UNITED STATES

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 ~~period~~fiscal ~~from~~year ~~March~~ended ~~4, 2021 (inception) through~~ December 31, ~~2021~~2022


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

For the transition period from to

Commission File No. 001-41020

7 ACQUISITION CORPORATION

(Exact name of registrant as specified in its charter)


Cayman Islands		98-1587317
(State or Other Jurisdictionof Incorporation or Organization)		(I.R.S. EmployerIdentification No.)

750 East Main Street, Suite 600Stamford, Connecticut		06902
(Address of principal executive offices)		(zip code)

(617) 663-5988

(Issuer’s Telephone Number, Including Area Code)

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


Title of Each Class	Trading Symbols	Name of Each Exchangeon Which Registered
Units, each consisting of one Class A ordinaryshare, $0.0001 par value per share, and one-half of one redeemable warrant	SVNAU	The Nasdaq Stock Market LLC
Class A ordinary shares included as part of the Units	SVNA	The Nasdaq Stock Market LLC
Warrants, included as part of the Units, eachwhole warrant exercisable for one Class Aordinary share at an exercise price of $11.50	SVNAW	The Nasdaq Stock Market LLC

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

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 15(d) of the Exchange 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 Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant 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 submit such files). 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 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 Exchange Act). Yes ⌧ No ◻

As of June 30, ~~2021~~2022, the last business day of the registrant’s most recently completed second fiscal quarter, the ~~registrant’s~~aggregate ~~securities~~market ~~were~~value ~~not~~of ~~publicly traded. The registrant’s units began trading on~~ the ~~Nasdaq Global Market (“Nasdaq”) on November 4, 2021 and the registrant’s~~ Class A ordinary shares, par value $0.0001 (the “Class A Ordinary Shares”) ~~and warrants began trading on Nasdaq on December 23, 2021. The aggregate market value of the Class A Ordinary Shares~~ outstanding, other than shares held by persons who may be deemed affiliates of the registrant, computed by reference to the closing sales price for the Class A Ordinary Shares ~~on December 31~~, ~~2021,~~ as reported on the Nasdaq Global Market, was $~~226~~228,~~780~~850,000 (based on the closing sales price of the Class A Ordinary Shares on June 30, 2022 of $9.95).

~~As of March 10, 2022, 23,000,000 shares of Class A ordinary shares, par value $0.0001 per share, and 5,750,000 shares of Class B ordinary shares, par value $0.0001 per share, outstanding.~~

~~Table~~As of ~~Contents~~March 30, 2023, 23,000,000 shares of Class A ordinary shares, par value $0.0001 per share, and 5,750,000 shares of Class B ordinary shares, par value $0.0001 per share, were outstanding.

Documents Incorporated by Reference: None.

Table of Contents

TABLE OF CONTENTS

		Page
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		1
PART I		5
Item 1.	Business	5
Item 1A.	Risk Factors	56
Item 1B.	Unresolved Staff Comments	4241
Item 2.	Properties	4241
Item 3.	Legal Proceedings	4241
Item 4.	Mine Safety Disclosures	4241
PART II		4342
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	4342
Item 6.	[Reserved]	4443
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	4443
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.	4746
Item 8.	Financial Statements and Supplementary Data.	4746
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.	4746
Item 9A.	Controls and Procedures	4746
Item 9B.	Other Information	4847
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	48
Part III		49
Item 10.	Directors, Executive Officers and Corporate Governance	49
Item 11.	Executive Compensation	5455
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	55
Item 13.	Certain Relationships and Related Transactions, and Director Independence	5758
Item 14.	Principal Accountant Fees and Services	5960
PART IV		6061
Item 15.	Exhibits, Financial Statement Schedules	6061
Item 16.	Form 10-K Summary	6263

Table of Contents

CERTAIN TERMS

Unless otherwise stated in this Annual Report on Form 10-K (this “Report”), references to:

● “amended and restated memorandum and article of association” are to the amended and restated memorandum and articles of association that we adopted prior to the consummation of our initial public offering;

·● “anchor investors” are to certain funds and accounts managed by subsidiaries of BlackRock, Inc.

·● “Companies Act” are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time;

·● “founder shares” are to our Class B ordinary shares initially issued to our sponsor and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”);

·● “initial public offering” are to our initial public offering consummated on November 9, 2021;

·● “initial shareholders” are to all of our shareholders immediately prior to the date of our initial public offering, including all of our officers and directors to the extent they hold such shares;

·● “management” or our “management team” are to our executive officers and directors;

·● “ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

·● “private placement warrants” are to the warrants issued to our sponsor and the anchor investors in a private placement simultaneously with the consummation of our initial public offering and upon conversion of working capital loans, if any;

·● “Private Placement Warrants Purchase Agreement” are to the agreement by and between the Company and the sponsor, dated as of November 4, 2021, pursuant to which the sponsor purchased the private placement warrants in a private placement;

·● “public shares” are to our Class A ordinary shares sold as part of the units in our initial public offering (whether they are purchased in our initial public offering or thereafter in the open market);

·● “public shareholders” or “you” are to the holders of our public shares, including our sponsor and management team to the extent our sponsor and/or members of our management team purchase public shares, provided that our sponsor’s and each member of our management team’s status as a “public shareholder” will only exist with respect to such public shares;

·● “sponsor” is to 7 Acquisition Holdings, LLC, a Delaware limited liability company;

·● “warrants” are to our redeemable warrants sold as part of the units in our initial public offering (whether they are purchased in our initial public offering or thereafter in the open market);

·● “we,” “us,” “our,” “Company” or “our Company” are to 7 Acquisition Corporation, a Cayman Islands exempted company.

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Report, including, without limitation, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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. Forward-looking statements in this Report may include, for example, statements about:

●

our ability to select an appropriate target business or businesses;

●

our ability to complete our initial business combination;

●

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

●

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

●

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;

●

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

●

our pool of prospective target businesses;

● our ability to consummate an initial business combination due to the uncertainty resulting from increases in inflation and interest rates in the United States and elsewhere and the recent COVID-19 pandemic;

●

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

●

our public securities’ potential liquidity and trading;

●

the lack of a market for our securities;

●

the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; the trust account not being subject to claims of third parties; or

●

our financial performance following our initial public offering.

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.” 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.

Table of Contents

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this Report. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this Report, those results or developments may not be indicative of results or developments in subsequent periods.

Table of Contents

SUMMARY OF RISK FACTORS

An investment in our securities involves a high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled “Risk Factors,” alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and operating results. 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:

●

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

●

Our public shareholders may not be afforded an opportunity to vote on our proposed initial business combination, which means we may complete our initial business combination even though a majority of our shareholders do not support such a combination.

●

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

●

If we seek shareholder approval of our initial business combination, our sponsor and members of our 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.

●

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.

●

Our warrants are expected to be accounted for as derivative liabilities and will be recorded at fair value upon issuance with changes in value each period included in earnings, which may have an adverse effect on the market price of our securities or may make it more difficult for us to consummate an initial business combination.

●

The requirement that we consummate an initial business combination within 18 months after the closing of our initial public offering 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.

●

Recent increases in inflation and interest rates in the United States and elsewhere could make it more difficult for us to consummate an initial business combination.

●

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 ongoing COVID-19 pandemic and the status of debt and equity markets.

Table of Contents

●

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 tendering its shares, such shares may not be redeemed.

●

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.

●

Nasdaq 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.

●

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

● 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 consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

Table of Contents

within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

●

If the net proceeds of our initial public offering and the consummation of the Private Placement Warrants Purchase Agreement not being held in the trust account are insufficient to allow us to operate for the 18 months following the closing of our initial public offering, it could limit the amount available to fund our search for a target business or businesses and our ability to complete our initial business combination, and we will depend on loans from our sponsor, its affiliates or members of our management team to fund our search and to complete our initial business combination.

Table of Contents

PART I

ITEM 1. BUSINESS

7 Acquisition Corporation (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on March 4, 2021. The Company was incorporated for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”) ~~that the Company has not yet identified~~.

The Company is not limited to a particular industry or geographic location for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

AsTo date, our efforts have been limited to our organizational activities and activities relating to our initial public offering (“IPO”) and the identification and evaluation of ~~December 31,~~prospective ~~2021~~acquisition targets for our initial Business Combination. We have generated no operating revenues to date, ~~the~~and ~~Company~~we ~~had~~do not ~~commenced~~expect ~~any~~that ~~operations~~we will generate operating revenues until we consummate our initial Business Combination. ~~All~~The ~~activity~~registration statement for the ~~period~~Company’s ~~from~~IPO ~~March~~ was declared effective on November 4, 2021 (~~inception~~the “Effective Date”). ~~through~~On ~~December~~November 319, 2021, ~~relates~~the Company consummated the IPO of 23,000,000 units (the “Units”), including 3,000,000 Units that were issued pursuant to the ~~Company~~underwriter’s ~~formation~~exercise ~~and~~of its ~~initial~~over-allotment ~~public~~option ~~offering~~in ~~(“IPO”)~~full, at $10.00 per Unit, generating gross proceeds of $230,000,000, which is ~~described~~discussed ~~below.~~in ~~The~~Note ~~Company~~3 ~~will~~to ~~not~~our ~~generate~~financial ~~any~~statements ~~operating~~included ~~revenues~~in ~~until~~this ~~after~~Report. Simultaneously with the ~~completion~~closing of ~~its~~the ~~initial~~IPO, ~~Business~~the ~~Combination~~Company consummated the sale of 11,350,000 atprivate placement warrants (the ~~earliest~~“Private Placement Warrants”) at a price of $1.00 ~~The~~per ~~Company~~Private ~~selected~~Placement ~~December 31~~Warrant asin ~~its~~a ~~fiscal~~private ~~year~~placement ~~end~~to our sponsor and the anchor investors, generating proceeds of $11,350,000.

The registration statement for the Company’s IPO was declared effective on November 4, 2021 (the “Effective Date”). On November 9, 2021, the Company consummated the IPO of 23,000,000 units (the “Units”), including 3,000,000 Units that were issued pursuant to the underwriter’s exercise of its over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $230,000,000, which is discussed in Note 3 to our financial statements included in this Report. Simultaneously with the closing of the IPO, the Company consummated the sale of 11,350,000 private placement warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Warrant in a private placement to our sponsor and the anchor investors, generating proceeds of $11,350,000.

Following the closing of the IPO on November 9, 2021, $234,600,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the consummation of the Private Placement Warrants Purchase Agreement was placed in a trust account (“Trust Account”) located in the United States which are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association; and (iii) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within 18 months from November 9, 2021, the closing date of the IPO (or any extended period of time that the Company may have to consummate an initial Business Combination as a result of an amendment to its amended and restated memorandum and articles of association) (the “Combination Period”).

The closing of the IPO and sale of Private Placement Warrants generated total gross proceeds of $241,350,000. Following the closing of the IPO and sale of Private Placement Warrants, an aggregate amount of $234,600,000 was placed in the U.S. based trust account (the “Trust Account”) established in connection with the IPO. Transaction costs amounted to $24,551,888, consisting of $4,600,000 of underwriting discounts and commissions, $8,050,000 of deferred underwriting fees, $686,869 of other offering costs and $11,215,019 excess fair value of anchor investor shares. In addition, on November 9, 2021, $2,111,900 of cash was held outside of the Trust Account established in connection with the IPO, which is available for the payment of offering costs and for working capital purposes. On January 6, 2023, the underwriter agreed to waive any entitlement to the deferred underwriting fee payable due upon the consummation of the initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein.

As a result of the underwriter’s exercise in full of its over-allotment option, 750,000 of the Founder Shares are no longer subject to forfeiture.

On December 22, 2021, we announced that the holders of our Units may elect to separately trade the Class A ordinary shares and Warrants included in the Units commencing on December 23, 2021 on the Nasdaq Global Market (“Nasdaq”) under the symbols of “SVNA” and “SVNAW,” respectively. Those Units not separated will continue to trade on Nasdaq under the symbol “SVNAU.”

Table of Contents

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, 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.

Table of Contents

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

Our shareholders may not be afforded an opportunity to vote on our proposed initial business combination, which means we may complete our initial business combination even though a majority of our shareholders do not support such a combination.

We may choose not to hold a shareholder vote before we complete our initial business combination if the business combination would not require shareholder approval under applicable law or stock exchange listing requirement. For instance, if we were seeking to acquire a target business where the consideration we were paying in the transaction was all cash, we would typically not be required to seek shareholder approval to complete such a transaction. Except for as required by applicable law or stock exchange listing requirement, 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. Accordingly, we may complete our initial business combination even if holders of a majority of our issued and outstanding ordinary shares do not approve of the business combination we complete.

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

At the time of your investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of any target businesses. Since our board of directors may complete a business combination without seeking shareholder approval, public shareholders may not have the right or opportunity to vote on the business combination, unless we seek such shareholder approval. Accordingly, your only opportunity to affect the investment decision regarding a potential business combination may be limited to exercising your redemption rights within the period of time (which will be at least 20 business days) set forth in our tender offer documents mailed to our public shareholders in which we describe our initial business combination.

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

Our sponsor owns, on an as-converted basis, 20% of our outstanding ordinary shares. Our sponsor and members of our management team also may from time to time purchase Class A ordinary shares prior to our initial business combination. Our amended and restated memorandum and articles of association provide that, if we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In accordance with our amended and restated memorandum and articles of association, shareholders representing at least one-third of our issued and outstanding ordinary shares, present in person or by proxy, will constitute a quorum. As a result, in addition to our sponsor’s founder shares, we would need 8,625,001, or 37.5% (assuming all issued and outstanding shares are voted), or none (assuming only the minimum number of shares representing a quorum are voted), of the 23,000,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination approved. In addition, as a result of the founder shares that the anchor investors are entitled to purchase, the anchor investors may have different interests with respect to a vote on an initial business combination than other public shareholders. Among other matters, the anchor investors will benefit more than our public shareholders from our completion of an initial business combination and may benefit from an initial business combination even if our public shareholders experience a loss. Accordingly, the anchor investors may be more likely to favor any proposed initial business combination transaction even if our public shareholders do not favor the transaction. However, our anchor investors are not required to vote their public shares in favor of our initial business combination. Since our anchor investors will not receive the founder shares which they are entitled to purchase until the closing of our initial business combination, they will not be able to vote such shares prior to the closing of our initial business combination. Moreover, if we seek shareholder approval of our initial business combination, the agreement by our initial shareholders and management team to vote in favor of our initial business combination will increase the likelihood that we will receive the requisite shareholder approval for such initial business combination. Our directors and officers have also entered into the letter agreement, which imposes the same obligations on them with respect to any public shares acquired by them. We expect that our initial shareholders and their permitted transferees will collectively own at least 20% of our outstanding ordinary shares at the time of any such shareholder vote. Accordingly, if we seek shareholder approval of our initial business combination, the agreement by our

Table of Contents

letter agreement, which imposes the same obligations on them with respect to any public shares acquired by them. We expect that our initial shareholders and their permitted transferees will collectively own at least 20% of our outstanding ordinary shares at the time of any such shareholder vote. Accordingly, if we seek shareholder approval of our initial business combination, the agreement by our sponsor and each member of our management team to vote in favor of our initial business combination will increase the likelihood that we will receive the requisite shareholder approval for such initial business combination.

