNERS asAND ofMANAGEMENT ~~April~~AND ~~22,~~RELATED ~~2024,~~SHAREHOLDER ~~by:~~MATTERS.

●We have ~~each~~no ~~person~~compensation ~~known~~plans byunder uswhich toequity besecurities aare ~~beneficial~~authorized ~~owner~~for ~~of more than 5% of our outstanding ordinary shares of, on an as-converted basis;~~issuance.

●The ~~each~~following table sets forth information regarding the beneficial ownership of our ~~officers~~Ordinary ~~and~~Shares ~~directors;~~as ~~and~~of March 27, 2025, 2025, by:

● ~~all~~each person known by us to be a beneficial owner of more than 5% of our ~~officers~~outstanding ~~and~~ordinary ~~directors~~shares asof, aon ~~group.~~an as-converted basis;

~~The~~● ~~following~~each ~~table~~of isour ~~based~~officers ~~on 10,527,672 Ordinary Shares issued~~ and ~~outstanding,~~ ~~including~~directors; ~~10,527,671 Class A Ordinary Shares including 5,749,999 non-redeemable Class A Ordinary Shares~~ and one Class B Ordinary Share. Unless otherwise indicated, it is believed that all persons named in the table below have sole voting and investment power with respect to all ordinary shares beneficially owned by them.

	Number of Shares Beneficially Owned		Percentage of Outstanding Ordinary Shares
Directors and Officers(1)
Scott Honour		—		—
Rick Gaenzle		—		—
R. Rudolph Reinfrank		—		—
Thomas J. Abood		—		—
Karrie Willis		—		—
Tao Tan		—		—
John Stanfield		—		—
All officers and directors as a group (7 individuals)		—		—	%
Holders of more than 5% of our outstanding ordinary shares
RCF VII Sponsor LLC(2)(3)		3,673,750		34.24	%
Perception Capital Partners IV LLC(2)		1,673,750		15.60	%

●

all of our officers and directors as a group.

~~(1)~~The following table is based on 6,838,553 Ordinary Shares issued and outstanding, including 6,838,552 Class A Ordinary Shares and one Class B Ordinary Share. Unless otherwise ~~noted~~indicated, it is believed that all persons named in the ~~business~~table ~~address~~below ofhave ~~each~~sole ofvoting ~~our~~and ~~shareholders~~investment ~~listed~~power iswith ~~3109~~respect W.to ~~50th~~all ~~Street,~~ordinary ~~#207,~~shares ~~Minneapolis,~~beneficially MNowned ~~55410~~by them.

(2) Interests shown consist solely of Founder Shares.

	Number of Shares Beneficially Owned		Percentage of Outstanding Ordinary Shares
*Directors and Officers⁽¹⁾*
Scott Honour		—		—
Rick Gaenzle		—		—
R. Rudolph Reinfrank		—		—
Thomas J. Abood		—		—
Karrie Willis		—		—
Tao Tan		—		—
John Stanfield		—		—
All officers and directors as a group (7 individuals)		—		—	%
Holders of more than 5% of our outstanding ordinary shares
RCF VII Sponsor LLC⁽²⁾⁽³⁾		3,893,125		56.9	%
Perception Capital Partners IV LLC⁽²⁾		2,429,375		35.5	%

(31) ~~RCF~~Unless ~~VII~~otherwise ~~Sponsor LLC~~noted, ~~a Delaware entity and our former sponsor, is~~ the ~~record~~business ~~holder~~address of ~~such~~each ~~shares. Resource Capital Fund VII L.P. (“RCF VII LP”) is the sole managing member~~ of our ~~Sponsor.~~shareholders ~~Resource~~listed ~~Capital Associates VII L.P.~~ is ~~the~~3109 ~~General Partner of RCF VII LP, and RCFM GP L~~W.~~L.C.~~ is50th ~~the General Partner of Resource Capital Associates VII L.P. James McClements is the managing member of RCFM GP L.L.C. The address of this shareholder is 1400 Wewatta~~ Street, ~~Suite~~#207, ~~850 Denver~~Minneapolis, ~~Colorado~~MN ~~80202~~55410.

56(2) Interests shown consist solely of Founder Shares.

~~ITEM~~(3) 13RCF VII Sponsor LLC, a Delaware entity and our former sponsor, is the record holder of such shares. ~~CERTAIN~~Resource ~~RELATIONSHIPS~~Capital ~~AND~~Fund ~~RELATED~~VII ~~TRANSACTIONS~~L.P. (“RCF VII LP”) is the sole managing member of our Sponsor. Resource Capital Associates VII L.P. is the General Partner of RCF VII LP, ~~AND~~and ~~DIRECTOR~~RCFM ~~INDEPENDENCE~~GP L.L.C. is the General Partner of Resource Capital Associates VII L.P. James McClements is the managing member of RCFM GP L.L.C. The address of this shareholder is 1400 Wewatta Street, Suite 850 Denver, Colorado 80202.

~~Founder Shares~~55

~~On June 9, 2021, the Company issued 5,750,000~~ITEM ~~Class B ordinary shares to the Sponsor~~13. ~~Prior~~CERTAIN toRELATIONSHIPS ~~the~~AND ~~closing~~RELATED ~~of the Offering~~TRANSACTIONS, ~~the~~AND ~~Sponsor~~DIRECTOR transferred an aggregate of 402,500 Founder Shares to members of our board of directors, advisory board, management team and/or their estate planning vehicles for the same per-share consideration that it originally paid for such shares, resulting in the Sponsor holding 5,347,500 Founder SharesINDEPENDENCE.

~~The~~ Founder ~~Shares are identical to the Class~~ ~~A ordinary shares included in the Units sold in the Public Offering, except that:~~Shares

●On June ~~only~~9, ~~holders~~2021, ofthe ~~Founder~~Company ~~Shares~~issued ~~will~~5,750,000 ~~have~~Class B ordinary shares to the ~~right~~Sponsor. Prior to ~~elect~~the ~~directors~~closing inof ~~any~~the ~~election~~Offering, ~~held~~the ~~prior~~Sponsor transferred an aggregate of 402,500 Founder Shares to members of our board of directors, advisory board, management team and/or intheir estate ~~connection~~planning ~~with~~vehicles for the ~~completion~~same ofper-share ~~our~~consideration ~~initial~~that ~~business~~it ~~combination;~~originally paid for such shares, resulting in the Sponsor holding 5,347,500 Founder Shares.

~~● the~~ The Founder Shares are ~~subject~~identical to ~~certain~~the ~~transfer~~Class ~~restrictions;~~A ordinary shares included in the Units sold in the Public Offering, except that:

● ~~the~~only holders of Founder Shares ~~are~~will ~~entitled~~have the right to ~~registration~~elect ~~rights~~directors in any election held prior to or in connection with the completion of our initial business combination;

● our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares and public shares in connection with the ~~completion of our initial business combination, (ii) waive their redemption rights with respect to their~~ Founder Shares ~~and~~are ~~public~~subject ~~shares in connection with a shareholder vote~~ to ~~approve~~certain antransfer amendment to our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination by November 15, 2024 and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if we fail to complete our initial business combination by November 15, 2024, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time framerestrictions; and (iv) vote any Founder Shares held by them and any public shares purchased during or after the Public Offering (including in open market and privately-negotiated transactions) in favor of our initial business combination; and

● the Founder Shares are ~~automatically~~entitled ~~convertible into our Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject~~ to ~~adjustment~~registration ~~pursuant to certain anti-dilution~~ rights.;

~~Private~~● ~~Placement~~our ~~Warrants~~Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares and public shares in connection with the completion of our initial business combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination by April 15, 2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made) and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if we fail to complete our initial business combination by April 15, 2025 (or as late as November 15, 2025 if the requisite deposits into the Trust Account are made), although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame; and (iv) vote any Founder Shares held by them and any public shares purchased during or after the Public Offering (including in open market and privately-negotiated transactions) in favor of our initial business combination; and

~~The~~● ~~Sponsor~~the ~~purchased~~Founder anShares ~~aggregate~~are ofautomatically ~~11,700,000 Private~~convertible ~~Placement~~into ~~Warrants~~our atClass aA ~~price~~ordinary ofshares ~~$1.00~~concurrently ~~per~~with ~~Private~~or ~~Placement~~immediately ~~Warrant~~following ~~(approximately~~the ~~$11.7~~consummation ~~million~~of inour ~~the~~initial ~~aggregate)~~business incombination on a ~~Private Placement~~one-for-one ~~that~~basis, ~~occurred~~subject ~~simultaneously~~to ~~with~~adjustment ~~the~~pursuant ~~closing~~to ofcertain ~~the~~anti-dilution ~~Public Offering~~rights.

~~The~~ Private ~~Placement Warrants are identical to~~ ~~the warrants sold in the Public Offering except that the underlying Private~~ Placement Warrants, so long as they are held by our Sponsor or its permitted transferees, (i) are not redeemable by us,(except in certain circumstances) (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of our initial business combination, (iii) may be exercised by the holders on a cashless basis and (iv) are entitled to registration rights. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder.

~~Related~~The Sponsor ~~Party~~purchased ~~Loans~~an aggregate of 11,700,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant (approximately $11.7 million in the aggregate) in a Private Placement that occurred simultaneously with the closing of the Public Offering.

The Private ~~Sponsor~~Placement ~~also~~Warrants ~~loaned~~are identical to the ~~Company~~warrants ansold ~~aggregate~~in the Public Offering except that the underlying Private Placement Warrants, ofso ~~$300~~long as they are held by our Sponsor or its permitted transferees,~~000~~ to(i) ~~cover~~are ~~expenses~~not ~~related~~redeemable toby us,(except in certain circumstances) (ii) may not (including the ~~Public~~Class ~~Offering~~A ~~pursuant~~ordinary shares issuable upon exercise of these warrants), subject to ~~the~~certain ~~Note.~~limited ~~This~~exceptions, be ~~loan~~transferred, ~~was~~assigned ~~non-interest~~or ~~bearing~~sold ~~and~~by ~~payable~~the onholders until 30 days after the completion of our initial business combination, (iii) may be exercised by the ~~Public~~holders ~~Offering~~on a cashless basis and (iv) are entitled to registration rights. The ~~Note~~Private ~~was~~Placement ~~fully~~Warrants ~~repaid~~(including the onClass ~~November~~A 15ordinary shares issuable upon exercise thereof) may not, ~~2021~~subject to certain limited exceptions, be transferred, assigned or sold by the holder.

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, loan the Company funds as may be required (Working Capital Loans). If we complete a business combination, we would repay the Working Capital Loans out of the proceeds of the Trust Account released to us. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a business combination does not close, we 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. The Working Capital Loans would either be repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.56

~~Administrative~~Related Party ~~Support Agreement~~Loans

The Sponsor ~~Company~~also ~~has~~loaned ~~agreed~~the toCompany ~~pay~~ an ~~affiliate~~aggregate ~~a total~~ of $10300,000 ~~per~~to ~~month, commencing~~cover onexpenses ~~the~~related ~~effective~~to ~~date of~~ the Public Offering, ~~for~~pursuant ~~office space, utilities, secretarial and administrative support services provided~~ to ~~members of~~ the ~~management team~~Note. ~~Upon completion of the initial business combination or the liquidation, we will cease paying~~This ~~these~~loan ~~monthly~~was ~~fees.~~non-interest Webearing ~~incurred~~and ~~$237,000~~payable inon ~~these~~completion ~~fees~~of ~~for~~ the ~~period from the effective date of our~~ Public Offering. ~~through~~The ~~December 31,~~Note ~~2023,~~was ~~respectively.~~fully Inrepaid ~~connection~~on ~~with~~November ~~the Termination Agreement~~15, ~~this agreement was terminated~~2021.

57In 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, loan the Company funds as may be required (Working Capital Loans). If we complete a business combination, we would repay the Working Capital Loans out of the proceeds of the Trust Account released to us. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a business combination does not close, we 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. The Working Capital Loans would either be repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

~~ITEM~~Administrative Support ~~14. PRINCIPAL ACCOUNTING FEES AND SERVICES.~~Agreement

OnThe Company ~~November~~has ~~14,~~agreed ~~2023,~~to ~~Grant~~pay ~~Thornton~~an ~~LLP (“GT”)~~affiliate ~~notified~~a ~~the~~total ~~Audit Committee~~ of ~~the~~$10,000 ~~Board~~per ofmonth, ~~Directors~~commencing (on the ~~“Audit~~effective ~~Committee”)~~date of ~~RCF Acquisition Corp.’s (~~the ~~“Company”)~~Public ~~that~~Offering, ~~GT declined to stand~~ for ~~re-appointment as the Company’s independent registered public accounting~~office ~~firm for the fiscal year ending December 31~~space, ~~2023.On December 13~~utilities, ~~2023,~~secretarial ~~the~~and ~~Audit~~administrative ~~Committee~~support ~~engaged~~services ~~WithumSmith+Brown,~~provided PCto ~~(“Withum”) as~~members ~~its~~of ~~new~~the ~~independent~~management ~~registered public accounting firm~~team. ~~The~~Upon ~~Company~~completion ~~has authorized GT to respond fully to the inquiries~~ of the ~~successor~~ ~~independent~~initial ~~registered~~business ~~accounting~~combination ~~firm.~~or ~~As part of~~ the ~~new engagement~~liquidation, ~~Withum~~we will ~~audit~~cease ~~the~~paying ~~financial~~these ~~statements~~monthly offees. ~~the~~We ~~Company~~incurred ~~for the year ended December 31~~$237,000 ~~2022,~~in sothese asfees tofor ~~avoid~~the period ~~any delays in obtaining consents~~ from GTthe ineffective ~~future~~date ~~filings,~~of asour ~~well~~Public asOffering through December 31, ~~2023. Accordingly~~2024, ~~GT’s~~respectively. ~~consent~~In ~~will~~connection ~~not~~with bethe ~~obtained~~Termination ~~for~~Agreement, this ~~any~~agreement ~~future~~was ~~Company filings~~terminated.

~~The following is a summary of fees paid or to~~ITEM be14. ~~paid~~PRINCIPAL toACCOUNTING ~~Grant~~FEES ~~Thornton~~AND ~~LLP for services rendered~~SERVICES.

~~Audit~~ The firm ~~Fees. Audit fees consist~~ of ~~fees for~~WithumSmith+Brown, ~~professional~~PC, ~~services~~or ~~provided~~Withum, inacts ~~connection~~as ~~with the audit of~~ our ~~financial~~independent ~~statements,~~registered ~~review~~public ofaccounting ~~quarterly~~firm. ~~financial~~The ~~statements, and~~following ~~other~~is ~~regulatory~~a ~~filings.~~summary ~~The~~of ~~aggregate~~ fees we paid to ~~Grant~~Withum ~~Thornton~~ for ~~professional~~ services ~~delivered by them for the years ended December 31, 2023 and 2022 were $42,000 and $79,800, respectively~~rendered. ~~For the years ended December 31, 2023 and 2022, the audit related fees for Withum was $98,800.~~

Audit~~-Related~~ Fees. ~~Audit-related~~During ~~services~~the ~~consist~~years ofended ~~fees~~December ~~billed~~31, ~~for~~2024 ~~assurance~~ and ~~related services~~2023, ~~that~~fees ~~are~~for ~~reasonably~~our ~~related~~independent toregistered ~~performance~~public ofaccounting ~~the~~firm ~~audit~~were or$147,680 and ~~review~~$98,800, ofrespectively, ~~our~~for ~~financial~~the ~~statements~~services ~~and~~Withum ~~are not reported under “Audit Fees~~performed.” These services ~~include~~related ~~attest~~more ~~services~~specifically ~~that~~to ~~are~~Quarterly ~~not~~reviews ~~required by statute or regulation~~ and ~~consultations concerning financial accounting and reporting standards. We did not pay Grant Thornton LLP nor Withum for audit-related fees for~~ the ~~year ended December 31,~~ 2023 ~~and 2022~~10-K audit.

~~Tax~~ Audit-Related Fees. ~~Tax~~During ~~fees~~the ~~consist~~years ofended ~~fees~~December ~~billed for professional services relating to tax compliance~~31, ~~tax~~2024 ~~planning~~ and ~~tax~~2023, ~~advice.~~our Weindependent ~~paid~~registered ~~Grant~~public ~~Thornton~~accounting ~~LLP~~firm ~~$6,420~~did ~~and~~not ~~$6,420,~~render ~~respectively~~assurance ~~for tax planning~~ and ~~tax~~related ~~advice~~services ~~for~~related to the ~~year~~performance ~~ended~~of ~~December~~the ~~31,~~audit ~~2023~~or ~~and~~review ~~2022.~~of Wefinancial ~~did not pay Withum for tax fees for the year ended December 31, 2023~~statements.

~~All Other~~ Tax Fees. WeDuring ~~did not pay Grant Thornton LLP for other services for~~ the ~~year~~years ended December 31, ~~2023~~2024 and ~~2022.~~2023, Weour ~~did~~independent ~~not~~registered ~~pay~~public ~~Withum~~accounting ~~for~~firm ~~all~~did ~~other~~not ~~fees~~render services for ~~the~~tax ~~year~~compliance, ~~ended~~tax ~~December 31,~~advice ~~2023~~and tax planning.

~~Pre~~All Other Fees. During the years ended December 31, 2024 and 2023, fees for our independent registered public accounting firm were $41,080 and $0, respectively, for the services Withum performed. These services related more specifically to Form F-~~Approval~~4 ~~Policy~~reviews.

~~Our audit committee has and will pre~~Pre-~~approve all~~Approval auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).Policy

58Our audit committee has and will pre-approve all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

~~ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES~~57

~~INDEX~~ITEM TO15. EXHIBIT AND FINANCIAL ~~STATEMENTS~~STATEMENT SCHEDULES

	Page
Report of Independent Registered Public Accounting Firm (PCAOB ID: 100)	F-2
Balance Sheets as of December 31, 2023 and 2022	F-3
Statements of Operations for the Years ended December 31, 2023 and December 31, 2022	F-4
Statements of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Years ended December 31, 2023 and December 31, 2022	F-5
Statements of Cash Flows for the Years ended December 31, 2023 and December 31, 2022	F-6
Notes to Financial Statements for the Years ended December 31, 2023 and December 31, 2022	F-7

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

~~F-1~~Board of Directors and Shareholders

~~Report~~Perception Capital ofCorp ~~Independent Registered Public Accounting Firm~~IV.

ToOpinion on the ~~Board~~financial ~~of Directors and Shareholders~~statements

We have audited the accompanying consolidated balance sheets of Perception Capital Corp. IV. (the “Company”) as of December 31, 2024 and 2023, the related statements of operations, changes in redeemable class A ordinary shares and shareholders’ deficit, and cash flows for the year ended December 31, 2024 and 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the year ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

~~Opinion on the Financial Statements~~Going Concern

~~We have audited the~~ The accompanying ~~balance~~financial ~~sheets of~~statements ~~Perception~~have ~~Capital~~been ~~Corp.~~prepared IVassuming (that the “Company”) will continue as ofa ~~December~~going ~~31,~~concern. ~~2023~~As ~~and~~discussed ~~2022,~~in ~~and~~Note 1 to the ~~related~~financial statements ~~of operations~~, ~~statements~~ ofif ~~changes~~the inCompany ~~redeemable~~is ~~class~~unable Ato ~~ordinary~~raise ~~shares~~additional ~~and~~funds ~~shareholders’~~to ~~deficit~~alleviate ~~and~~liquidity ~~statements~~needs ofor ~~cash~~complete ~~flows~~a ~~for~~business combination ~~the~~by ~~years then~~April ~~ended~~15, ~~and~~2025, then the ~~related~~Company ~~notes~~will ~~(collectively~~cease ~~referred~~all tooperations asexcept for the ~~“financial~~purpose ~~statements”)~~of liquidating. InBoth ~~our opinion,~~ the ~~financial~~liquidity ~~statements~~condition ~~present~~and ~~fairly,~~mandatory inredemption ~~all~~raise ~~material~~substantial ~~respects,~~doubt ~~the~~about ~~financial position of~~ the Company’s asability ofto ~~December~~continue ~~31,~~as ~~2023~~a ~~and~~going ~~2022,~~concern. ~~and the results~~Management’s ofplans ~~its~~in ~~statements~~regard ofto ~~operations,~~this ~~statements~~matter ofare ~~changes~~also described in ~~redeemable~~Note ~~class~~1. AThe ~~ordinary~~financial ~~shares and shareholders’ deficit and its~~ statements ~~cash~~ ~~flows~~do ~~for~~not ~~the~~include ~~years~~any ~~then~~adjustments ~~ended,~~that inmight ~~conformity~~result from ~~with accounting principles generally accepted in~~ the ~~United~~outcome ~~States~~ of ~~America~~this uncertainty.