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 described herein, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, and (iii) the redemption of our public shares if we have not consummated an initial business within 18 months from the closing of our initial public offering, subject to applicable law and as further described herein. Public shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (ii) in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion of an initial business combination or liquidation if we have not consummated an initial business combination within 18 months from the closing of our initial public offering, with respect to such Class A ordinary shares so redeemed. 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.

We may seek to enter into a business combination transaction agreement with a prospective target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights, we would not be able to meet such closing condition and, as a result, would not be able to proceed with the business combination. Furthermore, in no event will we redeem our public shares in an amount that would cause (i) the public shares or the securities of any entity that succeeds the Company as a public company to be considered penny stock (as such term is defined in Rule 3a51-1 under the Exchange Act or any successor rule) or (ii) our net tangible assets to be less than $5,000,001 following such redemptions. Consequently, if accepting all properly submitted redemption requests would cause (i) the public shares or the securities of any entity that succeeds the Company as a public company to be considered penny stock (as such term is defined in Rule 3a51-1 under the Exchange Act or any successor rule) or (ii) our net tangible assets to be less than $5,000,001 or such greater amount necessary to satisfy a closing condition as described above, we would not proceed with such redemption and the related business combination and may instead search for an alternate business combination. Prospective targets will be aware of these risks and, thus, may be reluctant to enter into a business combination transaction with us.

At the time we enter into an agreement for our initial business combination, we will not know how many shareholders may exercise their redemption rights, and therefore will need to structure the transaction based on our expectations as to the number of shares that will be submitted for redemption. If a large number of shares are submitted for redemption, we may need to restructure the transaction to reserve a greater portion of the cash in the trust account or arrange for additional third-party financing. Raising additional third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels. The above considerations may limit our ability to complete the most desirable business combination available to us or optimize our capital structure. The amount of the deferred underwriting commissions payable to the underwriter 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.

Table of Contents

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 agreement requires us to use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum amount of cash at closing, the probability that our initial business combination would be unsuccessful is increased. If our initial business combination is unsuccessful, you would not receive your pro rata portion of the funds in 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 our redemption until we liquidate or you are able to sell your shares in the open market.

Recent increases in inflation and interest rates in the United States and elsewhere could make it more difficult for us to consummate an initial business combination.

Recent increases in inflation and interest rates in the United States and elsewhere may lead to increased price volatility for publicly traded securities, including ours, and may lead to other national, regional and international economic disruptions, any of which could make it more difficult for us to consummate an initial business combination.

We issued 11,500,000 warrants as part of the Units offered in the IPO and, simultaneously with the closing of the IPO, we issued an aggregate of 11,350,000 ~~private~~Private ~~placement~~Placement ~~warrants~~Warrants to our sponsor and the anchor investors, each exercisable to purchase one Class A ordinary share at $11.50 per share, subject to ~~adjustment~~certain adjustments. Our sponsor purchased 7,945,000 ~~warrants~~Private Placement Warrants and our anchor investors collectively purchased 3,405,000 ~~warrants~~Private Placement Warrants. We accounted for both the warrants underlying the units offered by our initial public offering and the private placement warrants as a warrant liability. At each reporting period (1) the accounting treatment of the warrants will be re-evaluated for proper accounting treatment as a liability or equity and (2) the fair value of the liability of the public warrants and private placement warrants will be remeasured and the change in the fair value of the liability will be recorded as other income (expense) in our income statement. Changes in the inputs and assumptions for the valuation model we use to determine the fair value of such liability may have a material impact on the estimated fair value of the embedded derivative liability. The share price of our ordinary shares represents the primary underlying variable that impacts the value of the derivative instruments. Additional factors that impact the value of the derivative instruments include the volatility of our share price, discount rates and stated interest rates. As a result, our consolidated financial statements and results of operations will fluctuate quarterly, based on various factors, such as the share price of our ordinary shares, many of which are outside of our control. In addition, we may change the underlying assumptions used in our valuation model, which could in result in significant fluctuations in our results of operations. If our share price is volatile, we expect that we will recognize non-cash gains or losses on our warrants or any other similar derivative instruments each reporting period and that the amount of such gains or losses could be material. The impact of changes in fair value on earnings may have an adverse effect on the market price of our securities. In addition, potential targets may seek 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.

Any potential target business with which we enter into negotiations concerning a business combination will be aware that we must consummate an initial business combination within 18 months from the closing of our initial public offering. Consequently, such target business may obtain leverage over us in negotiating a business combination, knowing that if we do not complete our initial business combination with that particular target business, we may be unable to complete our initial business combination with any target business. This risk will increase as we get closer to the time frame described above. In addition, we may have limited time to ~~conduct due diligence and may enter into our initial business combination on terms that we would have rejected upon a more comprehensive investigation.~~

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 coronavirus (COVID-19) outbreak.

Table of Contents

~~consummate~~conduct adue ~~business~~diligence ~~combination could be materially~~ and ~~adversely affected. Furthermore, we~~ may beenter ~~unable~~into to complete a business combination if continued concerns relating to COVID-19 restrict travel, limit the ability to have meetings with potential investors or the target company’s personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner. The extent to which COVID-19 impacts our ~~search~~initial ~~for a~~ business combination ~~and our ability to successfully consummate a business combination will depend~~ on ~~future~~terms ~~developments,~~that which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of new variants of COVID-19 and the continued actions to contain COVID-19 or treat its impact, among others. 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~~would ~~consummate~~have arejected ~~business~~upon ~~combination, may be adversely affected in~~ a ~~material~~more ~~way~~comprehensive investigation.

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 coronavirus (COVID-19) outbreak.

The ongoing COVID-19 pandemic has resulted in, and other infectious diseases could result in, a widespread health crisis that adversely affects the economies and financial markets worldwide, and the business of any potential target business with which we consummate a business combination could be materially and adversely affected. Furthermore, we may be unable to complete a business combination if continued concerns relating to COVID-19 restrict travel, limit the ability to have meetings with potential investors or the target company’s personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner. The extent to which COVID-19 impacts our search for a business combination and our ability to successfully consummate a 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 new variants of COVID-19 and the continued actions to contain COVID-19 or treat its impact, among others. 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 adversely affected in a material way.

In addition, our ability to consummate a transaction may be dependent on our ability to raise equity and debt financing which may be impacted by COVID-19 and other events, including increased market volatility or decreased market liquidity in third party financing being unavailable on terms acceptable to us or at all.

Finally, a sustained or prolonged COVID-19 resurgence, such as the new Omicron variant, 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 consummate an initial business combination within 18 months after the closing of our initial public offering, 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 find a suitable target business and consummate an initial business combination within 18 months after the closing of our initial public offering. Our ability to complete our initial business combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks described herein. For example, the COVID-19 pandemic is ongoing both in the U.S. and globally and, while the extent of the impact of the pandemic on us will depend on future developments, it could limit our ability to complete our initial business combination, including as a result of increased market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all. Additionally, the COVID-19 pandemic may negatively impact businesses we may seek to acquire. If we have not consummated an initial business combination within such applicable 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 and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the 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 the requirements of other applicable law. Our amended and restated memorandum and articles of association ~~will~~ provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. In either such case, our public shareholders may receive only $10.20 per public share, or less than $10.20 per public share, on the redemption of their shares, and our warrants will expire worthless. See “— 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 public share” and other risk factors herein.

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

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, directors, executive officers or their affiliates may purchase public shares or warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination, although they are under no obligation to do so. 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 public shares or warrants in such transactions.

Table of Contents

In the event that our sponsor, directors, executive officers 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. The purpose of any such transaction could be to (1) vote in favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of the business combination, (2) reduce the number of public warrants outstanding or vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination or (3) 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 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. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements.

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 solicitation or tender offer materials, as applicable, such shareholder may not become aware of the opportunity to redeem its shares. In addition, the proxy solicitation or tender offer materials, 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 redeem or tender public shares. In the event that a shareholder fails to comply with these procedures, its shares may not be redeemed. See “Proposed Business — Effecting Our Initial Business Combination — Tendering Share Certificates in Connection with a Tender Offer or Redemption Rights.”

As the number of special purpose acquisition companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive targets. This could increase the cost of our initial business combination and could even result in our inability to find a target or to consummate an initial business combination.

In recent years, the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for special purpose acquisition companies have already entered into an initial business combination, and there are still many special purpose acquisition companies preparing for an initial public offering, as well as many such companies currently in registration. As a result, at times, fewer attractive targets may be available to consummate an initial business combination.

In addition, because there are more special purpose acquisition companies seeking to enter into an initial business combination with available targets, the competition for available targets with attractive fundamentals or business models may increase, which could cause target companies to demand improved financial terms. Attractive business combinations could also become scarcer for other reasons, such as economic or industry sector downturns, geopolitical tensions including between the U.S. and China and between Russian and Ukraine, or increases in the cost of additional capital needed to close business combinations or operate targets post-business combination. This could increase the cost of, delay or otherwise complicate or frustrate our ability to find and consummate an initial business combination, and may result in our inability to consummate an initial business combination on terms favorable to our investors altogether.

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 consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

Table of Contents

~~believe~~Because ~~there are numerous target businesses we could potentially acquire with the net proceeds~~ of our ~~initial public offering and the sale of the private placement warrants, our ability to compete with respect to the acquisition of certain target businesses that are sizable will be~~ limited ~~by our available financial~~ resources. ~~This~~and ~~inherent competitive limitation gives others an advantage in pursuing~~ the ~~acquisition~~significant ofcompetition ~~certain target businesses. Furthermore, we are obligated to offer holders of our public shares the right to redeem their shares~~ for ~~cash at the time of our initial~~ business combination inopportunities, ~~conjunction~~it ~~with~~may ~~a shareholder vote or via a tender offer. Target companies will~~ be ~~aware~~more ~~that~~difficult ~~this~~for ~~may~~us ~~reduce the resources available~~ to uscomplete ~~for~~ our initial business combination. ~~Any of these obligations may place us at a competitive disadvantage in successfully negotiating a business combination.~~ If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. See “— 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 public share” and other risk factors herein.

We expect to encounter intense competition from other entities having a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international, competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors. While we believe there are numerous target businesses we could potentially acquire with the net proceeds of our initial public offering and the sale of the private placement warrants, our ability to compete with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, we are obligated to offer holders of our public shares the right to redeem their shares for cash at the time of our initial business combination in conjunction with a shareholder vote or via a tender offer. Target companies will be aware that this may reduce the resources available to us for our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating a business combination. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. See “— 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 public share” and other risk factors herein.

If the net proceeds from our initial public offering and the sale of the private placement warrants not being held in the trust account are insufficient to allow us to operate for the 18 months following the closing of our initial public offering, it could limit the amount available to fund our search for a target business or businesses and our ability to complete our initial business combination, and we will depend on loans from our sponsor, its affiliates or members of our management team to fund our search and to complete our initial business combination.

Of the net proceeds of our initial public offering and the sale of the private placement warrants, only $1,500,000 is initially available to us outside the trust account to fund our working capital requirements. We believe that the funds available to us outside of the trust account, together with funds available from loans from our sponsor, its affiliates or members of our management team will be sufficient to allow us to operate for at least the 18 months following the closing of our initial public offering; however, we cannot assure you that our estimate is accurate, and our sponsor, its affiliates or members of our management team are under no obligation to advance funds to us in such circumstances. Of the funds available to us, we expect to 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 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 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, its affiliates, members of our management team or other third parties to operate or may be forced to liquidate. Neither our sponsor, members of our management team nor their affiliates is under any obligation to us in such circumstances. Any such advances may be repaid only from funds held outside the trust account or from funds released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into warrants of the post-business combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the private placement warrants. Prior to the completion of our initial business combination, we do not expect to seek loans from parties other than our sponsor, its affiliates or members of our management team 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. If we have not consummated our initial business combination within the required time period because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. Consequently, our public shareholders may only receive an estimated $10.20 per public share, or possibly less, on our redemption of our public shares, and our warrants will expire worthless. See “— 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 public share” and other risk factors herein.

We may seek business combination opportunities with a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our desired results.

We may seek business combination opportunities with large, highly complex companies that we believe would benefit from operational improvements. While we intend to implement such improvements, to the extent that our efforts are delayed or we are unable to achieve the desired improvements, the business combination may not be as successful as we anticipate.

Table of Contents

~~particular~~We ~~target business and its operations, we~~ may ~~not~~seek ~~be able to properly ascertain or assess all of the significant risk factors until we complete our~~ business combination. Ifopportunities wewith ~~are~~a ~~not~~high ~~able~~degree toof ~~achieve~~complexity ~~our~~that ~~desired~~require significant operational improvements, orwhich ~~the~~could ~~improvements~~delay ~~take~~or ~~longer~~prevent tous ~~implement~~from ~~than~~achieving ~~anticipated, we may not achieve the gains that we anticipate. Furthermore, some of these risks and complexities may be outside of~~ our ~~control~~desired ~~and leave us with no ability to control or reduce the chances that those risks and complexities will adversely impact a target business~~results. ~~Such combination may not be as successful as a combination with a smaller, less complex organization.~~

To the extent we complete our initial business combination with a large complex business or entity with a complex operating structure, we may also be affected by numerous risks inherent in the operations of the business with which we combine, which could delay or prevent us from implementing our strategy. Although our management team will endeavor to evaluate the risks inherent in a particular target business and its operations, we may not be able to properly ascertain or assess all of the significant risk factors until we complete our business combination. If we are not able to achieve our desired operational improvements, or the improvements take longer to implement than anticipated, we may not achieve the gains that we anticipate. Furthermore, some of these risks and complexities may be outside of our control and leave us with no ability to control or reduce the chances that those risks and complexities will adversely impact a target business. Such combination may not be as successful as a combination with a smaller, less complex organization.

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 for a fine of $18,292.68 and imprisonment for five years in the Cayman Islands.

We may not hold an annual general meeting of shareholders until after the consummation of our initial business combination.

In accordance with the Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to elect directors. Until we hold an annual general meeting of shareholders, public shareholders may not be afforded the opportunity to elect directors and to discuss company affairs with management. Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual general meeting of shareholders) serving a three-year term.

We may seek acquisition opportunities in industries or sectors which may or may not be outside of our management’s area of expertise.

We will consider a business combination outside of our management’s area of expertise if a business combination target is presented to us and we determine that such candidate offers an attractive acquisition opportunity for our company. Although our management will endeavor to evaluate the risks inherent in any particular business combination target, we cannot assure you that we will adequately ascertain or assess all of the significant risk factors. We also cannot assure you that an investment in our units will not ultimately prove to be less favorable to investors in our initial public offering than a direct investment, if an opportunity were available, in a business combination target. In the event we elect to pursue an acquisition outside of the areas of our management’s expertise, our management’s expertise may not be directly applicable to its evaluation or operation, and the information contained in this Report regarding the areas of our management’s expertise would not be relevant to an understanding of the business that we elect to acquire. As a result, our management may not be able to adequately ascertain or assess all of the significant risk factors. Accordingly, any holders who choose to retain their securities following the business combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

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

Table of Contents

~~convertible~~Unlike into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, any of its affiliates or any members of our management team upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. This is different than some other similarly structured blank check companies, inour ~~which the~~ initial shareholders will ~~only~~receive beadditional ~~issued~~Class A anordinary ~~aggregate~~shares ofif ~~20%~~we ofissue ~~the total number of~~ shares to beconsummate ~~outstanding~~an ~~prior to the~~ initial business combination.

The founder shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the trust account if we fail to consummate an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our initial public offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, any of its affiliates or any members of our management team upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. This is different than some other similarly structured blank check companies in which the initial shareholders will only be issued an aggregate of 20% of the total number of shares to be outstanding prior to the initial business combination.

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 amended and restated memorandum and articles of association do not provide a specified maximum redemption threshold, except that in no event will we redeem our public shares in an amount that would cause (i) the public shares or the securities of any entity that succeeds the Company as a public company to be considered penny stock (as such term is defined in Rule 3a51-1 under the Exchange Act or any successor rule); or (ii) our net tangible assets to be less than $5,000,001 following such redemptions. 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, or 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 exceeds 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, blank check 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 that our shareholders may not support.

In order to effectuate a business combination, blank check companies have, in the recent past, amended various provisions of their charters and governing instruments, including their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption thresholds, 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 at least a special resolution of our shareholders as a matter of Cayman Islands law, meaning the approval of holders of at least two-thirds of our ordinary shares who attend and vote at a shareholder meeting of the company, where a quorum is present, and amending our warrant agreement will require a vote of holders of at least 50% of the then-outstanding public warrants to the extent that the interests of the registered holders of the public warrants are adversely affected and, 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 number of the then outstanding private placement warrants. In accordance with our amended and restated memorandum and articles of association, shareholders representing at least one-third of our issued and outstanding ordinary shares, present in person or by proxy, will constitute a quorum. In addition, our amended and restated memorandum and articles of association ~~will~~ 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 provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. To the extent any of such amendments would be deemed to fundamentally change the nature of any of the securities offered through this registration statement, we would register, or seek an exemption from registration for, the affected securities.

Our sponsor controls 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.

Table of Contents

ofother ~~our~~provision ~~officers~~relating ~~or directors, have any current intention~~ to ~~purchase~~the ~~additional~~rights ~~securities, other than as disclosed in this Report. Factors that would be considered in making such additional purchases would include consideration~~ of ~~the~~holders ~~current trading price~~ of our Class A ordinary shares. InTo ~~addition,~~the ~~our~~extent ~~board~~any of ~~directors,~~such ~~whose~~amendments ~~members~~would ~~were elected by our sponsor, is and will~~ be ~~divided~~deemed ~~into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. We may not hold an annual general meeting of shareholders~~ to ~~elect~~fundamentally ~~new~~change ~~directors prior to~~ the ~~completion~~nature of ~~our~~any ~~initial business combination, in which case all~~ of the ~~current~~securities ~~directors~~offered ~~will~~through ~~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 election. Accordingly, our sponsor will continue to exert control at least until the completion of our initial ~~business~~public ~~combination. In addition~~offering, we ~~have~~would ~~agreed~~register, ~~not~~or toseek ~~enter into a definitive agreement regarding~~ an ~~initial~~exemption ~~business~~from ~~combination~~registration ~~without~~for, the ~~prior~~affected ~~consent of our sponsor~~securities.

Our sponsor controls 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 sponsor owns, on an as-converted basis, 20% of our issued and outstanding ordinary shares. Accordingly, it 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. If our sponsor purchases any additional Class A ordinary shares in the aftermarket or in privately negotiated transactions, this would increase its control. Neither our sponsor 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, whose members were elected by our sponsor, is and will be divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. We may not hold an annual general meeting of shareholders to elect 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 election. Accordingly, our sponsor will continue to exert control at least until the completion of our initial business combination. In addition, we have agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of our sponsor.

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.

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

Since the net proceeds of our initial public offering and the consummation of the Private Placement Warrants Purchase Agreement are intended to be used to complete an initial business combination with a target business that has not been selected, we may be deemed to be a “blank check” company under the United States securities laws. However, because we had net tangible assets in excess of $5,000,000 upon the completion of our initial public offering and the sale of the private placement warrants and filed a Current Report on Form 8-K, including an audited balance sheet demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors in blank check companies, such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules. Among other things, this means our units will be immediately tradable and we will have a longer period of time to complete our initial business combination than do companies subject to Rule 419. Moreover, if our initial public offering were subject to Rule 419, that rule would prohibit the release of any interest earned on funds held in the trust account to us unless and until the funds in the trust account were released to us in connection with our completion of an initial business combination.

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 the price of our securities, which could cause you to lose some or all of your investment.

Even if we conduct extensive due diligence on a target business with which we combine, we cannot assure you that this diligence will identify all material issues with 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 post-combination debt financing. Accordingly, any holders who choose to retain their securities following the business combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

Table of Contents

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 post-combination debt financing. Accordingly, any holders who choose to retain their securities following the business combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

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 public 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 (except our independent registered public accounting firm), 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 perform an analysis of the alternatives available to it and will only enter into an agreement with a third-party that has not executed a waiver if management believes that such third-party’s engagement would be significantly more beneficial to us than any alternative.

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 consummated an initial business combination within 18 months from the closing of our initial offering, 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 ten 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 anExhibit ~~exhibit~~10.1 to ~~the~~this ~~registration statement~~Report, our sponsor agreed that it will be liable to us if and to the extent any claims by a third-party (other than our independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $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 public share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay our tax obligations, provided that such liability will not apply to any claims by a third-party or prospective target business that executed a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of the underwriter of our initial public offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third-party, our sponsor will not be responsible to the extent of any liability for such third-party claims.

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 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 public share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay our tax obligations, and our sponsor asserts that it is unable to satisfy its 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 our independent directors choose not to enforce these

Table of Contents

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 the 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.

Because we are neither limited to evaluating a target business in a particular industry sector or geographic area with which to pursue our initial business combination, you will be unable to ascertain the merits or risks of any particular target business’s operations.

We may pursue business combination opportunities in any industry, sector, or geographic area, except that we will not, under our amended and restated memorandum and articles of association, be permitted to effectuate our initial business combination solely with another blank check company or similar company with nominal operations. Because we have not yet selected any specific target business with respect to a business combination, there is no basis to evaluate the possible merits or risks of any particular target business’s operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent we complete our initial business combination, we may be affected by numerous risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable business or an entity lacking an established record of sales or earnings, we may be affected by the risks inherent in the business and operations of a financially unstable or a development stage entity. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all of the significant risk factors or that we will 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. We also cannot assure you that an investment in our units will ultimately prove to be more favorable to investors than a direct investment, if such opportunity were available, in a business combination target. Accordingly, any holders who choose to retain their securities following the business combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

Although we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our initial business combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.

Table of Contents

~~successful~~Accordingly, asany aholders ~~combination~~who ~~with~~choose ato ~~business~~retain ~~that~~their ~~does~~securities ~~meet~~following ~~all~~the ~~of our general criteria and guidelines. In addition, if we announce a prospective~~ business combination ~~with~~could suffer a ~~target~~reduction ~~that~~in ~~does~~the ~~not~~value ~~meet our general criteria and guidelines, a greater number~~ of ~~shareholders may exercise~~ their ~~redemption~~securities. ~~rights,~~Such ~~which~~holders ~~may~~are ~~make~~unlikely ~~it difficult for us~~ to ~~meet any closing condition with a target business that requires us to~~ have a ~~minimum~~remedy net worth or a certain amount of cash. In addition, if shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for ~~business~~such orreduction other reasons, it may be more difficult for us to attain shareholder approval of our initial business combination if the target business does not meet our general criteria and guidelines. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in ~~certain circumstances, on the liquidation of our trust account and our warrants will expire worthless~~value.

Although we have identified general criteria and guidelines for evaluating prospective target businesses, it is possible that a target business with which we enter into our initial business combination will not have all of these positive attributes. If we complete our initial business combination with a target that does not meet some or all of these guidelines, such combination may not be as successful as a combination with a business that does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination with a target that does not meet our general criteria and guidelines, a greater number of shareholders may exercise their redemption rights, which may make it difficult for us to meet any closing condition with a target business that requires us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, it may be more difficult for us to attain shareholder approval of our initial business combination if the target business does not meet our general criteria and guidelines. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

We are not required to obtain an opinion from an independent accounting or investment banking firm, and consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view.

Unless we complete our initial business combination with an affiliated entity, we are not required to obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that the price we are paying is fair to our shareholders from a financial point of view. If no opinion is obtained, our shareholders will be relying on the judgment of our board of directors, who will determine fair market value based on standards generally accepted by the financial community. Such standards used will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to our initial business combination.

Financial incentives may cause the underwriter to have potential conflicts of interest in rendering any additional services to us after our initial public offering, including, for example, in connection with the sourcing and consummation of an initial business combination.

We may engage the underwriter from our initial public offering or one or more of its affiliates to provide additional services to us after our initial public offering, including, for example, identifying potential targets, providing financial advisory services, acting as a placement agent in a private offering or arranging debt financing. We may pay such underwriter or its affiliate fair and reasonable fees or other compensation that would be determined at that time in an arm’s length negotiation; provided that no agreement was entered into with the underwriter or its affiliates and no fees or other compensation for such services was paid to the underwriter or its affiliates prior to the date that is 60 days from the date of the final prospectus from the IPO, unless such payment would not be deemed underwriter’s compensation in connection with the IPO. The underwriter is also entitled to receive deferred commissions that are conditioned on the completion of an initial business combination. The fact that the underwriter’s or its affiliates’ financial interests tied to the consummation of a business combination transaction may give rise to potential conflicts of interest in providing any such additional services to us, including potential conflicts of interest in connection with the sourcing and consummation of an initial business combination.

Resources could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

We anticipate that the investigation of each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others. If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may fail to complete our initial business combination for any number of reasons including those beyond our control. Any such event will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

Table of Contents

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

Section 404 of the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report on Form 10-K for the year ending December 31,2022. 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 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 acquisition.

The provisions of our amended and restated memorandum and articles of association that relate to the rights of holders of our Class A ordinary shares (and corresponding provisions of the agreement governing the release of funds from our trust account) may be amended with the approval of a special resolution which requires the approval of the holders of at least two-thirds of our ordinary shares who attend and vote at a shareholder meeting of the company where a quorum is present, which is a lower amendment threshold than that of some other blank check 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.

Some other blank check companies have a provision in their charter which prohibits the amendment of certain of its provisions, including those which relate to the rights of a company’s shareholders, without approval by a certain percentage of the company’s shareholders. In those companies, amendment of these provisions typically requires approval by between 90% and 100% of the company’s shareholders. Our amended and restated memorandum and articles of association ~~will~~ provide that any of its provisions related to the rights of holders of our Class A ordinary shares (including the requirement to deposit proceeds of our initial public offering and the private placement of warrants 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, meaning holders of at least two-thirds of our ordinary shares who attend and vote at a shareholder meeting of the company where a quorum is present, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of at least 65% of our ordinary shares; provided that the provisions of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial business combination may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting where a quorum is present which shall include the affirmative vote of a simple majority of our Class B ordinary shares. In accordance with our amended and restated memorandum and articles of association, shareholders representing at least one-third of our issued and outstanding ordinary shares, present in person or by proxy, will constitute a quorum. Our sponsor and its permitted transferees, if any, who collectively beneficially own, on an as-converted basis, 20% of our Class A ordinary shares, 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 blank check 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, executive officers and directors have agreed, pursuant to agreements 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 provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, unless we provide our public shareholders with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment 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, if any, divided by the number of the 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, executive officers and 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.

Certain agreements related to our initial public offering may be amended without shareholder approval.

Table of Contents

~~Certain~~business ~~agreements~~combination, it may be possible that our board of directors, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to any such agreement. Any amendment entered into in connection with the consummation of our initial business combination will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to such initial business combination, and any other material amendment to any of our material agreements will be disclosed in a filing with the SEC. Any such amendments would not require approval from our shareholders, may result in the completion of our initial ~~public~~business ~~offering~~combination that may not otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. For example, amendments to the lock-up provision discussed above may result in our initial shareholders selling their securities earlier than they would otherwise be ~~amended~~permitted, ~~without~~which ~~shareholder~~may ~~approval~~have an adverse effect on the price of our securities.

Each of the agreements related to our initial public offering to which we are a party, other than the warrant agreement and the investment management trust agreement, may be amended without shareholder approval. Such agreements are: the underwriting agreement; the letter agreement among us and our initial shareholders, sponsor, officers and directors; the registration and shareholder rights agreement among us and our initial shareholders; the private placement warrants purchase agreement between us and our sponsor; and the administrative services agreement between us and our sponsor. These agreements contain various provisions that our public shareholders might deem to be material. For example, our letter agreement and the underwriting agreement contain certain lock-up provisions with respect to the founder shares, private placement warrants and other securities held by our initial shareholders, sponsor, officers and directors. Amendments to such agreements would require the consent of the applicable parties thereto and would need to be approved by our board of directors, which may do so for a variety of reasons, including to facilitate our initial business combination. While we do not expect our board of directors to approve any amendment to any of these agreements prior to our initial business combination, it may be possible that our board of directors, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to any such agreement. Any amendment entered into in connection with the consummation of our initial business combination will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to such initial business combination, and any other material amendment to any of our material agreements will be disclosed in a filing with the SEC. Any such amendments would not require approval from our shareholders, may result in the completion of our initial business combination that may not otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. For example, amendments to the lock-up provision discussed above may result in our initial shareholders selling their securities earlier than they would otherwise be permitted, which may have an adverse effect on the price of our securities.