~~Emphasis of the Matter – Restatement~~Basis offor ~~Unaudited Interim Financial Statements~~opinion

~~As discussed in Note~~These ~~2 of the~~ financial statements, ~~the~~are ~~unaudited interim financial statements as of and for~~ the ~~three~~responsibility ~~months ended March 31, 2023, as~~ of ~~and for~~ the ~~three~~Company’s ~~and~~management. ~~six~~Our ~~months~~responsibility ~~ended~~is ~~June~~to ~~30,~~express ~~2023~~an ~~and~~opinion ason ~~of and for~~ the ~~three~~Company’s financial ~~and~~statements ~~nine~~based ~~months~~on ~~ended~~our ~~September 30, 2023 have been restated to correct certain misstatements~~audits. ~~The~~We ~~Company~~are ~~previously~~a ~~accounted~~public ~~for~~accounting ~~its~~firm ~~related~~registered ~~party~~with ~~notes using~~ the ~~fair~~Public ~~value~~Company ~~option~~Accounting ~~and~~Oversight ~~recorded~~Board ~~the~~(United ~~changes~~States) in(“PCAOB”) ~~the~~and ~~fair~~are ~~value~~required ofto ~~the~~be ~~related~~independent ~~party~~with ~~notes~~respect ~~through~~to the ~~statement~~Company ofin ~~operations.~~accordance ~~Management~~with ~~has~~the ~~since~~U.S. ~~re-evaluated its accounting~~federal ~~treatment~~securities ~~related~~laws toand ~~these~~the ~~related~~applicable ~~party~~rules ~~notes~~ and ~~has~~regulations ~~determined~~of ~~that~~ the ~~notes~~Securities ~~should~~and ~~have~~Exchange ~~been~~Commission ~~recorded~~and ~~at cost. This matter is described in more detail in Note 2 of~~ the ~~financial statements~~PCAOB.

~~Going~~We conducted ~~Concern~~our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

~~The~~Our audits ~~accompanying~~included ~~financial~~performing ~~statements~~procedures ~~have~~to ~~been prepared~~assess ~~assuming that~~ the ~~Company~~risks ~~will~~of ~~continue~~material asmisstatement aof ~~going concern. As discussed in Note 1 to~~ the financial statements, ifwhether ~~the~~due ~~Company~~to error isor ~~unable~~fraud, toand ~~raise~~performing ~~additional~~procedures ~~funds~~that respond to ~~alleviate~~those ~~liquidity~~risks. ~~needs~~Such orprocedures ~~complete~~included aexamining, ~~business~~on ~~combination~~a bytest ~~November 15~~basis, ~~2024,~~evidence ~~then~~ regarding the ~~Company will~~amounts ~~cease~~and ~~all~~disclosures ~~operations~~in ~~except for~~ the ~~purpose~~financial ~~of liquidating~~statements. ~~Both~~Our ~~the~~audits ~~liquidity~~also ~~condition~~included ~~and~~evaluating ~~mandatory~~the ~~redemption~~accounting ~~raise~~principles ~~substantial doubt~~used ~~about~~and ~~the~~significant estimates ~~Company’s~~made ~~ability~~by tomanagement, ~~continue~~ as awell ~~going~~as ~~concern.~~evaluating ~~Management’s~~the ~~plans~~overall inpresentation ~~regard~~of tothe ~~this matter are also described in Note 1. The~~ financial statements. doWe ~~not~~believe ~~include any adjustments~~ that ~~might~~our ~~result~~audits provide ~~from~~a ~~the~~reasonable ~~outcome~~basis offor ~~this~~our ~~uncertainty~~opinion.

~~Basis~~/s/ WithumSmith+Brown, ~~for Opinion~~PC

~~These~~We ~~financial~~have ~~statements are the responsibility~~served ofas the Company’s ~~management.~~auditor ~~Our~~since ~~responsibility is to express an opinion on these financial statements based on our audits~~2023. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~We conducted our audits in accordance with the~~New ~~standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement~~York, ~~whether~~New due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.York

~~Our~~March ~~audits included performing procedures to assess the risks of material misstatement of the financial statements~~27, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.2025

~~/s/~~PCAOB Number ~~WithumSmith+Brown, PC~~100

~~We are aware that Grant Thornton was the predecessor auditor and began serving Perception Capital Corp. IV during inception. We have served as Perception Capital Corporation IV’s auditor since 2023.~~F-1

~~New~~PERCEPTION CAPITAL ~~York,~~CORP ~~New~~IV. CONSOLIDATED ~~York~~BALANCE SHEETS

April 22, 2024

	December 31,			December 31,
	2024			2023

ASSETS
Current assets
Cash	$	43,499		$	222,581
Prepaid expenses		28,500			407,235
Total current assets		71,999			629,816

Cash held in Trust Account		3,954,190			52,977,929
Total Assets	$	4,026,189		$	53,607,745

LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$	1,084,378		$	118,682
Convertible senior secured promissory note		1,328,839			1,000,000
Derivative liability		—			7,273
Total current liabilities		2,413,217			1,125,955

Non-current liabilities
Warrant liabilities		282,650			1,162,320
Total non-current liabilities		282,650			1,162,320
Total Liabilities		2,695,867			2,288,275

COMMITMENTS AND CONTINGENCIES (NOTE 7)
CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION
Class A ordinary shares subject to possible redemption, $0.0001 par value; 332,928 and 4,777,672 shares issued and outstanding subject to possible redemption, at approximately $11.58 and $11.07 redemption value at December 31, 2024 and 2023, respectively		3,854,190			52,877,929

SHAREHOLDERS’ DEFICIT
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 609,250 issued and outstanding and none issued or outstanding at December 31, 2024 and 2023, respectively		60			—
Class A ordinary shares; $0.0001 par value; 200,000,000 shares authorized; 6,505,624 and 5,749,999 shares issued and outstanding, at December 31, 2024 and 2023, respectively (excluding shares subject to redemption)		650			575
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized; one share issued and outstanding at December 31, 2024 and 2023		—			—
Additional paid-in capital		1,789,280			3,457,783
Accumulated deficit		(4,313,858	)		(5,016,817	)
Total Shareholders’ Deficit		(2,523,868	)		(1,558,459	)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit	$	4,026,189		$	53,607,745

~~PCAOB~~The accompanying ~~Number~~notes ~~100~~are an integral part of these consolidated financial statements

F-2

PERCEPTION CAPITAL CORP IV. ~~BALANCE~~ ~~SHEETS~~

	December 31,			December 31,
	2023			2022
ASSETS
Current assets
Cash	$	222,581		$	41,276
Prepaid expenses		407,235			268,368
Total current assets		629,816			309,644
Cash and investments held in Trust Account		52,977,929			238,041,214
Total Assets	$	53,607,745		$	238,350,858
LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$	118,682		$	541,320
Convertible senior secured promissory note		1,000,000			—
Derivative liability		7,273			—
Sponsor convertible notes		—			100,000
Total current liabilities		1,125,955			641,320
Non-current liabilities
Deferred underwriting commissions		8,050,000			8,050,000
Warrant liabilities		1,162,320			1,624,000
Total non-current liabilities		9,212,320			9,674,000
Total Liabilities		10,338,275			10,315,320
COMMITMENTS AND CONTINGENCIES (NOTE 8)
REDEEMABLE CLASS A ORDINARY SHARES
Redeemable Class A ordinary shares, $0.0001 par value; 4,777,672 and 23,000,000 shares issued and outstanding subject to possible redemption, at approximately $11.07 and $10.35 redemption value at December 31, 2023 and 2022, respectively		52,877,929			237,941,214
SHAREHOLDERS’ DEFICIT
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at December 31, 2023 and 2022		—			—
Class A ordinary shares; $0.0001 par value; 200,000,000 shares authorized; 5,749,999 and zero shares issued and outstanding, respectively, at December 31, 2023 and 2022		575			—
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized; one and 5,750,000 shares issued and outstanding, respectively, at December 31, 2023 and 2022		—			575
Additional paid-in capital		3,457,783			—
Accumulated deficit		(13,066,817	)		(9,906,251	)
Total Shareholders’ Deficit		(9,608,459	)		(9,905,676	)
Total Liabilities, Redeemable Class A Ordinary Shares and Shareholders’ Deficit	$	53,607,745		$	238,350,858

CONSOLIDATED STATEMENTS OF OPERATIONS

The accompanying notes are an integral part of these financial statements

	For the Years Ended December 31,
	2024			2023

EXPENSES
General and administrative expenses	$	2,137,873		$	4,565,129
Loss from operations		(2,137,873	)		(4,565,129	)

OTHER INCOME
Forgiveness of debt		—			720,077
Gain attributable to derecognition of deferred underwriting fee allocated to warrants		—			409,845
Change in fair value of warrant liability		424,482			461,680
Change in fair value of derivative liability		122,297			9,159
Interest expense – debt discount		(115,024	)		(16,432	)
Interest earned in Trust Account		2,409,077			8,128,147
Total other income, net		2,840,832			9,712,476

NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS	$	702,959		$	5,147,347

WEIGHTED AVERAGE SHARES OUTSTANDING OF REDEEMABLE ORDINARY SHARES, BASIC AND DILUTED		4,243,331			16,459,493
BASIC AND DILUTED NET INCOME PER SHARE, REDEEMABLE ORDINARY SHARES	$	0.46		$	0.39
WEIGHTED AVERAGE SHARES OUTSTANDING OF NON-REDEEMABLE ORDINARY SHARES, BASIC		5,991,552			5,750,000
BASIC NET LOSS PER SHARE, NON-REDEEMABLE ORDINARY SHARES	$	(0.21	)	$	(0.23	)
WEIGHTED AVERAGE SHARES OUTSTANDING OF NON-REDEEMABLE ORDINARY SHARES, DILUTED		6,148,938			5,750,000
DILUTED NET LOSS PER SHARE, NON-REDEEMABLE ORDINARY SHARES	$	(0.20	)	$	(0.23	)

~~F-3~~The accompanying notes are an integral part of these consolidated financial statements

~~PERCEPTION CAPITAL CORP IV.~~F-3

~~STATEMENTS~~PERCEPTION CAPITAL OFCORP ~~OPERATIONS~~IV.

	For the Year Ended December 31,
	2023			2022
EXPENSES
General and administrative expenses	$	4,565,129		$	2,291,464
Loss from operations		(4,565,129	)		(2,291,464	)
OTHER INCOME (EXPENSE)
Forgiveness of debt		720,077			—
Change in fair value of warrant liability		461,680			12,296,000
Change in fair value of sponsor convertible note		—			400,000
Change in fair value of derivative liability		9,159			—
Interest expense – debt discount		(16,432	)		—
Interest earned in Trust Account		8,128,147			3,438,963
Total other income, net		9,302,631			16,134,963
NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS	$	4,737,502		$	13,843,499
WEIGHTED AVERAGE SHARES OUTSTANDING OF REDEEMABLE ORDINARY SHARES, BASIC AND DILUTED		16,459,493			23,000,000
BASIC AND DILUTED NET INCOME PER SHARE, REDEEMABLE ORDINARY SHARES	$	0.38		$	0.51
WEIGHTED AVERAGE SHARES OUTSTANDING OF NON-REDEEMABLE ORDINARY SHARES, BASIC AND DILUTED		5,750,000			5,750,000
BASIC AND DILUTED NET INCOME PER SHARE, NON-REDEEMABLE ORDINARY SHARES	$	(0.25	)	$	0.37

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CLASS A ORDINARY SHARES AND

~~The accompanying notes are an integral part~~SHAREHOLDERS’ ~~of these financial statements~~DEFICIT

~~F-4~~FOR THE YEAR ENDED DECEMBER 31, 2024

PERCEPTION CAPITAL CORP IV.