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. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

Although we believe that the net proceeds of our initial public offering and the sale of the private placement warrants will be sufficient to allow us to complete our initial business combination, because we have not yet selected any prospective target business we cannot ascertain the capital requirements for any particular transaction. If the net proceeds from our initial public offering and the sale of our private placement warrants prove to be insufficient, either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target business, the obligation to redeem for cash a significant number of shares from shareholders who elect redemption in connection with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot assure you that such financing will be available on acceptable terms, if at all. The current economic environment may make it difficult for companies to obtain acquisition financing. 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. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account 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.

We may have a limited ability to assess the management of a prospective target business and, as a result, may affect 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 holders who choose to retain their securities following the business combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

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.

Although we have no commitments as of the date of this Report to issue any notes or other debt securities, or to otherwise incur outstanding debt following our initial public offering, we may choose to incur substantial debt to complete our initial business combination. 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

Table of Contents

~~holders~~affect ~~who~~the ~~choose~~per-share toamount ~~retain~~available ~~their~~for ~~securities~~redemption ~~following~~from the ~~business~~trust ~~combination~~account. ~~could~~Nevertheless, ~~suffer a reduction in~~ the ~~value~~incurrence of ~~their~~debt ~~securities.~~could ~~Such holders are unlikely to~~ have a ~~remedy~~variety ~~for~~of ~~such~~negative ~~reduction~~effects, ~~in value.~~including:

●

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

●

acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

●

our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

●

our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;

●

our inability to pay dividends on our Class A ordinary shares;

●

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;

●

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 debt.

We may only be able to complete one business combination with the proceeds of our initial public offering and the sale of the private placement warrants, 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.

The net proceeds from our initial public offering and the sale of the private placement warrants provide us with up to $~~228~~236,~~050~~100,000 that we may use to complete our initial business combination (after taking into account the waiver by the underwriter of the $8,050,000 of ~~deferred~~deterred underwriting commissions being held in the trust account on January 6, 2023 and the estimated expenses of our initial public offering).

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.

Table of Contents

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:

●

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

●

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.

Table of Contents

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 (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.

We may attempt to complete our initial business combination 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 acquisition 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.

Because we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective target businesses.

The federal proxy rules require that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical and/or pro forma financial statement disclosure in periodic reports. We will include the same financial statement disclosure in connection with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or international financial reporting standards as issued by the International Accounting Standards Board, or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such statements in time for us to disclose such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame.

If we have not consummated an initial business combination within 18 months from the closing of our initial public offering, our public shareholders may be forced to wait beyond such 18 months before redemption from our trust account.

If we have not consummated an initial business combination within 18 months from the closing of our initial public offering, the proceeds 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, if any (less 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 18 months from the closing of our initial public offering 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, prior thereto, we consummate our initial business combination or amend certain provisions of our amended and restated memorandum and articles of association, 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 do not complete our initial business combination and do not amend certain provisions of our amended and restated memorandum and articles of association. Our amended and restated memorandum and articles of association provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

Table of Contents

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 18 months from the closing of our initial public offering 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, prior thereto, we consummate our initial business combination or amend certain provisions of our amended and restated memorandum and articles of association, 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 do not complete our initial business combination and do not amend certain provisions of our amended and restated memorandum and articles of association. Our amended and restated memorandum and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

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:

● restrictions on the nature of our investments; and

● restrictions on the issuance of securities,

each of which may make it difficult for us to complete our initial business combination.

In addition, we may have imposed upon us burdensome requirements, including:

● registration as an investment company with the SEC;

● adoption of a specific form of corporate structure; and

● reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are currently not subject to.

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 will be 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 anticipated principal activities will 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. Our initial public offering is not intended for persons who are seeking a return on investments in government securities or investment securities. 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 tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our initial public offering or (B) with respect to any other provision

Table of Contents

relating to the rights of holders of our Class A ordinary shares; or (iii) absent our completing an initial business combination within 18 months from the closing of our initial public offering, 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 consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.20 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

Risks Relating to our Securities

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 public shareholders may be less than $10.20 per share.

The net proceeds of our initial public offering and certain proceeds from the sale of the private placement warrants, in the amount of $234,600,000, will be held in an interest-bearing trust account. The proceeds held in the trust account may only be invested in direct U.S. Treasury obligations having a maturity of 185 days or less, or in certain money market funds which invest only in direct U.S. 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 we may withdraw to pay our taxes, if any) 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 $234,600,000, 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 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.

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 ~~will~~ 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 our initial public offering, which we refer to as the “Excess Shares,” without our prior consent.

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.

Nasdaq 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~~securities are currently listed on Nasdaq. ~~The Class A ordinary shares and warrants comprising the units will began separate trading on Nasdaq on December 23~~However, ~~2021. Although~~ we ~~expect to meet, on a pro forma basis, the minimum initial listing standards set forth in the Nasdaq listing standards, we~~ cannot assure you that our securities will ~~be, or will~~ continue to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities on Nasdaq 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 $210,~~500~~000,000) and a minimum number of holders of our securities (generally ~~300~~400 public holders).

23Additionally, our units will not be traded after completion of our initial business combination and, in connection with our initial business combination, we will be required to demonstrate compliance with the Nasdaq’s initial listing requirements, which are more rigorous than the Nasdaq’s continued listing requirements, in order to continue to maintain the listing of our securities on Nasdaq. 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 $30.0 million and we would be required to have a minimum of 400 round lot holders (with at least 50% of such round lot holders holding securities with a market value of at least $2,500). We cannot assure you that we will be able to meet those initial listing requirements at that time.

Table of Contents

Additionally, our units will not be traded after completion of our initial business combination and, in connection with our initial business combination, we will be required to demonstrate compliance with the Nasdaq’s initial listing requirements, which are more rigorous than the Nasdaq’s continued listing requirements, in order to continue to maintain the listing of our securities on Nasdaq. 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 and we would be required to have a minimum of 300 round lot holders (with at least 50% of such round lot holders holding securities with a market value of at least $2,500). We cannot assure you that we will be able to meet those initial listing requirements at that time.

If Nasdaq 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.” Because our units, Class A ordinary shares and warrants are listed on Nasdaq, our units, Class A ordinary shares and warrants qualify as covered securities under the statute. Although the states are preempted from regulating the sale of covered 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 Nasdaq, 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.

We may issue additional Class A ordinary shares or preference 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 in our amended and restated memorandum and articles of association. 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 500,000,000 Class A ordinary shares, par value $0.0001 per share, 50,000,000 Class B ordinary shares, par value $0.0001 per share, and 5,000,000 preference shares, par value $0.0001 per share. There are 477,000,000 and 44,250,000 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 shares, if any. The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the trust account if we fail to consummate an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof as described herein and in our amended and restated memorandum and articles of association. There are no preference shares issued and outstanding.

We may issue a substantial number of additional Class A ordinary shares or preference 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 in connection with our redeeming the warrants or upon conversion of the Class B ordinary 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 as set forth herein. However, our amended and restated memorandum and articles of association provide, among other things, that prior to or in connection with 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 or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business combination. These provisions of our amended and restated memorandum and

2423

Table of Contents

~~our amended and restated memorandum and~~ articles of association ~~will provide~~, among other things, that prior to or in connection with 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 or on any other proposal presented to shareholders prior to or in connection with the completion of an 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 preference shares:

●

may significantly dilute the equity interest of investors in our initial public offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares;

●

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

●

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;

●

may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;

●

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

●

may not result in adjustment to the exercise price of our warrants.

We are not registering the Class A ordinary shares issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding such investor from being able to exercise its warrants and causing such warrants to expire worthless.

We are not registering the Class A ordinary shares issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However, under the terms of the warrant agreement, we have agreed that, as soon as practicable, but in no event later than 20 business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the issuance of such shares, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business combination and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. We cannot assure you that we will be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in the registration statement or prospectus relating to our initial public offering, the financial statements contained or incorporated by reference therein are not current, complete or correct or the SEC issues a stop order. If the shares issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the above requirements, we will be required to permit holders to exercise their warrants on a cashless basis, in which case, the number of Class A ordinary shares that you will receive upon cashless exercise will be based on a formula subject to a maximum amount of shares equal to 0.361 Class A ordinary shares per warrant (subject to adjustment). However, no warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above, if our 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 a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Exercising the warrants on a cashless basis could have the effect of reducing the potential “upside” of the holder’s investment in our company because the warrant holder will hold a smaller number of Class A ordinary shares upon a cashless exercise of the warrants they hold. In no event will we be required to net cash settle any warrant, or issue securities or other compensation in exchange for the warrants in the event that we are unable to register or qualify the shares underlying the warrants under applicable state securities laws and no exemption is available. If the issuance of the shares upon exercise of the warrants is not so registered or qualified or exempt from registration or qualification, the holder of such warrant shall not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such event, holders who acquired their warrants as part of a purchase of units will have paid the full unit purchase price solely for the Class A ordinary shares included in the units. There may be a circumstance where an exemption from registration exists for holders of our private placement warrants to exercise their warrants while a corresponding exemption does not exist for holders of the public warrants included as part of units sold

2524

Table of Contents

not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such event, holders who acquired their warrants as part of a purchase of units will have paid the full unit purchase price solely for the Class A ordinary shares included in ~~the units. There may be a circumstance where an exemption from registration exists for holders of~~ our ~~private placement warrants to exercise their warrants while a corresponding exemption does not exist for holders of the public warrants included as part of units sold in our~~ initial public offering. In such an instance, our sponsor and its permitted transferees (which may include our directors and executive officers) would be able to exercise their warrants and sell the ordinary shares underlying their warrants while holders of our public warrants would not be able to exercise their warrants and sell the underlying ordinary shares. 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 Class A ordinary shares 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 their warrants.

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 our 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 correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in the prospectus relating to our initial public offering, or defective provision, (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement, (iii) making any amendments that are necessary in the good faith determination of the board of directors (taking into account then existing market precedents for initial public offerings of special purpose acquisition companies underwritten by bulge bracket investment banks) to allow for the warrants to be classified as equity in our financial statements; provided that this clause (iii) will not allow any modification or amendment to the warrant agreement that would adversely affect the rights of the registered holders of the warrants, including by increasing the warrant price or shortening the exercise period, which will require the vote or consent as provided below, (iv) removing any cap on the number of ordinary shares issuable upon a “cashless exercise,” removing or reducing our ability to redeem the public warrants and, if applicable, a corresponding amendment to our ability to redeem the private placement warrants or to conform the provisions of the private placement warrants to the terms of the public warrants, or (v) 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 if holders of at least 50% of the then-outstanding public warrants approve of such amendment and, 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 number of the then outstanding private placement warrants. 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, shorten the exercise period or decrease the number of Class A ordinary shares purchasable upon exercise of a warrant.

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 the outstanding public 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 (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. 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, we expect would be substantially less than the market value of your warrants.

26In 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 $10.20 per share (as adjusted for adjustments to the number of shares issuable

Table of Contents

~~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 $10.20 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. Given our ability to redeem the outstanding public warrants beginning when the trading price of our Class A ordinary shares equals or exceeds $10.20 per share, subject to the conditions described above, we may exercise such redemption right at a time when the trading price of our Class A ordinary shares is less than the $11.50 warrant exercise price. As a result, redemption of the outstanding public warrants could force you to (i) exercise your warrants at a time when the underlying share price is lower than the exercise price of the warrants, (ii) receive value upon exercise of the warrants that may not fully compensate you for the value of the warrants had you been able to exercise such warrants at a later date, if you choose a cashless exercise for shares, or (iii) accept nominal consideration for your warrants if you choose not to exercise such warrants.

None of the private placement warrants will be redeemable by us except as set forth under “Description of Securities — Warrants — Public Shareholders’ Warrants — Redemption of warrants for ordinary shares”.

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 Class A ordinary shares as part of the units offered in our initial public offering and, simultaneously with the closing of our initial public offering, we issued in a private placement an aggregate of 11,350,000 private placement warrants, each exercisable to purchase one Class A ordinary share at $11.50 per share, subject to adjustment. In addition, if the sponsor, its affiliates or a member of our management team makes any working capital loans, it may convert up to $1,500,000 of such loans into up to an additional 1,500,000 private placement warrants, at the price of $1.00 per warrant. We may also issue Class A ordinary shares in connection with our redemption of our warrants.

To the extent we issue ordinary shares for any reason, including to effectuate a business combination, 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.

Because each unit contains one-half of one redeemable warrant and only a whole warrant may be exercised, the units may be worth less than units of other blank check companies.

Each unit contains one-half of one redeemable warrant. Pursuant to the warrant agreement, no fractional warrants were issued upon separation of the units, and only whole units 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 whole 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 whole 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 a unit included a warrant to purchase one whole share.

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

Unlike most blank check companies, if (i) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per ordinary share, (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 on the date of the consummation of our initial business combination (net of redemptions), and (iii) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted to be

2726

Table of Contents

share, (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 on the date of the consummation of our initial business combination (net of redemptions), and (iii) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted 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 prices will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 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.

The warrants may become exercisable and redeemable for a security other than the Class A ordinary shares, and you will not have any information regarding such other security at this time.

In certain situations, including if we are not the surviving entity in our initial business combination, the warrants may become exercisable for a security other than the Class A ordinary shares. As a result, if the surviving company redeems your warrants for securities pursuant to the warrant agreement, you may receive a security in a company of which you do not have information at this time. Pursuant to the warrant agreement, the surviving company will be required to use commercially reasonable efforts to register the issuance of the security underlying the warrants within twenty business days of the closing of an initial business combination.

The determination of the offering price of our units and the size of our initial public offering is more arbitrary than the pricing of securities and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects the value of such units than you would have in a typical offering of an operating company.

Prior to our initial public offering there has been no public market for any of our securities. The public offering price of the units and the terms of the warrants were negotiated between us and the underwriter. In determining the size of our initial public offering, management held customary organizational meetings with the underwriter, both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the amount the underwriter believed it reasonably could raise on our behalf. Factors considered in determining the size of our initial public offering, prices and terms of the units, including the Class A ordinary shares and warrants underlying the units, include:

●

the history and prospects of companies whose principal business is the acquisition of other companies;

●

prior offerings of those companies;

●

our prospects for acquiring an operating business at attractive values;

●

a review of debt-to-equity ratios in leveraged transactions;

●

our capital structure;

●

an assessment of our management and their experience in identifying operating companies;

●

general conditions of the securities markets at the time of our initial public offering; and

●

other factors as were deemed relevant.

Although these factors were considered, the determination of our offering price is more arbitrary than the pricing of securities of an operating company in a particular industry since we have no historical operations or financial results.

~~There~~An isactive ~~currently no~~ market for our securities ~~and~~may anever ~~market~~develop ~~for~~or, ~~our~~if ~~securities~~developed, it may not ~~develop~~be sustained, which would adversely affect the liquidity and price of our securities.