							Shareholders’ Deficit
	Redeemable Class A						Preference		Class A Ordinary				Class B Ordinary				Additional						Total
	Ordinary Shares						Shares		Shares				Shares				paid-in			Accumulated			shareholders’
	Shares			Amount			Amount		Shares		Amount		Shares		Amount		capital			deficit			deficit
Balance, December 31, 2023		4,777,672		$	52,877,929		$	—		5,749,999	$	575		1	$	—	$	3,457,783		$	(5,016,817	)	$	(1,558,459	)
Remeasurement of Redeemable Class A ordinary shares subject to possible redemption		—			2,823,556			—		—		—		—		—		(2,823,556	)		—			(2,823,556	)
Conversion of Private Warrants to Class A ordinary shares		—			—			—		755,625		75		—		—		455,113			—			455,188
Issuance of Preference Shares		—			—			60		—		—		—		—		699,940			—			700,000
Redemption of Redeemable Class A Ordinary Shares		(4,444,744	)		(51,847,295	)
Net income		—			—			—		—		—		—		—					702,959			702,959
Balance, December 31, 2024		332,928		$	3,854,190		$	60		6,505,624	$	650		1	$	—	$	1,789,280		$	(4,313,858	)	$	(2,523,868	)

~~STATEMENTS~~FOR THE OFYEAR ~~CHANGES~~ENDED INDECEMBER ~~REDEEMABLE~~31, ~~CLASS A ORDINARY SHARES AND~~2023

SHAREHOLDERS’ DEFICIT

							Shareholders’ Deficit
	Redeemable Class A						Class A Ordinary				Class B Ordinary						Additional						Total
	Ordinary Shares						Shares				Shares						paid-in			Accumulated			shareholders’
	Shares			Amount			Shares		Amount		Shares			Amount			capital			deficit			deficit
Balance, December 31, 2022		23,000,000		$	237,941,214			—	$	—		5,750,000		$	575		$	—		$	(9,906,251	)	$	(9,905,676	)
Remeasurement of Redeemable Class A ordinary shares subject to possible redemption		—			10,337,286			—		—		—			—			(2,439,217	)		(257,913	)		(2,697,130	)
Redemption of Redeemable Class A ordinary shares		(18,222,328	)		(195,400,571	)		—		—		—			—			—			—			—
Capital Contribution – Sponsor		—			—			—		—		—			—			5,897,000			—			5,897,000
Conversion of Non-Redeemable Class B ordinary shares to Non-Redeemable Class A ordinary shares		—			—			5,749,999		575		(5,749,999	)		(575	)		—			—			—
Net income		—			—			—		—		—			—			—			5,147,347			5,147,347
Balance, December 31, 2023		4,777,672		$	52,877,929			5,749,999	$	575		1		$	—		$	3,457,783		$	(5,016,817	)	$	(1,558,459	)

~~FOR~~The accompanying ~~THE~~notes ~~YEAR~~are ~~ENDED~~an ~~DECEMBER~~integral ~~31,~~part ~~2023~~of these consolidated financial statements

							Shareholders’ Deficit
	Redeemable Class A						Class A Ordinary				Class B Ordinary						Additional						Total
	Ordinary Shares						Shares				Shares						paid-in			Accumulated			shareholders’
	Shares			Amount			Shares		Amount		Shares			Amount			capital			deficit			deficit
Balance, December 31, 2022		23,000,000		$	237,941,214			—	$	—		5,750,000		$	575		$	—		$	(9,906,251	)	$	(9,905,676	)
Remeasurement of Redeemable Class A ordinary shares subject to possible redemption		—			10,337,286			—		—		—			—			(2,439,217	)		(7,898,068	)		(10,337,285	)
Redemption of Redeemable Class A ordinary shares		(18,222,328	)		(195,400,571	)		—		—		—			—			—			—			—
Capital Contribution – Sponsor		—			—			—		—		—			—			5,897,000			—			5,897,000
Conversion of Non-Redeemable Class B ordinary shares to Non-Redeemable Class A ordinary shares		—			—			5,749,999		575		(5,749,999	)		(575	)		—			—			—
Net income		—			—			—		—		—			—			—			4,737,502			4,737,502
Balance, December 31, 2023		4,777,672		$	52,877,929			5,749,999	$	575		1		$	—		$	3,457,783		$	(13,066,817	)	$	(9,608,459	)

F-4

~~FOR~~PERCEPTION CAPITAL ~~THE~~CORP ~~YEAR~~IV. ~~ENDED DECEMBER 31, 2022~~

					Shareholders’ Deficit
	Redeemable Class A				Class B Ordinary				Additional					Total
	Ordinary Shares				Shares				paid-in		Accumulated			shareholders’
	Shares		Amount		Shares		Amount		capital		deficit			deficit
Balance, December 31, 2021		23,000,000	$	234,600,000		5,750,000	$	575	$	—	$	(20,408,536	)	$	(20,407,961	)
Remeasurement of Redeemable Class A ordinary shares subject to possible redemption		—		3,341,214		—		—		—		(3,341,214	)		(3,341,214	)
Net income		—		—		—		—		—		13,843,499			13,843,499
Balance, December 31, 2022		23,000,000	$	237,941,214		5,750,000	$	575	$	—	$	(9,906,251	)	$	(9,905,676	)

CONSOLIDATED STATEMENTS OF CASH FLOWS

The accompanying notes are an integral part of these financial statements

	For the year ended December 31, 2024			For the year ended December 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	702,959		$	5,147,347
Adjustments to reconcile net income to net cash used in operating activities:
Change in fair value of warrant liability		(424,482	)		(461,680	)
Change in fair value of derivative liability		(122,297	)		(9,159	)
Gain attributable to derecognition of deferred underwriting fee allocated to warrants		—			(409,845	)
Forgiveness of debt		—			(720,077	)
Interest expense – debt discount		115,024			16,432
Interest earned in Trust Account		(2,409,077	)		(8,128,147	)
Changes in operating assets and liabilities:
Prepaid expenses		378,735			(138,867	)
Accounts payable and accrued expenses		965,696			534,440
Net cash flows used in operating activities		(793,442	)		(4,169,556	)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment of cash into Trust Account		(414,479	)		(2,209,139	)
Cash withdrawn from Trust Account in connection with redemption		51,847,295			195,400,571
Net cash flows provided by investing activities		51,432,816			193,191,432

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Sponsor convertible note		—			5,560,000
Proceeds from promissory note		328,839			1,000,000
Preferred Stock Purchase Agreement		700,000			—
Redemption of shares		(51,847,295	)		(195,400,571	)
Net cash flows used in financing activities		(50,818,456	)		(188,840,571	)

NET CHANGE IN CASH		(179,082	)		181,305
CASH, BEGINNING OF YEAR		222,581			41,276
CASH, END OF YEAR	$	43,499		$	222,581
Supplemental disclosure of noncash activities:
Change in value of Class A subject to possible redemption	$	2,823,556		$	10,337,286
Conversion of Private Warrants to Class A ordinary shares	$	455,188		$	—
Capital Contribution - former Sponsor	$	—		$	5,897,000
Derecognition of deferred underwriting fee, net of amount recognized as a gain	$	—		$	(7,640,155	)
Conversion of Founder Shares	$	—		$	(575	)

~~F-5~~The accompanying notes are an integral part of these consolidated financial statements

~~PERCEPTION CAPITAL CORP IV.~~F-5

~~STATEMENTS~~PERCEPTION CAPITAL OFCORP ~~CASH~~IV. ~~FLOWS~~

	For the year ended December 31, 2023			For the year ended December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	4,737,502		$	13,843,499
Adjustments to reconcile net income to net cash used in operating activities:
Change in fair value of warrant liability		(461,680	)		(12,296,000	)
Change in fair value of sponsor convertible note		—			(400,000	)
Change in fair value of derivative liability		(9,159	)		—
Forgiveness of debt		(720,077	)
Interest expense – debt discount		16,432			—
Interest earned in Trust Account		(8,128,147	)		(3,438,963	)
Changes in operating assets and liabilities:
Prepaid expenses		(138,867	)		723,201
Accounts payable and accrued expenses		534,440			409,246
Net cash flows used in operating activities		(4,169,556	)		(1,159,017	)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment of cash into Trust Account	$	(2,209,139	)	$	—
Cash withdrawn from Trust Account in connection with redemption		195,400,571			—
Net cash flows provided by investing activities		193,191,432			—
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Sponsor convertible note	$	5,560,000		$	500,000
Proceeds from promissory note		1,000,000			—
Redemption of shares		(195,400,571	)		—
Net cash flows (used in) provided by financing activities		(188,840,571	)		500,000
NET CHANGE IN CASH		181,305			(659,017	)
CASH, BEGINNING OF YEAR		41,276			700,293
CASH, END OF YEAR	$	222,581		$	41,276
Supplemental disclosure of noncash activities:
Change in value of Class A subject to possible redemption	$	10,337,286		$	3,341,214
Capital Contribution - former Sponsor	$	5,897,000		$	—
Conversion of Founder Shares	$	(575	)	$	—

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~The~~Note 1 ~~accompanying~~- ~~notes~~Description ~~are an integral part~~ of ~~these~~Organization ~~financial~~and ~~statements~~Business Operations

~~F-6~~Perception Capital Corp IV. (the “Company”) was incorporated in the Cayman Islands on June 9, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company’s original sponsor was RCF VII Sponsor LLC, a Delaware limited liability company (the “Original Sponsor”).

~~PERCEPTION~~On November ~~CAPITAL~~2, ~~CORP~~2023, the Original Sponsor entered into a Securities Purchase Agreement (the “SPA”) with Perception Capital Partners IV. LLC (the “Buyer” or “New Sponsor”), pursuant to which, among other things, the Buyer acquired certain of the Original Sponsor’s (i) Class A Ordinary Shares, par value $0.0001 per share (“Class A Ordinary Shares”), of the Company and (ii) private placement warrants (together with the Class A Ordinary Shares, the “Securities”).