~~There~~Prior isto ~~currently no market for~~ our ~~securities.~~initial ~~Shareholders~~public ~~therefore~~offering, ~~have~~there was no ~~access to information about prior~~ market ~~history~~for onour ~~which~~securities. toFollowing ~~base~~our ~~their~~initial ~~investment~~public ~~decision.~~offering, ~~The~~the price of our securities has varied and may continue to vary significantly due to one or more potential business combinations and general market or economic conditions. Furthermore, ~~including~~an asactive atrading ~~result~~market offor ~~the~~our ~~COVID-19~~securities ~~outbreak.~~may ~~Furthermore~~never develop or, anif ~~active~~developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.

2827

Table of Contents

trading market for our securities may never develop or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.

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

The grant of registration rights to our sponsor, the anchor investors and their respective permitted transferees may make it more difficult to complete our initial business combination, and the future exercise of such registration rights and potential transfer of founder shares may adversely affect the market price of our Class A ordinary shares and may result in dilution to our public shareholders.

Pursuant to a registration and shareholder rights agreement that was entered into prior to the closing of our initial public offering, our initial shareholders, the anchor investors and their permitted transferees can demand that we register the resale of the Class A ordinary shares into which founder shares are convertible, the private placement warrants and the Class A ordinary shares issuable upon exercise of the private placement warrants, and warrants that may be issued upon conversion of working capital loans and the Class A ordinary shares issuable upon conversion of such warrants. The registration rights will be exercisable with respect to the founder shares and the private placement warrants and the Class A ordinary shares issuable upon exercise of such private placement 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 securities that is expected when the securities owned by our initial shareholders, the anchor investors or their permitted transferees, and holders of our private placement warrants or their permitted transferees are registered for resale.

In addition, our sponsor and our directors and executive officers have agreed to not transfer the founder shares for one year following a business combination, subject to certain exceptions which are described under “Principal Shareholders — Transfers of Founder Shares and Private Placement Warrants.” In particular, if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, the founder shares may become transferable earlier than one year following a business combination. The removal of the transfer restrictions on the founder shares when the closing price of the Class A ordinary shares are trading at a relatively small premium from the initial public offering price of $10.00 per share may have an adverse effect on the market price of our Class A ordinary shares and may result in dilution to our public shareholders.

There is substantial doubt about or ability to continue as a “going concern.”

As of December 31, 2022, we had $475,278 in cash and a working capital deficit of approximately $167,558. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Our plans to raise capital and to consummate our initial business combination may not be successful. The Company has until May 9, 2023 to complete its initial business combination. The Company will mandatorily liquidate in the event it is unable to complete its initial business combination. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements contained in this Report do not include any adjustments that might result from the outcome of this uncertainty.

Table of Contents

Risks Relating to our Sponsor and Management Team

We are dependent upon our executive 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 executive officers and directors. We believe that our success depends on the continued service of our officers and directors, at least until we have completed our initial business combination. In addition, our executive 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 an employment agreement with, or key-man insurance on the life of, any of our directors or executive officers.

The unexpected loss of the services of one or more of our directors or executive officers could have a detrimental effect on us.

Table of Contents

Our ability to successfully effect our initial business combination and to be successful thereafter will be totally 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, director 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.

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. In addition, pursuant to a registration and shareholder rights agreement that was entered into prior to the closing of our initial public offering, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals for election to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.

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.

Table of Contents

Our executive 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 executive 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 executive officers and directors is engaged in several other business endeavors for which he may be entitled to substantial compensation, and our executive officers and directors 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 executive 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. For a complete discussion of our executive officers’ and directors’ other business affairs, please see “Management — Officers and Directors.”

Table of Contents

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

Following the completion of our initial public offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Our sponsor, officers and directors are, and may in the future become, affiliated with entities that are engaged in a similar business. In addition, our sponsor, officers and directors may participate in the formation of, or become an officer or director of, any other blank check company prior to completion of our initial business combination. As a result, our sponsor, officers or directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank check company with which they may become involved. However, we do not believe that any potential conflicts would materially affect our ability to complete our initial business combination.

Our sponsor, officers and directors also may become aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual duties. 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. Our amended and restated memorandum and articles of association ~~will~~ 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 to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same of 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 of officer, on the one hand, and us, on the other.

For a complete discussion of our executive officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management — Officers and Directors” “Management — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.”

The nominal purchase price paid by our sponsor for the founder shares may significantly dilute the implied value of your public shares in the event we consummate an initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to materially decline.

While we are offering our units at an offering price of $10.00 per unit and the amount in our trust account is initially anticipated to be $10.20 per public share, implying an initial value of $10.20 per public share, our sponsor paid only a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. As a result, the value of your public shares may be significantly diluted in the event we consummate an initial business combination. For example, the following table shows the public shareholders’ and sponsor’s investment per share and how that compares to the implied value of one of our shares upon the consummation of our initial business combination if at that time we were valued at $234,600,000, which is the amount we would have for our initial business combination in the trust account assuming the underwriters’ over-allotment option is not exercised, no interest is earned on the funds held in the trust account, and no public shares are redeemed in connection with our initial business combination. At such valuation, each of our ordinary shares would have an implied value of $8.16 per share, which is a 18.4% decrease as compared to the initial implied value per public share of $10.20.


Public shares		23,000,000
Founder shares		5,750,000
Total shares		28,750,000
Total funds in trust available for initial business combination(1)	$	234,600,000
Implied value per share upon consummation of the initial business combination	$	8.16
Public shareholders’ initial investment per share(2)	$	10.00
Sponsor’s investment per Founder share(3)	$	0.004

(1) Does not take into account other potential impacts on our valuation at the time of the business combination, such as the value of our public and private warrants, the trading price of our public shares, the business combination transaction costs (including payment of $8,050,000 of deferred underwriting commissions), any equity issued or cash paid to the target’s sellers or other third parties, or the target’s business itself, including its assets, liabilities, management and prospects.

Table of Contents

(2) While the public shareholders’ investment is in both the public shares and the public warrants, for purposes of this table the full investment amount is ascribed to the public shares only.

(3) The sponsor’s and the anchor investors’ total investment in the equity of the company, inclusive of the founder shares and the sponsor’s and anchor investors’ investment in the private placement warrants is $11,375,000. For the purposes of this table, the full investment amount is ascribed to the founder shares only.

Note that redemptions of our public shares in connection with our initial business combination would further reduce the implied value of our ordinary shares. For instance, in the example above, if 50% of the public shares were redeemed in connection with our initial business combination, the implied value per ordinary share would be $6.80.

While the implied value of our public shares may be diluted, the implied value of $8.16 per share would represent a significant implied profit for our sponsor relative to the initial purchase price of the founder shares. Our sponsor and the anchor investors have committed to invest an aggregate of $11,375,000 in us in connection with our initial public offering, comprised of the $25,000 purchase price for the founder shares and the $11,350,000 purchase price for the private placement warrants. At $8.16 per share, the 5,750,000 founder shares would have an aggregate implied value of $46,920,000. As a result, even if the trading price of our ordinary shares significantly declines (whether because of a substantial amount of redemptions of our public shares or for any other reason), our sponsor and the anchor investors will stand to make significant profit on their investment in us. In addition, our sponsor and the anchor investors could potentially recoup their entire investment in us even if the trading price of our ordinary shares were as low as $1.98 per share and even if the private placement warrants are worthless. As a result, our sponsor is likely to make a substantial profit on its investment in us even if we select and consummate an initial business combination that causes the trading price of our ordinary shares to decline, while our public shareholders who purchased their units in our initial public offering could lose significant value in their public shares. Our sponsor may therefore be economically incentivized to consummate an initial business combination with a riskier, weaker-performing or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares.

Our executive 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, executive 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 executive 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 would 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, executive officers or directors which may raise potential conflicts of interest.30

Table of Contents

~~from~~their anfiduciary ~~independent~~duties ~~investment banking firm or another independent entity that commonly renders valuation opinions regarding the fairness~~ to ~~our~~us ~~company~~as ~~from~~ a ~~financial~~matter ~~point~~ of ~~view~~Cayman ofIslands alaw ~~business~~and ~~combination~~we ~~with one~~ or ~~more domestic or international businesses affiliated with~~ our ~~sponsor,~~shareholders ~~executive~~might ~~officers~~have ora ~~directors~~claim ~~potential~~against ~~conflicts~~such ofindividuals ~~interest~~for ~~still~~infringing ~~may~~on ~~exist~~our ~~and,~~shareholders’ asrights. ~~a result~~However, ~~the~~we ~~terms~~might ~~of the business combination may~~ not ultimately be assuccessful ~~advantageous~~in toany ~~our~~claim ~~public~~we ~~shareholders~~may asmake ~~they~~against ~~would~~them befor ~~absent~~such ~~any conflicts of interest~~reason.

In light of the involvement of our sponsor, executive officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, executive officers or directors. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management — Conflicts of Interest.” Our sponsor, officers and directors may sponsor, form or participate in other blank check companies similar to ours during the period in which we are seeking an initial business combination. Such entities may compete with us for business combination opportunities. Although we are not 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 and guidelines for a business combination as set forth in “Proposed Business — Effecting Our Initial Business Combination — Evaluation of a Target Business and Structuring of Our Initial 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 or another independent entity that commonly renders valuation opinions 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, executive officers or directors 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.

Our management may not be able to maintain control of a target business after our initial business combination. Upon the loss of control of a target business, new management may not possess the skills, qualifications or abilities necessary to profitably operate such business.

We may structure our initial business combination so that the post-business combination company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will only complete such business combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-business combination company owns 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-business combination company, depending on valuations ascribed to the target and us in the business combination. For example, we could pursue a transaction in which we issue a substantial number of new Class A ordinary shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target business, or issue a substantial number of new shares to third-parties in connection with financing our initial business combination. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new Class A ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our outstanding Class A ordinary shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company’s shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain control of the target business.

Since our sponsor, executive 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 during or after our initial public offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination.

On March 8, 2021, our sponsor paid $25,000 to cover certain expenses on our behalf in consideration of 8,625,000 Class B ordinary shares, par value $0.0001, with a purchase price of approximately $0.003 per share. On October 14, 2021, our sponsor surrendered 2,875,000 founder shares to us for no consideration resulting in an aggregate of 5,750,000 founder shares outstanding. As a result of such surrender, the per share purchase price increased to approximately $0.004 per share. Our sponsor has transferred 20,000 founder shares to each of our independent directors. Prior to the initial investment in the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The per share price of the founder shares was determined by dividing the amount contributed to the company by the number of founder shares issued. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor and the anchor investors purchased an aggregate of 11,350,000 private placement warrants, each exercisable to purchase one Class A ordinary share at $11.50 per share, subject to adjustment, at a price of $1.00 per warrant ($11,350,000 in the aggregate), in a private placement that closed simultaneously with the closing of our initial public offering. If we do not consummate an initial business within 18 months from the closing of our initial public offering, the private placement warrants will expire worthless. The personal and financial interests of our executive 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 closing of our initial public offering nears, which is the deadline for our consummation of an initial business combination.

Certain of our officers and directors have or will have direct and indirect economic interests in us and/or our sponsor after the consummation of our initial public offering and such interests may potentially conflict with those of our public shareholders as we evaluate and decide whether to recommend a potential business combination to our public shareholders.31

Certain of our officers and directors may own membership interests in our sponsor and indirect interests in our Class B ordinary shares and private placement warrants which may result in interests that differ from the economic interests of the investors in our initial public offering, which includes making a determination of whether a particular target business is an appropriate business with which to effectuate our initial business combination. There may be a potential conflict of interest between our officers and directors that hold

Table of Contents

~~membership~~exercisable ~~interests~~to purchase one Class A ordinary share at $11.50 per share, subject to adjustment, at a price of $1.00 per warrant ($11,350,000 in the aggregate), in a private placement that closed simultaneously with the closing of our ~~sponsor~~initial ~~and~~public offering. If we do not consummate an initial business within 18 months from the closing of our initial public ~~shareholders~~offering, ~~that~~the private placement warrants will expire worthless. The personal and financial interests of our executive officers and directors may ~~not~~influence betheir ~~resolved~~motivation in ~~favor~~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 closing of our initial public ~~shareholders.~~offering ~~See~~nears, ~~“Management — Conflicts~~which is the deadline for our consummation of ~~Interest~~an initial business combination.”

We may not have sufficient funds to satisfy indemnification claims of our directors and executive 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 (except to the extent they are entitled to funds from the trust account due to their ownership of public shares). 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.

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 runoff 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.

Table of Contents

General Risk Factors

We ~~are~~have ~~a recently incorporated 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 an exempted company established on March 4, 2021 under the laws of the Cayman Islands and have 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 with one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business combination and 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.

Past performance by 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 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.

Table of Contents

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.

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 will be 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. The SEC has, in the past year, adopted certain rules and may in the future adopt other rules which may have a material effect on our activities and on our ability to consummate an initial Business Combination, including the SPAC Proposed Rules (as defined below), described below.

The SEC has recently issued proposed rules relating to certain activities of SPACs. Certain of the procedures that we, a potential business combination target or others may determine to undertake in connection with such proposals may increase our costs and the time needed to complete our initial business combination and may constrain the circumstances under which we could complete an initial business combination. The need for compliance with the SPAC Proposed Rules may cause us to liquidate the funds in the Trust Account or liquidate 7AC at an earlier time than we might otherwise choose.

On March 30, 2022, the SEC issued proposed rules (the “SPAC Proposed Rules”) relating, among other things, to disclosures in SEC filings in connection with business combination transactions between special purpose acquisition companies (“SPACs”) such as us and private operating companies; the financial statement requirements applicable to transactions involving shell companies; the use of projections by SPACs in SEC filings in connection with proposed business combination transactions; the potential liability of certain participants in proposed business combination transactions; and the extent to which SPACs could become subject to regulation under the Investment Company Act of 1940, as amended (the “Investment Company Act”), including a proposed rule that would provide

Table of Contents

SPACs a safe harbor from treatment as an investment company if they satisfy certain conditions that limit a SPAC’s duration, asset composition, business purpose and activities. The SPAC Proposed Rules have not yet been adopted, and may be adopted in the proposed form or in a different form that could impose additional regulatory requirements on SPACs. Certain of the procedures that we, a potential business combination target, or others may determine to undertake in connection with the SPAC Proposed Rules, or pursuant to the SEC’s views expressed in the SPAC Proposed Rules, may increase the costs and time of negotiating and completing an initial business combination, and may constrain the circumstances under which we could complete an initial business combination. The need for compliance with the SPAC Proposed Rules may cause us to liquidate the funds in the Trust Account or liquidate at an earlier time than we might otherwise choose. Were we to liquidate, our warrants would expire worthless, and our securityholders would lose the investment opportunity associated with an investment in the combined company, including any potential price appreciation of our securities.