~~NOTES~~On November TO6, ~~FINANCIAL~~2023, ~~STATEMENTS~~in connection with the closing (“Closing”) of the transactions contemplated by the SPA, the Company entered into a Joinder Agreement (the “Joinder”) to that certain Registration Rights Agreement dated November 9, 2021, with the Original Sponsor and New Sponsor. Pursuant to the Joinder, New Sponsor will receive the same rights and benefits with respect to its newly acquired Class A Ordinary Shares (as defined below) and private placement warrants as the Original Sponsor has with respect to its Class A Ordinary Shares and private placement warrants.

~~Note~~In connection 1with the Closing of the transactions contemplated by the SPA, on November 6, 2023: (i) each of the Company’s then-current directors, ~~Description~~James McClements, Sunny S. Shah, Thomas M. Boehlert, Hugo Dryland, Elodie Grant Goodey, Timothy Baker, and Daniel Malchuk, resigned as directors, and the Company accepted their resignations; (ii) the vacancies on the Company’s board of ~~Organization~~directors caused by such resignations were filled by Scott Honour, Rick Gaenzle, R. Rudolph Reinfrank, Thomas J. Abood and ~~Business~~Karrie Willis (the “New ~~Operations~~Directors”); (iii) each of the Company’s then-current officers, Sunny S. Shah, Thomas M. Boehlert and Rebecca Coffelt, resigned as Chief Executive Officer, Chief Financial Officer, and Secretary, respectively, and the Company accepted their resignations; and (iv) the appointments of Rick Gaenzle as Chief Executive Officer, John Stanfield as Chief Financial Officer and Secretary, Scott Honour as Chairman of the Board, and Tao Tan as President (the “New Officers”) became effective. R. Rudolph Reinfrank, Thomas J. Abood and Karrie Willis will serve as members of the Company’s Audit Committee, Nominating Committee and Compensation Committee.

~~Perception Capital Corp IV. (the “Company”)~~On ~~was~~November ~~incorporated~~6, in2023, the ~~Cayman~~Original ~~Islands~~Sponsor onand ~~June~~New 9,Sponsor ~~2021.~~consummated ~~The~~the ~~Company~~transactions ~~was~~contemplated ~~formed~~by ~~for~~ the ~~purpose~~SPA ofpursuant ~~effecting~~to ~~a merger~~which, ~~capital stock exchange,~~among ~~asset~~other ~~acquisition~~things, ~~stock~~New ~~purchase,~~Sponsor ~~reorganization~~acquired orcertain ~~similar~~of ~~business combination with one or more businesses (~~the ~~“Business~~Original ~~Combination”). The Company~~Sponsor’s ~~sponsor~~(i) isClass ~~RCF~~A ~~VII~~Ordinary ~~Sponsor~~Shares ~~LLC,~~and ~~a Delaware limited liability company~~ (~~the “Original Sponsor”~~ii). ~~The~~private ~~Company~~placement warrants, ~~has~~subject ~~selected~~to ~~December~~the ~~31st~~terms asand ~~its~~conditions ~~fiscal~~described ~~year~~in ~~end~~the SPA.

AsOn January ~~of December 31~~19, ~~2023~~2024, the Company ~~had~~received ~~not~~a ~~commenced any~~notice ~~operations.~~from ~~All activity for~~ the ~~period~~New ~~from~~York ~~June~~Stock 9,Exchange ~~2021~~ (~~inception~~the “NYSE”) ~~through~~that ~~December~~it ~~31,~~was ~~2023~~not ~~relates~~in tocompliance with the ~~Company~~NYSE’s ~~formation, the~~continued ~~initial~~listing ~~public~~requirements. ~~offering (“Public Offering”)~~Specifically, ~~and~~the ~~activities~~NYSE ~~related~~advised tothe ~~pursuing~~Company ~~merger~~that ~~opportunities.~~it ~~The~~is ~~Company will~~ not ~~generate~~in ~~operating~~compliance ~~revenues~~with ~~prior~~Section 802.01B toof the ~~completion~~NYSE ofListed aCompany ~~Business~~Manual, ~~Combination~~which ~~and~~requires ~~will~~an ~~generate non~~NYSE-~~operating~~listed ~~income~~company into ~~the~~maintain ~~form~~a minimum of ~~interest~~ ~~income~~300 onpublic ~~Permitted~~stockholders ~~Investments~~on a ~~(as~~continuous ~~defined below) from the proceeds derived from the Public Offering~~basis.

OnThe Company ~~November~~submitted 2,a ~~2023,~~business ~~the~~plan ~~Original~~to ~~Sponsor~~the ~~entered into~~NYSE ademonstrating ~~Securities~~the ~~Purchase~~Company’s ~~Agreement~~ability ~~(the~~to ~~“SPA”)~~regain compliance with ~~Perception~~the ~~Capital~~NYSE’s ~~Partners~~rules. The IVNYSE ~~LLC~~has (accepted the ~~“Buyer”~~plan orand ~~“New Sponsor”),~~as ~~pursuant~~a ~~to which~~result, ~~among~~the ~~other~~Company ~~things,~~is ~~the~~subject ~~Buyer~~to ~~acquired~~quarterly ~~certain~~monitoring offor compliance with the ~~Original~~business ~~Sponsor~~plan and the Company’s ~~(i)~~common ~~Class~~stock Awill ~~ordinary shares,~~continue ~~par~~to ~~value~~trade ~~$0.0001~~on ~~per~~the ~~share~~NYSE ~~(“Class~~during Athe ~~Ordinary Shares”)~~period, ofsubject to the Company’s ~~and (ii) private placement warrants (together~~compliance with ~~the~~other ~~Class~~NYSE Acontinued ~~Ordinary~~listing ~~Shares, the “Securities”)~~requirements.

On November 615, ~~2023~~2024, inthe ~~connection~~Company ~~with~~received ~~the~~a ~~closing (“Closing”)~~letter offrom the ~~transactions~~NYSE ~~contemplated~~stating bythat the ~~SPA,~~staff ~~the~~of ~~Company~~NYSE ~~entered~~Regulation ~~into~~has adetermined ~~Joinder~~to ~~Agreement~~commence ~~(the “Joinder”)~~proceedings to ~~that~~delist ~~certain~~the ~~Registration~~Company’s ~~Rights~~Ordinary ~~Agreement~~Shares, ~~dated~~Units ~~November~~and 9,Warrants ~~2021~~(collectively, ~~with~~ the ~~Original~~“Securities”) ~~Sponsor~~pursuant ~~and~~to ~~New~~Sections ~~Sponsor~~802.01B and ~~Pursuant~~102.06(e) of the ~~Joinder, New~~NYSE’s ~~Sponsor~~Listed ~~will~~Company ~~receive~~Manual because the ~~same~~Company ~~rights~~failed ~~and~~to ~~benefits~~consummate ~~with~~a ~~respect~~business tocombination ~~its~~within ~~newly~~36 ~~acquired~~months of ~~Class~~the Aeffectiveness ~~Shares~~of ~~(as~~its ~~defined~~initial ~~below)~~public ~~and~~offering ~~private placement~~registration ~~warrants~~statement, asor ~~the~~such ~~Original~~shorter ~~Sponsor~~period ~~has~~that ~~with~~the ~~respect~~Company tospecified in its registration ~~Class~~statement. ATrading ~~Shares~~in ~~and~~the ~~private~~Securities ~~placement~~has ~~warrants~~been suspended.

~~In connection with the Closing of the transactions~~Effective ~~contemplated by the SPA, on~~ November 618, ~~2023: (i) each of the Company’s then-current directors~~2024, ~~James McClements, Sunny S. Shah, Thomas M. Boehlert, Hugo Dryland, Elodie Grant Goodey, Timothy Baker, and Daniel Malchuk, resigned as directors, and~~ the ~~Company~~Ordinary ~~accepted their resignations; (ii) the vacancies on the Company’s board of directors caused by such resignations were filled by Scott Honour~~Shares, ~~Rick~~ ~~Gaenzle,~~Units ~~R. Rudolph Reinfrank, Thomas J. Abood~~ and ~~Karrie~~Warrants ~~Willis~~began ~~(the~~trading ~~“New~~in ~~Directors”); (iii) each of~~ the ~~Company’s then~~over-~~current officers, Sunny S. Shah, Thomas M. Boehlert and Rebecca Coffelt, resigned as Chief Executive Officer, Chief Financial Officer, and Secretary, respectively, and~~ the-counter ~~Company~~market ~~accepted~~under ~~their resignations; and (iv)~~ the ~~appointments~~symbols ~~of Rick Gaenzle as Chief Executive Officer~~“RCFAF, ~~John Stanfield as Chief Financial Officer and Secretary, Scott Honour as Chairman of the Board, and Tao Tan as President (the~~” “~~New Officers~~RCFUF”) ~~became effective. R. Rudolph Reinfrank, Thomas J. Abood~~ and ~~Karrie Willis will serve as members of the Company’s Audit Committee~~“RCFWF,” ~~Nominating Committee and Compensation Committee~~respectively.

OnAs of ~~November~~December 631, ~~2023~~2024, the ~~Original~~Company ~~Sponsor~~had ~~and New~~not ~~Sponsor~~commenced ~~consummated~~any ~~the~~operations. ~~transactions~~All ~~contemplated~~activity byfor the ~~SPA~~period ~~pursuant~~from toJune ~~which~~9, ~~among~~2021 ~~other~~(inception) ~~things~~through December 31, ~~New~~2024 ~~Sponsor~~relates ~~acquired~~to ~~certain of~~ the ~~Original Sponsor~~Company’s formation, the initial public offering (i“Public Offering”), ~~Class~~redemptions and Aactivities ~~Shares~~related to pursuing merger opportunities and closing on its initial Business Combination (iiNote 7). ~~private~~The ~~placement~~Company ~~warrants,~~will ~~subject~~not generate operating revenues prior to the ~~terms~~completion of a Business Combination and ~~conditions~~generates ~~described~~non-operating income in the form of interest income on Permitted Investments (as defined below) from the ~~SPA~~proceeds derived from the Public Offering and extension payments as defined under Trust Account in Note 1.

~~Financing~~F-6

~~The registration statement for the Company’s~~PERCEPTION ~~Public~~CAPITAL ~~Offering~~CORP ~~was declared effective by the United States Securities and Exchange Commission (the “SEC”) on November 9, 2021~~IV. The Public Offering closed on November 15, 2021 (the “Closing Date”). Simultaneously with the closing of the Public Offering, the Sponsor purchased an aggregate of 11,700,000 warrants to purchase Class A ordinary share (“Private Placement Warrants”) for $1.00 each, or $11,700,000 in the aggregate, in a private placement on the Closing Date (the “Private Placement”).