If we are deemed to be an investment company for purposes of the Investment Company Act, we would be required to institute burdensome compliance requirements and our activities would be severely restricted. As a result, in such circumstances, unless we are able to modify our activities so that we would not be deemed an investment company, we may abandon our efforts to complete an initial business combination and instead liquidate 7AC.

As described further above, the SPAC Proposed Rules relate, among other matters, to the circumstances in which SPACs such as 7AC could potentially be subject to the Investment Company Act and the regulations thereunder. The SPAC Proposed Rules would provide a safe harbor for such companies from the definition of “investment company” under Section 3(a)(1)(A) of the Investment Company Act, provided that a SPAC satisfies certain criteria, including a limited time period to announce and complete a de-SPAC transaction. Specifically, to comply with the safe harbor, the SPAC Proposed Rules would require a company to file a report on Form 8-K announcing that it has entered into an agreement with a target company for a business combination no later than 18 months after the effective date of its registration statement for its initial public offering (the “IPO Registration Statement”). 7AC would then be required to complete its initial business combination no later than 24 months after the effective date of the IPO Registration Statement.

If we are deemed to be an investment company under the Investment Company Act, our activities would be severely restricted. In addition, we would be subject to burdensome compliance requirements. We do not believe that our principal activities will subject us to regulation as an investment company under the Investment Company Act. However, if we are deemed to be an investment company and subject to compliance with and regulation under the Investment Company Act, we would be subject to additional regulatory burdens and expenses for which we have not allotted funds. As a result, unless we are able to modify our activities so that we would not be deemed an investment company, we may abandon our efforts to complete an initial business combination and instead liquidate 7AC. Were we to liquidate, our warrants would expire worthless, and our securityholders would lose the investment opportunity associated with an investment in the combined company, including any potential price appreciation of our securities.

We depend on a variety of U.S. and multi-national financial institutions to provide us with banking services. The default or failure of one or more of the financial institutions on which we rely may adversely affect our business and financial condition.

We maintain the majority of our cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of the failure of any of the financial institutions at which we maintain our cash and cash equivalents, there can be no assurance that we would be able to access uninsured funds in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect our liquidity, business and financial condition.

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 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.34

Table of Contents

~~exceeded~~could ~~$100 million~~cause ~~during~~us ~~such~~to ~~completed~~lose ~~fiscal~~that ~~year~~status ~~and~~earlier, including if the market value of our Class A ordinary shares held by non-affiliates equals or exceeds $700 million as of ~~the~~any ~~prior~~ June 30. Tobefore that time, in which case we would no longer be an emerging growth company as of the ~~extent~~following December 31. We cannot predict whether investors will find our securities less attractive because we ~~take~~rely ~~advantage~~on these exemptions. If some investors find our securities less attractive as a result of ~~such~~our ~~reduced~~reliance ~~disclosure~~on ~~obligations~~these exemptions, itthe trading prices of our securities may ~~also~~be ~~make~~lower ~~comparison~~than ofthey otherwise would be, there may be a less active trading market for our ~~financial~~securities ~~statements~~and ~~with~~the ~~other~~trading ~~public~~prices ~~companies~~of ~~difficult~~our orsecurities ~~impossible~~may be more volatile.

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 30. 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.

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 do 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. This choice-of-forum provision may also result in increased costs for a warrant holder to pursue claims under our warrant agreement. 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.

Table of Contents

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 executive officers, or enforce judgments obtained in the United States courts against our directors or officers.

Our corporate affairs ~~will~~are 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~~are 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.

We have been advised by our 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.

Table of Contents

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.

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 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, 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.

Table of Contents

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.

An investment in our securities may result in uncertain or adverse U.S. federal income tax consequences.

An investment in our securities may result in uncertain U.S. federal income tax consequences. For instance, because there are no authorities that directly address instruments similar to the units we issued in our initial public offering, the allocation an investor makes with respect to the purchase price of a unit between the Class A ordinary shares and the one-half of a warrant to purchase one Class A ordinary share included in each unit could be challenged by the IRS or courts. Furthermore, the U.S. federal income tax consequences of a cashless exercise of warrants included in the units we issued in our initial public offering is unclear under current law. Finally, it is unclear whether the redemption rights with respect to our ordinary shares suspend the running of a U.S. Holder’s holding period for purposes of determining whether any gain or loss realized by such holder on the sale or exchange of Class A ordinary shares is long-term capital gain or loss and for determining whether any dividend we pay to individuals could be eligible to be taxed at the lower applicable long-term capital gain rate. Prospective investors are urged to consult their tax advisors with respect to these and other tax consequences when purchasing, holding or disposing of our securities.

Table of Contents

law. Finally, it is unclear whether the redemption rights with respect to our ordinary shares suspend the running of a U.S. Holder’s holding period for purposes of determining whether any gain or loss realized by such holder on the sale or exchange of Class A ordinary shares is long-term capital gain or loss and for determining whether any dividend we pay to individuals could be eligible to be taxed at the lower applicable long-term capital gain rate. Prospective investors are urged to consult their tax advisors with respect to these and other tax consequences when purchasing, holding or disposing of our securities.

We may be a passive foreign investment company, or “PFIC,” which could result in adverse U.S. federal income tax consequences to U.S. investors.

If we are a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of our Class A ordinary shares or warrants, the U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. Our PFIC status for our current and subsequent taxable years may depend on whether we qualify for the PFIC start-up exception and the timing of our initial business combination. Depending on the particular circumstances the application of the start-up exception may be subject to uncertainty, and there cannot be any assurance that we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, however, will not be determinable until after the end of such taxable year. Moreover, if we determine we are a PFIC or any taxable year, upon written request, we will endeavor to provide to a U.S. Holder such information as the Internal Revenue Service (“IRS”) may require, including a PFIC Annual Information Statement, in order to enable the U.S. Holder to make and maintain a “qualified electing fund” election, but there can be no assurance that we will timely provide such required information, and such election would be unavailable with respect to our warrants in all cases. We urge U.S. investors to consult their tax advisors regarding the possible application of the PFIC rules with respect to their particular circumstances. For a more detailed discussion of the tax consequences of PFIC classification to U.S. Holders, see the section of the prospectus relating to our initial public offering captioned “Taxation — Material U.S. Federal Income Tax Considerations — U.S. Holders — Passive Foreign Investment Company Rules.”

We may reincorporate in another jurisdiction in connection with our initial business combination and such reincorporation may result in taxes imposed on shareholders or warrant holders.

We may, in connection with our initial business combination and subject to requisite shareholder approval under the Companies Act, reincorporate in the jurisdiction in which the target company or business is located or in another jurisdiction. This may require a shareholder or warrant holder to recognize taxable income in the jurisdiction in which the shareholder or warrant holder is a tax resident (or in which its members are resident if it is a tax transparent entity). We do not intend to make any cash distributions to ~~shareholders or warrant holders to pay such taxes. Shareholders or warrant holders may be subject to withholding taxes or other taxes with respect to their ownership of us after the reincorporation.~~

Table of Contents

shareholders or warrant holders to pay such taxes. Shareholders or warrant holders may be subject to withholding taxes or other taxes with respect to their ownership of us after the reincorporation.

Our focus on social and environmental impact opportunities subjects us to a variety of risks, not all of which can be foreseen or quantified.

Our focus on social and environmental impact business combination opportunities subjects us to a variety of risks, not all of which can be foreseen or quantified. When evaluating potential business combination opportunities, in addition to financial return, an opportunity’s potential to achieve a positive social or environmental impact will be considered. As a result, the opportunity set for potential business combinations will necessarily be smaller than it would otherwise be if we were pursuing a business combination solely on the basis of financial returns, and we may forgo opportunities that are attractive from a financial perspective if they do not also meet the our social and environmental impact criteria. In addition, although we believe that pursuing positive social and environmental impact does not have to negatively affect financial returns, and it can even enhance profitability, it is possible that our dual focus on financial success and positive social and environmental impact may from time to time require us to make decisions that favor one goal at the expense of the other.

Table of Contents

Risks Associated with Acquiring and Operating a Business in Foreign Countries

If we pursue a target company with operations or opportunities outside of the United States for our initial business combination, 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.

If we pursue a target a company with operations or opportunities outside of the United States for our initial business combination, we would 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 would be subject to any special considerations or risks associated with companies operating in an international setting, including any of the following:

●

costs and difficulties inherent in managing cross-border business operations;

●

rules and regulations regarding currency redemption;

●

complex corporate withholding taxes on individuals;

●

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

●

exchange listing and/or delisting requirements;

●

tariffs and trade barriers;

●

regulations related to customs and import/export matters;

●

local or regional economic policies and market conditions;

●

unexpected changes in regulatory requirements;

●

longer payment cycles;

●

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

●

currency fluctuations and exchange controls;

Table of Contents

●

rates of inflation;

●

challenges in collecting accounts receivable;

●

cultural and language differences;

●

employment regulations;

●

underdeveloped or unpredictable legal or regulatory systems;

●

corruption;

●

protection of intellectual property;

Table of Contents

●

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

●

regime changes and political upheaval;

●

terrorist attacks, natural disasters and wars; and

●

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 combination, our operations might suffer, either of which may adversely impact our business, financial condition and results of operations.

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~~may 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.

After our initial business combination, substantially all of our assets may be located in a foreign country and substantially all of our revenue may be derived from our operations in any such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and social conditions and government 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 a target business’ ability to succeed in the international markets to be diminished.

In the event we acquire a non-U.S. target, 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.

Table of Contents

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.

We may reincorporate in another jurisdiction in connection with our initial business combination, and the laws of such jurisdiction may govern some or all of our future material agreements and we may not be able to enforce our legal rights.

In connection with our initial business combination, we may relocate the home jurisdiction of our business from the Cayman Islands to another jurisdiction. If we determine to do this, the laws of such jurisdiction may govern some or all of our future material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business opportunities or capital.

Table of Contents

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 SEC, 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 seeking a business combination target.

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.

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.~~

~~The participation by the anchor investors in our initial public offering reduced the public “float” of our securities.~~40

The anchor investors purchased 6.8% of the units sold in our initial public offering at the offering price, and such allocation was determined by the underwriter. The anchor investors’ purchases reduced the available public “float” of our securities. Any such reduction in our available public “float” may consequently reduce the trading volume and liquidity, and increase the volatility, of our securities relative to what they would have been had such securities been purchased by public investors. Further, the anchor investors are not required to hold any units, Class A ordinary shares they purchased in our initial public offering or thereafter for any amount of time. Accordingly, the anchor investors may sell any, or up to all, of the units, Class A ordinary shares they purchased in our initial public offering or thereafter at any time. The sale of material amounts of our units, Class A ordinary shares, or the perception that such sales may occur, could reduce the market prices of those securities and may encourage short sales.

Table of Contents

associated with resolving the dispute in other jurisdictions, which could have adverse effect on our business and financial performance.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2. PROPERTY

We currently maintain our principal executive offices at 750 East Main Street, Suite 600, Stamford, Connecticut 06902. The cost for this space is included in the $2,500 per-month fee our sponsor charges us for office space, operational support and secretarial and administrative services. We consider our current office space, combined with the other office space otherwise available to our executive officers, adequate for our current operations.

ITEM 3. LEGAL PROCEEDINGS

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

4241

Table of Contents

PART II

Market Information

Our units, ordinary shares and warrants are listed on the Nasdaq Global Market (“Nasdaq”) under the symbols “SVNAU”, “SVNA” and “SNVAW”, respectively. Our units commenced public trading on November 5, 2021. Our Class A ordinary shares and warrants began separate trading on December 23, 2021.

Holders

As of March 32, ~~2022~~2023, there was 1 holder of record of our Units, 1 holder of record of our Class A ordinary shares, 7 holders of record of our Class B ordinary shares and 5 holders of record of our warrants.

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 our ~~Initial~~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 condition subsequent to completion of our ~~Initial~~initial Business Combination. The payment of any cash dividends subsequent to our ~~Initial~~initial Business Combination will be within the discretion of our board of directors at such time. If we incur any indebtedness in connection with our ~~Initial~~initial Business Combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

On March 8, 2021, we issued an aggregate of 8,625,000 of our Class B ordinary shares (the “Founder Shares”), par value $0.0001, for an aggregate purchase price of $25,000, or approximately $0.003 per share, to 7 Acquisition Holdings, LLC (the “Sponsor”). On October 14, 2021, our Sponsor surrendered 2,875,000 Founder Shares to us for no consideration resulting in an aggregate of 5,750,000 Founder Shares outstanding. As a result of such surrender, the per share purchase price increased to approximately $0.004 per share.

On November 9, 2021, we consummated our initial public offering (the “Initial Public Offering”) of 23,000,000 units (the “Units”), including the issuance of 3,000,000 Units as a result of the underwriter’s exercise of its over-allotment option in full. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one Class A Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $230,000,000.

On November 9, 2021, simultaneously with the closing of the IPO, the Company consummated the sale of 11,350,000 Private Placement Warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor and the Anchor Investors, generating proceeds of $11,350,000. The Private Placement Warrants are identical to the public warrants underlying the Units sold in the Initial Public Offering (the “Public Warrants”), except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of an ~~Initial~~initial Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be non-redeemable so long as they are held by the Sponsor or its permitted transferees (except for certain limited exceptions described in our prospectus).

The closing of the IPO and sale of Private Placement Warrants generated total gross proceeds of $241,350,000. Following the closing of the IPO and sale of Private Placement Warrants, an aggregate amount of $234,600,000 has been placed in the U.S. based trust account (the “Trust Account”) established in connection with the IPO. Transaction costs amounted to $24,551,888, consisting of $4,600,000 of underwriting discounts and commissions, $8,050,000 of deferred underwriting fees, $686,869 of other offering costs, and $11,215,019 excess fair value of anchor investor shares. In addition, on November 9, 2021, $2,111,900 of cash was held outside of the Trust Account established in connection with the IPO, which is available for the payment of offering costs and for working capital purposes. On January 6, 2023, the underwriter agreed to waive any entitlement to the deferred underwriting fee payable due

4342

Table of Contents

upon the consummation of the initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein.

As a result of the underwriter’s exercise in full of its over-allotment option, 750,000 of the Founder Shares are no longer subject to forfeiture.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (excluding deferred underwriting commissions) to complete our ~~Initial~~initial Business Combination. We may withdraw interest to pay our taxes. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the Trust Account. We expect the interest earned on the amount in the Trust Account will be sufficient to pay our income taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our ~~Initial~~initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We intend to use the funds held outside the Trust Account primarily identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete the ~~Initial~~initial Business Combination.

ITEM 6. [RESERVED]

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

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our audited financial statements and the notes related thereto which are included in “Item 8. Financial Statements and Supplementary Data” of this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Report.