~~In its Public Offering, the Company sold 23,000,000~~NOTES ~~Units~~TO atCONSOLIDATED aFINANCIAL price of $10.00 per Unit. Each unit consists of one share of Class A ordinary shares and one-half of a redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 6). The Company intends to finance a Business Combination with the remaining proceeds from its $230,000,000 Public Offering and $11,700,000 Private Placement.STATEMENTS

At the Closing Date, proceeds of $241,700,000, net of underwriting discounts of $4,600,000 and $2,500,000 designated for operational use were deposited in a trust account with Continental Stock Transfer and Trust Company acting as trustee (the “Trust Account”) as described below. Transaction costs amounted to $13,267,977, consisting of $12,650,000 of underwriters fees of which $8,050,000 was for Deferred Underwriting Commissions (see Note 8) and $617,977 of other offering costs.Financing

The ~~Underwriters have agreed to waive their rights~~ toregistration ~~any~~statement ~~Deferred~~for ~~Underwriting Commission held in~~ the ~~Trust Account in the event the~~ Company’s ~~does~~Public ~~not~~Offering ~~complete~~was adeclared ~~Business~~effective ~~Combination~~by ~~and those amounts will be included with~~ the ~~funds~~United ~~held~~States inSecurities ~~the~~and ~~Trust~~Exchange ~~Account that will be available to fund~~ Commission (the ~~redemption~~“SEC”) ofon ~~the~~November ~~Company’s Public~~9, ~~Shares~~2021. The ~~Deferred~~Public ~~Underwriting~~Offering ~~Commission~~closed ~~will~~on ~~become~~November ~~payable~~15, to2021 (the ~~Underwriters~~“Closing ~~from~~Date”). Simultaneously with the ~~amounts~~closing ~~held~~of in the ~~Trust~~Public ~~Account solely~~Offering, in the ~~event~~Sponsor ~~the~~purchased ~~Company~~an ~~completes~~aggregate aof ~~Business~~11,700,000 ~~Combination.~~warrants ~~The Underwriters are not entitled~~ to ~~receive~~purchase ~~any~~Class ofA ~~the~~Ordinary ~~interest earned~~Shares on(“Private ~~Trust~~Placement ~~Account~~Warrants”) ~~funds~~for ~~that~~$1.00 ~~would~~each, beor ~~used~~$11,700,000 toin ~~pay~~ the ~~Deferred~~aggregate, ~~Underwriting~~in ~~Commission.~~a ~~The~~private ~~Deferred~~placement ~~Underwriting~~on ~~Commission~~the ~~has~~Closing ~~been recorded~~Date ~~as a deferred liability on~~ (the ~~balance~~“Private ~~sheets~~Placement”).

FIn its Public Offering, the Company sold 23,000,000 Units at a price of $10.00 per Unit. Each unit consists of one Class A Ordinary Share and one-7half of a redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A Ordinary share at a price of $11.50 per share, subject to adjustment (see Note 6). The Company intends to finance a Business Combination with the remaining proceeds from its $230,000,000 Public Offering and $11,700,000 Private Placement.

~~PERCEPTION~~At the ~~CAPITAL~~Closing ~~CORP~~Date, IVproceeds of $241,700,000, net of underwriting discounts of $4,600,000 and $2,500,000 designated for operational use were deposited in a trust account with Continental Stock Transfer and Trust Company acting as trustee (the “Trust Account”) as described below. Transaction costs amounted to $13,267,977, consisting of $12,650,000 of underwriters fees of which $8,050,000 was for Deferred Underwriting Commissions (see Note 8) and $617,977 of other offering costs.

~~NOTES~~On October TO26, ~~FINANCIAL~~2023 ~~STATEMENTS~~and November 6, 2023, the underwriters for the Company’s Initial Public Offering, consisting of Barclays Capital Inc. and Citigroup Global Markets Inc., agreed to waive all rights to their respective portion of the underwriting commissions (or approximately $8.1 million) with respect to any future Business Combination.

Of the $241,700,000 total proceeds from the Public Offering and Private Placement, $234,600,000 was deposited into the Trust Account on the Closing Date. The funds in the Trust Account ~~will~~ bewas invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations (collectively “Permitted Investments”). Funds will remain in the Trust Account except for the withdrawal of interest earned on the funds that may be released to the Company to pay taxes and redemptions of public shares.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a target business. The Company is focused on sponsoring the public listing of a company that combines attractive business fundamentals with, or with the potential for strong environmental, social and governance principles and practices through a Business Combination. As used herein, the target business must be with one or more target businesses that together have an aggregate fair market value equal to at least 80% of the balance in the Trust Account ~~(less any Deferred Underwriting Commissions and taxes payable on interest earned on the Trust Account)~~ at the time of the Company signing a definitive agreement.

Trust Account

On May 9, 2023, the Company held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”). At the Extraordinary General Meeting, the Company’s shareholders approved several proposals to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Charter”) to (i) extend the date by which the Company must consummate a Business Combination from May 15, 2023 to May 15, 2024 (the “Extended Date”), (ii) permit the Company’s board of directors, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than the Extended Date as determined by the Board and included in a public announcement, (iii) eliminate from the Charter the limitation that the Company may not redeem public shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 in connection with the Company’s Business Combination, and (iv) provide for the right of a holder of the Company’s Class B ordinary shares, par value $0.0001 per share, to convert into Class A ~~ordinary~~Ordinary ~~shares~~Shares on a one-for-one basis prior to the closing of Business Combination at the election of the holder.

Additionally, on May 9, 2023, the Company held the Extraordinary General Meeting, in connection with which, shareholders holding an aggregate of 9,985,568 Class A ~~ordinary~~Ordinary ~~shares~~Shares exercised their right to redeem their shares for approximately $10.50 per share (the “Redemption”), for an aggregate redemption amount of $104,889,892 of the funds held in the Company’s Trust Account.

On December 5, 2023, at an Extraordinary General Meeting (the “Meeting”), shareholders approved an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (the “Memorandum”) extending the deadline by which the Company must consummate an initial business combination from May 15, 2024 to November 15, 2024 provided that the Company make a payment into the trust account for the first three-month extension (from December 15, 2023 through March 15, 2024) equal to the lesser of $150,000 or $0.045 per share of Class A Ordinary Shares entitled to redemption rights and thereafter, a payment of equal to the lesser of $50,000 or $0.015 per Public Share per month through November 15, 2024. Shareholders also approved an amendment to change the name of the Company from RCF Acquisition CoCorp. to Perception Capital Corp. IV.

In connection with the extensions amendment proposal voted on at the Meeting, shareholders holding an aggregate of 8,236,760 Class A ordinary shares exercised their right to redeem their shares for approximately $10.99 per share, for an aggregate redemption amount of $90,510,679 of the funds held in the Company’s Trust Account.

F-87

PERCEPTION CAPITAL CORP IV.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~If the Company does not complete a Business Combination~~On ~~within~~November ~~this period~~13, ~~it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter~~2024, ~~redeem the public shares,~~ at aan ~~per~~Extraordinary ~~share~~General ~~price,~~Meeting ~~payable in cash, equal to~~ (the ~~aggregate~~“Third ~~amount then on deposit in the Trust Account~~Meeting”), ~~including~~shareholders ~~interest~~approved ~~earned~~an onamendment ~~the funds in the Trust Account and not previously released~~ to the Company’s toAmended ~~pay~~and ~~its~~Restated ~~taxes~~Memorandum ~~(less~~and upArticles ~~to $100,000~~ of ~~interest~~Association to(the ~~pay dissolution expenses~~“Memorandum”) ~~divided~~extending by the ~~number~~deadline ofby ~~then~~which ~~outstanding~~the ~~public shares,~~Company ~~which~~must ~~redemption~~consummate ~~will~~an ~~completely~~initial ~~extinguish~~business ~~public~~combination ~~shareholders’~~from ~~rights~~November ~~as shareholders (including the right to receive further liquidation distributions~~15, if2024 ~~any), subject~~ to ~~applicable~~November ~~law~~15, ~~and~~2025 ~~(iii)~~on asa ~~promptly~~month asto ~~reasonably~~month ~~possible~~basis ~~following~~provided ~~such~~that ~~redemption,~~the ~~subject~~Company tomake ~~the~~a ~~approval~~payment ofinto the ~~remaining~~Trust ~~shareholders~~Account ~~and~~established ~~the board of directors, dissolve and liquidate, subject~~ in ~~each~~connection ~~case~~with to the Company’s ~~obligations~~IPO ~~under~~equal ~~Delaware~~to ~~law~~$5,000 toper ~~provide~~month for ~~claims~~each month ofextended. ~~creditors~~This ~~and~~proposal ~~the~~was ~~requirements of other applicable law~~approved.

~~The Initial Shareholders (as defined in Note 4~~In ~~below)~~connection ~~and the Company’s officers and directors have entered into a letter agreement~~ with the ~~Company,~~extensions ~~pursuant~~amendment toproposal ~~which~~voted ~~they~~on ~~have waived~~at ~~their rights to liquidating distributions from~~ the ~~Trust~~Second ~~Account~~Meeting, ~~with~~shareholders ~~respect~~holding toan ~~their~~aggregate ~~Founder~~of ~~Shares (as defined in Note~~ 4,444,744 ~~below)~~Class ifA ~~the~~ordinary ~~Company~~shares ~~fails~~exercised totheir ~~complete~~right ato ~~Business~~redeem ~~Combination~~their byshares ~~November~~for ~~15,~~approximately ~~2024~~$11.66 ~~However~~per share, iffor ~~the~~an ~~Initial~~aggregate ~~Shareholders~~redemption ~~acquire public shares~~amount ~~after~~of ~~the Closing Date~~$51,847,295 ~~they~~of ~~will be entitled to liquidating distributions from~~ the ~~Trust~~funds ~~Account~~held ~~with~~in ~~respect to such public shares if~~ the Company’s ~~fails~~Trust ~~to complete a Business Combination by November 15, 2024~~Account.