Overview

We are a blank check company formed under the laws of the Cayman Islands on March 4, 2021, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. We intend to effectuate our ~~Initial~~initial Business Combination using cash from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our ordinary shares, debt or a combination of cash, shares and debt.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete an ~~Initial~~initial Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities from March 4, 2021 (inception) through December 31, ~~2021~~2022 were organizational activities and those necessary to prepare for the Initial Public Offering, described below, and ongoing legal, accounting and professional service fees and costs associated with identifying a target. We do not expect to generate any operating revenues until after the completion of our ~~Initial~~initial Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities held after the Initial Public Offering. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, an ~~Initial~~initial Business Combination.

For the ~~period~~year ~~from~~ended ~~March 4, 2021 (inception) through~~ December 31, ~~2021~~2022, we had we had net income of $713,~~138~~861,~~194~~651, which consisted of formation and operating expenses of $21,~~398~~659,~~687~~764, offset by a gain of $911,~~534~~827,~~000~~800 for the change in fair value of the warrant liability, ~~and~~ an unrealized gain of $23,~~881~~438,611 on marketable securities held in trust, interest income of $5,004, and other income of $250,000. In comparison, for the period from March 4, 2021 (inception) through December 31, 2021, we had net income of $7,138,194, which consisted of formation

Table of Contents

and operating expenses of $2,398,687, offset by a gain of $9,534,000 for the change in fair value of the warrant liability and an unrealized gain of $2,881 on marketable securities held in trust.

Liquidity, Capital Resources and Going Concern

As of December 31, 2022, we had $475,278 in operating cash and a working capital deficit of $167,558 compared to $660,723 in operating cash and working capital of $929,956 as of December 31, 2021.

The Company’s liquidity needs up to November 9, 2021, had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“Class B ordinary shares” and shares thereof, “Founder Shares”) (see Note 5), the Initial Public Offering and the issuance of the Private Placement Warrants. Additionally, the Company drew on an unsecured promissory note to pay certain offering costs.

Following the Initial Public Offering, the full exercise of the over-allotment option and the sale of the Private Placement Warrants, a total of $234,600,000 was placed in the Trust Account. We incurred $24,551,888 in transaction costs, $4,600,000 of underwriting discounts and commissions, $8,050,000 of deferred underwriting fees, $686,869 of other offering costs, and $11,215,019 excess fair value of anchor investor shares. On January 6, 2023, the underwriter agreed to waive any entitlement to the deferred underwriting fee payable due upon the consummation of the initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less deferred underwriting fees and income taxes payable), to complete our initial Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete an initial Business Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with an initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial Business Combination, we may repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that an 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 for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Table of Contents

Liquidity and Capital Resources

As of December 31, 2021, we had cash of $660,723. Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the Sponsor and loans from our Sponsor.

On November 9, 2021, we consummated the Initial Public Offering of 23,000,000 Units, at a price of $10.00 per Unit, which included the exercise in full by the underwriter of its over-allotment option in the amount of 3,000,000 Units, generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of an aggregate of 11,350,000 Private Placement Warrants to our Sponsor and the Anchor Investors at a price of $1.00 per Private Placement Warrant, generating gross proceeds of $11,350,000.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less deferred underwriting fees and income taxes payable), to complete our Initial Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our Initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

In order to fund working capital deficiencies or finance transaction costs in connection with an Initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an Initial Business Combination, we may repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that an 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 for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an Initial Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Initial Business Combination.

Moreover, we may need to obtain additional financing to complete our Initial Business Combination, either because the transaction requires more cash than is available from the proceeds held in our Trust Account, or because we become obligated to redeem a significant number of our public shares upon completion of the business combination, in which case we may issue additional securities or incur debt in connection with such business combination. If we have not consummated our initial business combination within the required time period because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of December 31, ~~2021~~2022. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Table of Contents

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. The agreement to pay the Sponsor a monthly fee of $2,500 for office space, operational support and secretarial and administrative services has been waived by the Sponsor. The Company has not paid any amounts under this agreement as of December 31, ~~2021~~2022.

~~The~~Following ~~underwriters~~our ~~are~~Initial Public Offering, the underwriter was entitled to a deferred underwriting fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred underwriting fee ~~will~~was ~~become~~ payable to the ~~underwriters~~underwriter from the amounts held in the Trust Account solely in the event that we complete an ~~Initial~~initial Business Combination, subject to the terms of the underwriting agreement. On January 6, 2023, the underwriter agreed to waive any entitlement to the deferred underwriting fee payable due upon the consummation of an initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein. The underwriter did not receive any payment from us in connection with the fee waiver, and the underwriter has not performed any additional services for us after the Initial Public Offering for any contingent fees.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies.

Warrant Liabilities

We account for the warrants underlying the Public Units and the warrants sold in the Private Placement (the “Private Placement Warrants”) in accordance with the guidance contained in ASC 815 under which the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Under ASC 815-40, the Public Warrants and the Private Placement Warrants are not indexed to our ordinary shares in the manner contemplated by ASC 815-40 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. Accordingly, we classify the Public Warrants and the Private Placement Warrants as liabilities at their fair value and adjust the Public Warrants and the Private Placement Warrants to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The Public Warrants and the Private Placement Warrants are valued using a Monte Carlo simulation model.

Class A Ordinary Shares Subject to Possible Redemption

We account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. Our Class A ordinary shares features certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of our balance sheet.

We recognize changes in redemption value at the end of each reporting period and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. As of December 31, 2021, the Company recorded a remeasurement of $39,069,010, $10,167,477 of which was recorded in additional paid-in capital and $28,901,533 was recorded in accumulated deficit.

~~Net Income Per Ordinary Share~~45

Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. Ordinary shares subject to possible redemption at December 31, 2021, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net income per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust account earnings. The Company has not considered the effect of the warrants sold in the initial public offering and the private placement to purchase an aggregate of 11,350,000 private warrants in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events and the

Table of Contents

~~inclusion~~the ofCompany ~~such~~recognized ~~warrants~~the ~~would~~accretion befrom ~~anti-dilutive~~initial book value to redemption amount value. AsThe achange ~~result,~~in ~~diluted~~the ~~net~~carrying ~~income~~value ~~per~~of redeemable ordinary ~~share~~shares isresulted ~~the~~in ~~same~~charges asagainst ~~basic~~additional ~~net~~paid-in ~~income~~capital ~~per~~and ~~ordinary~~accumulated ~~share~~deficit. ~~for~~As of December 31, 2022, the ~~periods~~Company ~~presented~~recorded a remeasurement of $3,438,611, which was recorded in accumulated deficit.

Net Income Per Ordinary Share

Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. Ordinary shares subject to possible redemption at December 31, 2022, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net income per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust account earnings. The Company has not considered the effect of the warrants sold in the initial public offering and the private placement to purchase an aggregate of 11,350,000 private warrants in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

The Company’s statement of operations includes a presentation of net income per ordinary share subject to possible redemption and allocates the net income into the two classes of shares in calculating net income per ordinary share, basic and diluted. For redeemable Class A ordinary shares, net income per ordinary share is calculated by dividing the net income by the weighted average number of Class A ordinary shares subject to possible redemption outstanding since original issuance. For non-redeemable Class B ordinary shares, net income per share is calculated by dividing the net income by the weighted average number of nonredeemable Class B ordinary shares outstanding for the period. Non-redeemable Class B ordinary shares include the founder shares as these shares do not have any redemption features and do not participate in the income earned on the trust account.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective on January 1, 2022, with early adoption permitted. Management has evaluated and determined that there is not a material impact on our financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required for smaller reporting companies.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

This information appears following Item 15 of this Report and is incorporated herein by reference.

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

None.

ITEM 9A. CONTROL 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 principal executive officer and principal financial and accounting officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current principal executive officer and principal financial and accounting officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of December 31, 2021, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of December 31, 2021, our disclosure controls and procedures were effective.

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.46

Table of Contents

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 principal executive officer and principal financial and accounting officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current principal executive officer and principal financial and accounting officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of December 31, 2022, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of December 31, 2022, our disclosure controls and procedures were effective.

Management’s Report on Internal Controls Over Financial Reporting

~~This~~Management ~~Annual~~of ~~Report~~the onCompany ~~Form~~is ~~10-K~~responsible ~~does~~for ~~not~~establishing ~~include~~and amaintaining ~~report~~adequate ofinternal ~~management~~control over financial reporting. The Company’s ~~assessment~~internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. The Company’s internal control over financial reporting orincludes anthose ~~attestation~~policies ~~report~~and procedures that: (i) pertain to the maintenance of ~~our~~records ~~independent~~that, ~~registered~~in ~~public~~reasonable ~~accounting~~detail, ~~firm~~accurately ~~due~~and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to apermit ~~transition~~preparation ~~period~~of ~~established~~financial bystatements ~~rules~~in accordance with generally accepted accounting principles in the United States of America, and that receipts and expenditures of the ~~SEC~~Company ~~for~~are ~~newly~~being ~~public~~made ~~companies~~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.

Any system of internal control, no matter how well designed, has inherent limitations, including the possibility that a control can be circumvented or overridden and misstatements due to error or fraud may occur and not be detected in a timely manner. Also, because of changes in conditions, internal control effectiveness may vary over time. Accordingly, even an effective system of internal control will provide only reasonable assurance with respect to financial statement preparation.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022. In making this assessment, management used the criteria set forth in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in “Internal Control-Integrated Framework.” Based on management’s assessment using the COSO criteria, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, 2022.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

Changes in Internal Control over Financial Reporting

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 9B. OTHER INFORMATION

None.

Table of Contents

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

Not Applicable.

Table of Contents

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Officers and Directors

Our officers and directors are as follows:


Name	Age	Position
Craig Cogut	6869	Chairman
Aren LeeKong	4546	Chief Executive Officer and Director
Joel Haney	3334	Chief Financial Officer and Director
Brian Friedman	3738	General Counsel
Leslie Cornfeld	6364	Director
Sherrie Deans	4546	Director
Thelma B. Ferguson	64	Director
Neil Jacobs	7071	Director
Chandra J. Mitchell	4849	Director
Michael Posner	7172	Director

Mr. Craig Cogut is Chairman of the Board of Directors. He founded Pegasus Capital Advisors in 1996 and serves as its Chairman and CEO. Pegasus is a private alternative asset management firm that places ESG principles at the core of its investment thesis. Under Mr. Cogut’s leadership, Pegasus has been committed to producing solutions for society’s greatest challenges, such as global climate change and resource scarcity, by providing strategic growth capital to companies focused on sustainability and human health and wellness. Pegasus was the first U.S. private equity fund manager to be accredited by the Green Climate Fund, and Mr. Cogut has been a leader in Pegasus’s partnership with GCF and others to launch the Sub-National Climate Fund, a blended finance climate initiative aimed at making investments into low-emission, climate resilient solutions in under-served markets. Mr. Cogut is a thought leader within the ESG investing industry, and a frequent keynote speaker at industry conferences and events. In 1990, Mr. Cogut co-founded and was one of the original partners at Apollo Advisors L.P., a position he held for six years prior to founding Pegasus. At Apollo, Mr. Cogut was the principal transaction architect of the investments in and management of Vail Resorts, as well as the acquisition of Executive Life Insurance Company’s bond portfolio. Mr. Cogut has been active in philanthropy for many years, with a focus on organizations committed to improving education, building civil society and championing environmental and health issues. Mr. Cogut is currently Vice Chairman of the Board of Directors of PanTheryx. He is an alumnus of Brown University and Harvard Law School. We believe Mr. Cogut is a valuable member of our board due to his extensive experience with ESG initiatives and private equity.

Mr. Aren LeeKong is Chief Executive Officer and serves on the Board of Directors. He will be responsible for the day-to-day operations of the Sponsor. Mr. LeeKong was most recently the Executive Chairman of Organix Recycling, the largest pre-consumer food waste hauling company in the United States. Organix’s mission is to explore and establish innovative food waste recycling methods, and the company is responsible for diverting over 550,000 tons of food waste each year away from landfills to more sustainable uses. As Executive Chairman of Organix, Mr. LeeKong led the company’s financial, operational, and cultural transformation, increasing revenue and EBITDA to secure the company’s long-term success while simultaneously improving benefits and quality of life for employees. Mr. LeeKong is currently a member of the Board of Directors of Carlyle Secured Lending III, TCG BDC II and TCG BDC, Inc. (NASDAQ listed), externally managed specialty finance companies focused on providing flexible financing solutions to middle market companies. He is also a member of the external investment advisory committee of the New York State Common Retirement Fund, a public pension fund with an estimated $279.7 billion in assets as of December 31, 2021. The committee provides general investment advice on the Fund’s portfolio. Prior to joining Organix, Mr. LeeKong worked closely with companies to formulate and manage operational changes, refinancings, and business strategy development. As part of these engagements, he served in operational roles at TFO USA Ltd. Mr. LeeKong was formerly a Managing Director of Highbridge Principal Strategies (HPS) and a co-Portfolio Manager of HPS’s Strategic Capital Partners strategy, a special situations-focused strategy with the ability to invest in liquid and illiquid financing opportunities across the capital structure. Prior to joining HPS in 2011, Mr. LeeKong was a Director at KKR & Co. Inc, where he was a founding member of their Capital Markets team. Mr. LeeKong is keenly aware that an institution’s impact is felt far beyond the products it produces or services it provides. His career began with an internship at Smith Barney & Company, secured through Seizing Every Opportunity (SEO), an organization whose mission is to match young people from under-represented populations with educational and professional opportunities. Following his internship and subsequent graduation from the University of Massachusetts at Amherst, Mr. LeeKong joined Salomon Smith Barney (later Citigroup

Table of Contents

Mr. Aren LeeKong is Chief Executive Officer and serves on the Board of Directors. He is responsible for the day-to-day operations of the Sponsor. Mr. LeeKong is also Vice Chairman of Global ~~Markets)~~Credit, asHead anof ~~analyst~~Direct Lending, and CEO of the Business Development Corporations at Carlyle. He serves on ~~that~~the ~~platform~~Illiquid-Investment Committee at Carlyle. He is based in New York. Mr. LeeKong was previously the Executive Chairman of ~~opportunity~~Organix ~~has~~Recycling, ~~built~~the alargest pre-consumer food waste hauling company in the United States. Organix’s mission is to explore and establish innovative food waste recycling methods, and the company is responsible for diverting over 550,000 tons of food waste each year away from landfills to more sustainable uses. As Executive Chairman of Organix, Mr. LeeKong led the company’s financial, operational, and cultural transformation, increasing revenue and EBITDA to secure the company’s long-term success while simultaneously improving benefits and ~~successful~~quality ~~career~~of life for employees. ~~Aren~~He was previously a member of the External Investment Advisory Committee of the New York State Common Retirement Fund. He was also formerly a Managing Director of Highbridge Principal Strategies (“HPS”) and a Co-Portfolio Manager of HPS’s Strategic Capital Partners strategy. Prior to joining HPS in 2011, he held senior roles at KKR & Co. Inc. and Citigroup. Mr. LeeKong and his family are committed to expanding opportunities for the less fortunate through increasing the availability of educational opportunities and high-quality healthcare solutions. He serves on the Advisory Board of The Family Center, an organization that offers social and legal services to New Yorkers struggling with a family crisis or loss. He has also previously served on the board of directors of SEO, the organization that helped him launch his career. inWe ~~finance.~~believe Mr. LeeKong is a valuable member of our board due to his extensive leadership and investment experience.