IfOn ~~the~~November ~~Company~~15, ~~fails~~2024, toDecember ~~complete~~13, a2024, ~~Business~~January 15, ~~Combination~~2025, ~~the~~ ~~redemption~~February of10, ~~the~~2025 ~~Company’s~~and ~~public~~March ~~shares~~17, ~~will~~2025, ~~reduce~~a ~~the~~deposit ~~book value~~ of ~~the shares held by the Sponsor~~$5,000 was ~~who~~made ~~will~~into be the ~~only remaining~~Trust ~~shareholder~~Account ~~after~~to ~~such~~extend ~~redemptions. If~~ the ~~Company~~deadline ~~holds~~by awhich an ~~shareholder~~initial ~~vote~~business orcombination ~~there~~must isbe acompleted ~~tender~~from ~~offer~~November ~~for shares in connection with a Business Combination~~15, a2024 ~~Public Shareholder will have the right~~ to ~~redeem~~December ~~its~~15, ~~shares~~2024, ~~for~~from anDecember ~~amount~~15, in2024 ~~cash equal~~ to ~~its~~January ~~pro~~15, ~~rata~~2025, ~~share~~from ofJanuary ~~the~~15, ~~aggregate~~2025 ~~amount then on deposit in the Trust Account as of two business days prior~~ to ~~the~~February ~~consummation~~15, of2025, afrom ~~Business~~February ~~Combination~~15, ~~including~~ ~~interest~~2025 ~~earned on the funds held in the Trust Account and not previously released~~ to ~~the~~March ~~Company to pay taxes. As a result~~15, ~~such~~ ~~shares~~2025 ~~are recorded at their redemption amount~~ and ~~classified~~from asMarch ~~temporary equity on the balance sheets~~15, in2025 ~~accordance~~to ~~with~~April ~~Accounting Standards Codification (“ASC”) 480~~15, ~~“Distinguishing Liabilities from Equity~~2025.”

~~The~~ If the ~~funds~~Company ~~held~~does innot ~~the~~complete ~~Trust~~a ~~Account~~Business ~~will~~Combination ~~not~~within ~~be released~~this ~~until~~period, ~~the~~it ~~earliest~~shall of (i) ~~the~~cease ~~completion~~all ofoperations aexcept ~~Business~~for ~~Combination,~~the purposes of winding up; (ii) ~~the~~as ~~redemption~~promptly ofas ~~the~~reasonably ~~public~~possible ~~shares~~but ifnot ~~the~~more ~~Company~~than ~~has not~~ten ~~completed~~business adays ~~Business~~thereafter, ~~Combination~~redeem bythe ~~November~~public 15shares, ~~2024,~~at ~~subject~~a toper share ~~applicable~~price, ~~law~~payable in cash, orequal ~~(iii)~~to the ~~redemption~~aggregate ofamount then on deposit in the ~~public~~Trust ~~shares~~Account, ~~properly submitted~~including interest earned on the funds in ~~connection~~the ~~with~~Trust aAccount ~~shareholder~~and ~~vote~~not topreviously ~~amend~~released to the ~~amended~~Company ~~and~~to ~~restated~~pay ~~memorandum~~its ~~and~~taxes ~~articles~~(less up to $100,000 of ~~association~~interest ~~(A)~~to ~~that~~pay ~~would~~dissolution ~~modify~~expenses) ~~the~~divided ~~substance~~by orthe ~~timing~~number of ~~the~~then ~~Company~~outstanding ~~obligation~~public toshares, ~~allow~~which redemption inwill ~~connection~~completely ~~with~~extinguish apublic ~~Business~~shareholders’ rights ~~Combination~~as orshareholders (including the right to ~~redeem~~receive ~~100%~~further liquidation distributions, if any), subject to applicable law, and (iii) ofas ~~the~~promptly ~~Company’s~~as ~~public~~reasonably ~~shares~~possible iffollowing such redemption, subject to the ~~Company~~approval ~~has~~of ~~not~~the ~~consummated~~remaining ashareholders ~~Business~~and ~~Combination~~the byboard ~~November~~of directors, 15dissolve and liquidate, ~~2024~~subject orin ~~(B)~~each ~~with~~case ~~respect~~ to ~~any~~the ~~other~~Company’s ~~provisions~~obligations ~~relating~~under law to ~~shareholders’~~provide ~~rights~~for orclaims ~~pre-initial~~of ~~business~~creditors and ~~combination~~the ~~activity~~requirements of other applicable law.

~~Liquidity~~The Initial Shareholders (as defined in Note 4 below) and the Company’s officers and directors have entered into a letter agreement with the Company, ~~Capital~~pursuant ~~Resources~~to which they have waived their rights to liquidating distributions from the Trust Account with respect to their Founder Shares (as defined in Note 4 below) if the Company fails to complete a Business Combination by April 15, 2025 (or as late as November 15, 2025 if the Company further extends the deadline and ~~Going~~makes ~~Concern~~the required deposit into the Trust Account). However, if the Initial Shareholders acquire public shares after the Closing Date, they will be entitled to liquidating distributions from the Trust Account with respect to such public shares if the Company fails to complete a Business Combination by April 15, 2025.

AsIf the ofCompany ~~December~~fails ~~31,~~to ~~2023~~complete a Business Combination, the redemption of the Company’s ~~had~~public ~~$222~~shares will reduce the book value of the shares held by the Sponsor,~~581~~ who will be the only remaining shareholder after such redemptions. If the Company holds a shareholder vote or there is a tender offer for shares in ~~its~~connection ~~operating~~with ~~bank~~a ~~accounts,~~Business ~~$52~~Combination,~~977,929~~ a Public Shareholder will have the right to redeem its shares for an amount in cash ~~held~~equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to bethe ~~used~~consummation ~~for~~of a Business Combination, orincluding tointerest ~~repurchase~~earned ~~or redeem~~on ~~its~~the ~~ordinary~~funds ~~shares~~held in ~~connection~~the ~~therewith~~Trust Account and not previously released to the Company to pay taxes. As a ~~working~~result, ~~capital~~such ~~deficit~~shares ofare ~~$496~~recorded at their redemption amount and classified as temporary equity on the consolidated balance sheets,~~139~~ in accordance with Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.”

~~Until~~The funds held in the ~~consummation~~Trust Account will not be released until the earliest of (i) the completion of a ~~business~~Business ~~combination~~Combination, (ii) the redemption of the public shares if the Company ~~will~~has benot ~~using~~completed a Business Combination by April 15, 2025 (or as late as November 15, 2025 if the Company ~~funds~~further ~~held~~extends ~~outside~~the ofdeadline and makes the required deposit into the Trust Account), ~~primarily~~subject to ~~find~~applicable ~~and~~law, ~~evaluate~~or ~~target~~(iii) ~~businesses,~~the redemption ~~perform~~of ~~business, legal,~~the ~~and~~public ~~accounting~~shares ~~due~~properly ~~diligence~~submitted onin ~~prospective~~connection ~~target~~with ~~businesses,~~a ~~travel~~shareholder vote to amend the amended and ~~from~~restated memorandum and articles of association (A) that would modify the ~~offices,~~substance ~~plants~~or timing of the Company obligation to allow redemption in connection with a Business Combination or ~~similar~~to ~~locations~~redeem 100% of ~~prospective~~the Company’s public shares if the Company has not consummated a Business Combination ~~target~~by ~~businesses~~April 15, 2025 (or ~~their~~as ~~representatives~~late oras ~~owners~~November 15, ~~review~~2025 ~~corporate~~if ~~documents~~the Company further extends the deadline and ~~material~~makes ~~agreements~~the ofrequired ~~prospective~~deposit ~~target~~into ~~businesses,~~the ~~and~~Trust ~~structure,~~Account) ~~negotiate~~or ~~and~~(B) ~~complete~~with arespect ~~Business~~to ~~Combination~~any other provisions relating to shareholders’ rights or pre-initial business combination activity.

The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. The Company anticipates that the cash held outside of the Trust Account as of December 31Liquidity, ~~2023, will not be sufficient to allow the Company to operate until November 15, 2024, the extended date at which the~~ ~~Company~~Capital ~~must~~Resources ~~complete~~and aGoing ~~Business Combination. If the Company is unable to complete a Business Combination by November 15, 2024, then the Company will cease all operations except for the purpose of liquidating.~~Concern

IfAs of ~~the~~December ~~Company~~31, ~~completes the initial business combination~~2024, the Company ~~will~~had ~~repay~~$43,499 ~~any~~in ~~loaned~~its ~~amounts.~~operating Inbank ~~the~~accounts, ~~event~~$3,954,190 ~~that~~in ~~the~~cash ~~Company’s~~held ~~initial~~in ~~business~~the ~~combination~~Trust ~~does~~Account ~~not~~(Note ~~close,~~2) to ~~the~~be ~~Company~~used ~~may~~for ~~use~~ a ~~portion~~Business ofCombination ~~the~~or ~~working~~to ~~capital~~repurchase ~~held~~or ~~outside~~redeem ~~the~~its ~~Trust~~ordinary ~~Account~~shares toin ~~repay~~connection ~~such~~therewith ~~loaned~~and ~~amounts~~a ~~but~~working nocapital ~~proceeds from~~deficit ~~the~~of ~~Trust Account would be used to repay such loaned amounts~~$2,341,218.

~~In connection with~~ Until the ~~Company’s~~consummation ~~assessment~~ of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a ~~Going~~business ~~Concern~~combination,” ~~while~~ the Company ~~expects~~ to have sufficient access to additional sources of capital under the Sponsor Convertible Note, there is no current obligation on the part of the Sponsor to provide additional capital and no assurances can be provided that such additional capital will ~~ultimately~~ be ~~available~~using ~~if necessary. In~~ the ~~event~~funds ~~that~~held ~~the~~outside ~~Company does not consummate a Business Combination on or before November 15, 2024 (or such earlier date as determined by the board~~ of ~~Directors and included in a public announcement), then~~ the ~~Company~~Trust ~~will~~Account ~~cease~~primarily ~~all operations except for the purpose of liquidating. Management has determined that substantial doubt exists about the Company’s ability~~ to ~~continue~~complete as a ~~going~~Business ~~concern due to the need to obtain additional capital from the Sponsor to address the Company’s liquidity condition, the date for mandatory liquidation and subsequent dissolution~~Combination. The Sponsor is not obligated to advance additional capital. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 15, 2024.

F-98

PERCEPTION CAPITAL CORP IV.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~Risks~~The Company has incurred and ~~Uncertainties~~expects to continue to incur significant costs in pursuit of its acquisition plans. The Company anticipates that the cash held outside of the Trust Account as of December 31, 2024, will not be sufficient to allow the Company to operate until April 15, 2025 (or as late as November 15, 2025 if the Company further extends the deadline and makes the required deposit into the Trust Account), the extended date at which the Company must complete a Business Combination. If the Company is unable to complete a Business Combination by April 15, 2025, then the Company will cease all operations except for the purpose of liquidating.

~~The~~If the ~~length~~Company ~~and~~completes ~~impact of~~ the ~~ongoing military~~initial ~~conflict~~business ~~between~~combination, ~~Russia and Ukraine and~~ the ~~most~~Company ~~recent~~will ~~escalation~~repay ofany ~~ongoing~~loaned ~~conflict~~amounts. inIn the ~~Middle~~event ~~East~~that ~~are~~the ~~highly~~Company’s ~~unpredictable,~~initial itbusiness ~~could~~combination ~~lead~~does tonot ~~market disruptions~~close, ~~including~~the ~~significant~~Company ~~volatility~~may inuse ~~commodity prices, credit and capital markets, as well as supply chain interruptions. As~~ a ~~result,~~portion ~~these~~of ~~could have a negative effect domestically and internationally and~~ the ~~impact~~working ofcapital ~~these~~held ~~conflicts~~outside ~~are not determinable as of~~ the ~~date~~Trust ofAccount ~~these~~to ~~financial~~repay such ~~statements.~~loaned ~~The~~amounts ~~financial~~but ~~statements~~no doproceeds ~~not include~~from ~~any~~the ~~adjustments~~Trust ~~that~~Account ~~might~~would ~~result~~be ~~from~~used ~~the~~to ~~outcome~~repay ofsuch ~~this~~loaned ~~uncertainty~~amounts.

~~Note~~In connection 2with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“ASC”) 205-40, ~~Restatement~~“Going Concern,” while the Company expects to have sufficient access to additional sources of ~~Previously~~capital ~~Issued~~under the Sponsor Convertible Note, there is no current obligation on the part of the Sponsor ~~Financial~~to ~~Statements~~provide additional capital and no assurances can be provided that such additional capital will ultimately be available if necessary. In the event that the Company does not consummate a Business Combination on or before April 15, 2025 (or such earlier date as determined by the board of Directors and included in a public announcement). Management has determined that substantial doubt exists about the Company’s ability to continue as a going concern due to the need to obtain additional capital from the Sponsor to address the Company’s liquidity condition, the date for mandatory liquidation and subsequent dissolution. The Sponsor is not obligated to advance additional capital. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after April 15, 2025.

~~In connection with the preparation of the Company’s~~Risks ~~financial statements as of December 31, 2023, management determined it should restate its previously reported financial statements for the periods ended March 31, 2023, June 30, 2023~~ and September 30, 2023. The Company identified that it had been accounting for its convertible sponsor notes using the fair value option, rather than reporting the convertible sponsor notes at par and bifurcating the conversion feature. As a result, the Company did not adhere to ASC 815-10-15-74 guidance. Due to this error, change in fair value of sponsor convertible note – related party, net income and accumulated deficit were overstated. The impact of the error affects all financial statements for the three months ended March 31, 2023, three and six months ended June 30, 2023, and three and nine months ended September 30, 2023.Uncertainties

The length ~~revision~~and ~~had~~impact noof ~~impact~~the onongoing military conflict between Russia and Ukraine and the ~~Company’s cash~~most ~~position~~recent orescalation ~~amount~~of ~~held~~ongoing conflict in the Middle ~~trust~~East ~~account.~~are ~~The~~highly ~~Company~~unpredictable, ~~concluded~~it ~~that~~could ~~the~~lead ~~impact~~to ofmarket ~~applying~~disruptions, ~~correction~~including ~~for~~significant ~~these~~volatility ~~errors~~in commodity prices, credit and ~~misstatements~~capital markets, as well as supply chain interruptions. As a result, these could have a negative effect domestically and internationally ~~specifically~~and the impact toof ~~net~~these ~~income~~conflicts ~~and~~are ~~earnings~~not ~~per~~determinable ~~share,~~as onof the ~~aforementioned~~date of these financial statements. isThe ~~material~~consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~The~~Note ~~impact of the restatement on the Company’s~~2 ~~financial~~- ~~statements~~Significant isAccounting ~~reflected in the following tables:~~Policies

Unaudited Condensed Balance Sheet as of March 31, 2023	As Reported			Adjustment			As Restated
Sponsor convertible note – related party		350,000			1,000,000			1,350,000
Total current liabilities		1,690,289			1,000,000			2,690,289
Accumulated Deficit		(10,915,636	)		(1,000,000	)		(11,915,636	)
Total shareholders’ deficit		(10,915,061	)		(1,000,000	)		(11,915,061	)

Basis of Presentation

Unaudited Condensed Balance Sheet as of June 30, 2023	As Reported			Adjustment			As Restated
Sponsor convertible notes – related party		305,000			2,345,000			2,650,000
Total current liabilities		2,899,632			2,345,000			5,244,632
Accumulated Deficit		(13,015,923	)		(2,345,000	)		(15,360,923	)
Total shareholders’ deficit		(13,015,348	)		(2,345,000	)		(15,360,348	)

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Unaudited Condensed Balance Sheet as of September 30, 2023	As Reported			Adjustment			As Restated
Sponsor convertible notes – related party		247,500			4,302,500			4,550,000
Total current liabilities		1,617,304			4,302,500			5,919,804
Accumulated Deficit		(11,021,061	)		(4,302,500	)		(15,323,561	)
Total shareholders’ deficit		(11,020,486	)		(4,302,500	)		(15,322,986	)

Principles of Consolidation

Unaudited Condensed Statement of Operations for the Three Months Ended March 30, 2023	As Reported			Adjustment			As Restated
Change in fair value of sponsor convertible note – related party		1,000,000			(1,000,000	)		-
Total other income		2,849,173			(1,000,000	)		1,849,173
Net income allocable to common shareholders		1,535,788			(1,000,000	)		535,788
Basic and diluted net income per share, redeemable Class A ordinary shares		0.08			(0.04	)		0.04
Basic and diluted net income per share, Class B ordinary shares		(0.04	)		(0.03	)		(0.07	)

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Blue Gold Limited. There has been no intercompany activity since inception.

~~F-10~~Use of Estimates

~~PERCEPTION~~The preparation ~~CAPITAL~~of ~~CORP~~consolidated IVfinancial statements in conformity with U.S. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, valuation of the warrant liability and the derivative liability.

~~NOTES~~Cash and TOCash ~~FINANCIAL STATEMENTS~~Equivalents

Unaudited Condensed Statement of Operations for the Three Months Ended June 30, 2023	As Reported			Adjustment			As Restated
Change in fair value of sponsor convertible note – related party		1,345,000			(1,345,000	)		-
Total other income		3,069,695			(1,345,000	)		1,724,695
Net income allocable to common shareholders		552,924			(1,345,000	)		(792,076	)
Basic and diluted net income per share, redeemable Class A ordinary shares		0.06			(0.06	)		0.00
Basic and diluted net income per share, Class B ordinary shares		(0.09	)		(0.06	)		(0.15	)

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash and cash equivalents. The Company did not have any cash equivalents as of December 31, 2024 and 2023.

Unaudited Condensed Statement of Operations for the Six Months Ended June 30, 2023	As Reported			Adjustment			As Restated
Change in fair value of sponsor convertible note – related party		2,345,000			(2,345,000	)		-
Total other income		5,918,869			(2,345,000	)		3,573,869
Net income allocable to common shareholders		2,088,712			(2,345,000	)		(256,288	)
Basic and diluted net income per share, redeemable Class A ordinary shares		0.14			(0.09	)		0.05
Basic and diluted net income per share, Class B ordinary shares		(0.12	)		(0.09	)		(0.21	)

Cash Held in Trust Account

Unaudited Condensed Statement of Operations for the Three Months Ended September 30, 2023	As Reported		Adjustment			As Restated
Change in fair value of sponsor convertible note – related party		1,957,500		(1,957,500	)		-
Total other income		4,917,184		(1,957,500	)		2,959,684
Net income allocable to common shareholders		4,694,546		(1,957,500	)		2,737,046
Basic and diluted net income per share, redeemable Class A ordinary shares		0.31		(0.10	)		0.21
Basic and diluted net income per share, Class B ordinary shares		0.11		(0.11	)		0.00

On November 21, 2023, the Company liquidated the U.S. government treasury obligations or money market funds held in the Trust Account. As of December 31, 2024 and 2023, the funds in the Trust Account were maintained in cash in an interest-bearing demand deposit account at a bank until the earlier of consummation of the Company’s initial Business Combination and liquidation. Prior to November 21, 2023, the Company’s portfolio of investments was comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the consolidated balance sheets at fair value at the end of each reporting period. The change in fair value of these securities is included in income from investments held in the Trust Account in the accompanying consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Unaudited Condensed Statement of Operations for the Nine Months Ended September 30, 2023	As Reported			Adjustment			As Restated
Change in fair value of sponsor convertible note – related party		4,302,500			(4,302,500	)		-
Total other income		10,836,053			(4,302,500	)		6,533,553
Net income allocable to common shareholders		6,783,258			(4,302,500	)		2,480,758
Basic and diluted net income per share, redeemable Class A ordinary shares		0.39			(0.18	)		0.21
Basic and diluted net income per share, Class B ordinary shares		(0.05	)		(0.18	)		(0.23	)

F-9

Unaudited Condensed Statement of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Three Months Ended March 31, 2023	As Reported			Adjustment			As Restated
Net income		1,535,788			(1,000,000	)		535,788
Accumulated Deficit		(10,915,636	)		(1,000,000	)		(11,915,636	)
Total shareholders’ deficit		(10,915,061	)		(1,000,000	)		(11,915,061	)

PERCEPTION CAPITAL CORP IV.

Unaudited Condensed Statement of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Three Months Ended June 30, 2023	As Reported			Adjustment			As Restated
Net income		552,924			(1,345,000	)		(792,076	)
Accumulated Deficit		(13,015,923	)		(2,345,000	)		(15,360,923	)
Total shareholders’ deficit		(13,015,348	)		(2,345,000	)		(15,360,348	)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unaudited Condensed Statement of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Three Months Ended September 30, 2023	As Reported			Adjustment			As Restated
Net income		4,694,546			(1,957,500	)		2,737,046
Accumulated Deficit		(11,021,061	)		(4,302,500	)		(15,323,561	)
Total shareholders’ deficit		(11,020,486	)		(4,302,500	)		(15,322,986	)

Concentration of Credit Risk

~~F-11~~Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows.

~~PERCEPTION CAPITAL CORP IV.~~Financial Instruments

~~NOTES~~The fair TOvalue ~~FINANCIAL~~of ~~STATEMENTS~~the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature, except for the warrants and redeemable shares.

Unaudited Condensed Statement of Cash Flows for the Three Months Ended March 31, 2023	As Reported			Adjustment			As Restated
Net income		1,535,788			(1,000,000	)		535,788
Change in fair value of sponsor convertible note – related party		(1,000,000	)		1,000,000			-

Fair Value Measurement

Unaudited Condensed Statement of Cash Flows for the Six Months Ended June 30, 2023	As Reported			Adjustment			As Restated
Net income		2,088,712			(2,345,000	)		(256,288	)
Change in fair value of sponsor convertible note – related party		(2,345,000	)		2,345,000			-

ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. 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).

Unaudited Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2023	As Reported			Adjustment			As Restated
Net income		6,783,258			(4,302,500	)		2,480,758
Change in fair value of sponsor convertible note – related party		(4,302,500	)		4,302,500			-

Filing Compare · Perception Capital Corp. IV