Mr. Joel Haney is Chief Financial Officer and serves on the Board of Directors. Mr. Haney is a Partner at Pegasus Capital Advisors, where he is focused on investments in environmental services, building solutions, energy efficiency and clean energy. He is also a member of the firm’s investment committee. Mr. Haney served as Pegasus’s lead board member at Organix Recycling, the largest pre-consumer food waste collector and recycler in the United States, throughout its successful business transformation and eventual sale. He has been a key contributor in numerous ESG investments at Pegasus exited to large strategic acquirors, including Pure Biofuels (acquired by Valero Energy), Six Senses (acquired by IHG) and Climatec (acquired by Bosch). Mr. Haney currently serves on the Board of Directors of Global Value Lighting, an industry leader in private label LED lighting solutions. He is on the investment committee of the Sub-National Climate Fund, a blended finance climate initiative aimed at making investments into low-emission, climate resilient solutions in under-served markets. Mr. Haney is also a co-founder and former board member of Impala Energy, a power development company focused on small-to-medium sized green power projects in sub-Saharan Africa. Prior to joining Pegasus, Mr. Haney was an investment banker at Moelis & Company, where he focused on mergers & acquisitions, corporate restructurings and financing transactions across the telecommunications, industrials and consumer retail sectors. Outside of the office, he is a member of the Advisory Board of the Department of Dermatology at Mount Sinai in New York City. Mr. Haney graduated magna cum laude from Northwestern University with dual majors in Economics and Political Science. We believe Mr. Haney is a valuable member of our board due to his extensive experience with ESG initiatives and private equity.

Mr. Brian Friedman is the General Counsel. Mr. Friedman is the General Counsel and the Chief Compliance Officer of Pegasus Capital Advisors. Mr. Friedman is integrally involved in Pegasus’s ESG initiatives including its accreditation by the GCF and the Sub-National Climate Fund. He currently serves on the board of Lighting Science Group, and Global Value Lighting. Mr. Friedman also serves on the board of the Mikey’s Way Foundation, a 501(c)(3) organization that seeks to enrich the lives of children with cancer and other life-threatening conditions. Prior to joining Pegasus, Mr. Friedman was an Associate in the Mergers and Acquisitions group at Davis Polk & Wardwell LLP, where he worked on a broad array of M&A transactions across multiple industries, with a focus on middle-market private equity transactions. Mr. Friedman graduated from Cornell University in 2006 with a degree in Chemistry and received his J.D. from Harvard Law School in 2009.

Ms. Leslie Cornfeld, a director, currently is the CEO of the National Education Equity Lab, a nonprofit that she founded to drive opportunity at scale through innovation, collaboration and action. She has devoted her career to advancing equity and opportunity for our nation’s underserved communities — through their schools, justice systems and unconventional partners, and has a strong track record of designing and leading high-profile, cross-sector efforts to tackle pressing social and community challenges. Ms. Cornfeld was a senior Obama administration official, advising two U.S. Secretaries of Education and the White House for the President’s My Brother’s Keeper initiative, and a two-term advisor for former Mayor Michael Bloomberg. A Washington Post editorial praised the effort she led in NYC schools to address truancy and chronic absenteeism as “an example of what’s possible,” and the U.S. Conference of Mayors called it a “model for other cities.” As a federal civil rights prosecutor, Ms. Cornfeld led high-profile public corruption, police abuse, and human trafficking cases and twice received the U.S. Attorney General’s Director’s Award for outstanding performance. Prior to that, she was appointed deputy chief counsel of the Mollen Commission where she helped develop and lead investigations of alleged police corruption, brutality, and system failures — resulting in NYC’s creation of a permanent police oversight commission. She was a litigation associate at Paul, Weiss, Rifkind, Wharton & Garrison; and clerked for the Honorable Pierre N. Leval, SDNY (now U.S. 2nd Circuit). She has taught at the Harvard Kennedy School of Government, and started her career as an aide to former U.S. Senator Daniel Patrick Moynihan in Washington DC. Ms. Cornfeld serves as trustee for numerous non-profit boards, including the Children’s Defense Fund for over a decade (former trustee), the NAACP Legal Defense Fund, the Alliance for Excellent Education, the Center for Law, Brain and Behavior, and the Hospital for Special Surgery. She founded a public speaking and advocacy program for East Harlem girls and has served for the past decade as an active coach and mentor to a large group of extraordinary young women who recently began college. Her articles and op-ed pieces have appeared in many publications, including the Washington Post, the New York Times, Newsweek, the NY Law Journal, and Huffington Post; she is a frequent speaker on education equity, civic engagement, and policing, and has been featured on numerous national news and media programs on these topics. A proud graduate of Broward County public schools, Ms. Cornfeld graduated from Harvard College, Phi Beta Kappa, and Harvard Law School. Ms. Cornfeld will be a valuable member of our board due to her extensive experience with ESG initiatives.

Ms. Sherrie Deans, a director, is the Executive Director for the NBPA Foundation, and was appointed Acting Chief Operating Officer of the NBPA. In her role at the NBPA Foundation, she leads the philanthropic efforts of the union and supports the individual efforts of the 450 NBA players that make up its membership. Under her leadership, the foundation has built a grant portfolio that

Table of Contents

~~stretches~~her ~~across~~career ~~the~~as ~~United~~an ~~States~~aide ~~and~~to 20former ~~countries overseas~~U.S. ~~She~~Senator ~~launched~~Daniel aPatrick ~~philanthropic~~Moynihan ~~certificate~~in ~~program~~Washington ~~specifically for NBA players at UCLA and serves on the Board of Governors at the Naismith Memorial Basketball Hall of Fame~~DC. Ms. ~~Deans~~Cornfeld ~~was~~serves ~~appointed~~as ~~acting~~trustee ~~COO~~for ofnumerous ~~the~~non-profit ~~NBPA~~boards, inincluding ~~2020 to help navigate~~ the ~~union~~Children’s ~~through~~Defense ~~the~~Fund ~~COVID-19~~for ~~pandemic~~over ~~and~~a ~~coordinate~~decade ~~its~~(former ~~efforts~~trustee), ~~to resume~~ the ~~season~~NAACP ~~while~~Legal ~~addressing~~Defense Fund, the ~~social~~Alliance ~~justice~~for ~~issues~~Excellent ofEducation, the ~~time.~~Center ~~What~~for ~~resulted~~Law, ~~was~~Brain ~~one~~and ofBehavior, ~~the most dynamic~~ and ~~socially integrated seasons in~~ the ~~history~~Hospital offor ~~sports~~Special Surgery. ~~From~~She ~~“Black~~founded ~~Lives~~a ~~Matter”~~public onspeaking ~~the court~~ and ~~social~~advocacy ~~justice~~program ~~messages~~for onEast ~~player~~Harlem ~~jerseys~~girls toand ~~“Get~~has ~~out~~served for the ~~vote”~~past ~~efforts~~decade ~~that~~as ~~led~~an toactive 51coach ~~voting~~and ~~spots~~mentor ~~during~~to ~~primetime televised games and~~ a ~~96%~~large ~~voter~~group ~~registration~~of ~~rate~~extraordinary ~~among~~young ~~the~~women ~~players,~~who ~~the~~recently ~~response~~began ~~was unprecedented~~college. InHer ~~the~~articles ~~spring~~and ofop-ed ~~2022,~~pieces ~~Ms.~~have ~~Deans~~appeared ~~will~~in ~~begin~~many ~~her~~publications, ~~role~~including ~~as President and COO of~~ the ~~Propel~~Washington ~~Center~~Post, ~~a multimillion-dollar global innovation hub funded by Apple and~~ the ~~Southern~~New ~~Company~~York toTimes, ~~support~~Newsweek, the ~~development~~NY ofLaw aJournal, ~~technology~~and ~~pipeline~~Huffington ~~for~~Post; ~~HBCU’s~~she ~~and~~is ~~their~~a ~~students.~~frequent ~~Ms. Deans~~speaker ~~began~~on ~~her~~education ~~career~~equity, incivic ~~the~~engagement, ~~financial~~and ~~services sector~~policing, ~~where~~and ~~she~~has ~~spent~~been ~~over~~featured aon ~~decade~~numerous ~~working~~national atnews ~~several~~and ofmedia ~~the~~programs ~~world’s~~on ~~largest~~these ~~financial institutions~~topics. ~~She~~A ~~held~~proud ~~senior~~graduate ~~positions~~of atBroward ~~AIG~~County ~~Consumer~~public ~~Finance~~schools, ~~American Express and MBNA America.~~ Ms. ~~Deans~~Cornfeld isgraduated afrom ~~strategic~~Harvard ~~change~~College, ~~agent~~Phi ~~whose~~Beta ~~strong~~Kappa, ~~communication~~ and ~~interpersonal~~Harvard ~~skills~~Law ~~have solidified her reputation as an expert organization builder and connector of productive relationships~~School. ~~She~~We ~~holds~~believe ~~a B.A. in economics and political science from Columbia University.~~ Ms. ~~Deans~~ ~~will~~Cornfeld beis a valuable member of our board due to her extensive experience with ESG initiatives ~~and organization building~~.

Ms. ~~Thelma~~Sherrie ~~B. Ferguson~~Deans, a director, is athe ~~Managing~~former Executive Director atfor ~~J.P.~~the ~~Morgan~~NBPA ~~Chase~~Foundation &and ~~Co.~~Acting ~~and~~Chief ~~serves~~Operating asOfficer of the ~~Northeast~~NBPA. ~~Segment~~In ~~Head~~her ~~for~~role ~~MMBSI~~at ~~within~~the ~~CB.~~NBPA ~~She~~Foundation, isshe aled ~~member~~the ofphilanthropic ~~both~~efforts CBof ~~Senior~~the ~~Leaders~~union and supported the ~~MMBSI~~individual ~~Executive~~efforts ~~Committee.~~of ~~Ms. Ferguson~~the ~~also~~450 ~~sits~~NBA onplayers ~~the~~that ~~CIB~~make ~~team~~up ~~comprised~~its ofmembership. ~~senior~~Under ~~leaders~~her ~~across~~leadership, the ~~JPM~~foundation ~~commercial~~built ~~bank.~~a Ingrant ~~this~~portfolio ~~capacity,~~that ~~she~~stretched ~~oversees~~across ~~and~~the ~~coordinates~~United ~~all~~States ~~women~~ and ~~minority-owned~~20 ~~initiatives~~countries ~~for CIB~~worldwide. ~~Ms. Ferguson~~She islaunched ~~also~~ a ~~senior~~philanthropic ~~member~~certificate ofprogram ~~the~~specifically ~~firm’s~~for ~~Black~~NBA ~~Executive~~players ~~Forum,~~at ~~Advancing~~UCLA ~~Black Leaders Executive Committee~~ and ~~Women~~serves on the ~~Move~~Board ~~Executive~~of ~~Committee.~~Governors ~~She~~at isthe aNaismith ~~frequent~~Memorial ~~guest~~Basketball ~~panelist~~Hall ~~for~~of ~~both internal and external forums that discuss diversity and inclusion~~Fame. ~~In addition,~~ Ms. ~~Ferguson~~Deans ~~serves~~was asappointed ~~Chair~~acting COO of the ~~New~~NBPA ~~York~~in ~~Bankers~~2020 ~~Association,~~to ishelp anavigate ~~member of~~ the ~~Executive~~union ~~Leadership~~through ~~Council,~~the aCOVID-19 ~~national~~pandemic ~~organization~~and ~~comprised~~coordinate ofits ~~senior~~efforts ~~African-American~~to ~~executives~~resume inthe ~~Fortune~~season ~~500~~while ~~companies~~addressing ~~and serves on~~ the ~~Board~~social ofjustice ~~Directors~~issues of the ~~New York City Ballet~~time. ~~Ms. Ferguson’s~~What ~~career~~resulted ~~has~~was ~~spanned~~one aof ~~wide~~the ~~range~~most ofdynamic ~~positions~~and ~~within~~socially ~~Commercial~~integrated ~~Banking,~~seasons ~~including~~in the ~~management~~history of ~~hedge~~sports. ~~funds,~~From ~~financial~~“Black ~~institutions,~~Lives ~~government~~Matter” ~~and~~on ~~not-for-profit~~the ~~entities~~court and ~~commercial~~social ~~industrial~~justice ~~companies.~~messages ~~Prior~~on player jerseys to ~~her~~“Get ~~current~~out ~~role,~~the ~~she~~vote” ~~began~~efforts ~~her~~that ~~banking~~led ~~career~~to at51 ~~SunTrust~~voting ~~Banks~~spots ~~(Truist)~~during ~~and~~primetime ~~subsequently~~televised ~~served~~games asand a ~~Senior~~96% ~~Vice~~voter ~~President~~registration inrate ~~Large~~among ~~Corporate~~the ~~Banking~~players, atthe ~~First~~response ~~Union~~was ~~National~~unprecedented. ~~Bank~~Ms. Deans inbegan ~~Nashville~~her ~~(Wells~~career ~~Fargo),~~in asthe afinancial ~~Senior~~services ~~Vice~~sector, ~~President~~where inshe ~~Mid~~spent ~~Corporate~~over ~~Banking~~a decade working at ~~Bank~~several ~~One~~of inthe ~~Louisville~~world’s ~~and~~largest ~~then~~financial asinstitutions. ~~President~~She ofheld ~~Chase’s~~senior ~~Kentucky~~positions ~~Tri~~at ~~State~~AIG ~~Region~~Consumer ~~after~~Finance, ~~the~~American ~~Bank~~Express ~~One/JPMorgan~~and ~~Chase~~MBNA ~~merger~~America. Ms. ~~Ferguson~~Deans ~~received~~is ~~her~~a ~~Master~~strategic ofchange ~~Science~~agent inwhose ~~Planning~~strong ~~degree~~communication and ~~Bachelor~~interpersonal ofskills ~~Arts~~have insolidified ~~Botany~~her ~~and~~reputation ~~Biology~~as ~~degree~~an ~~from~~expert ~~the~~organization ~~University~~builder ofand ~~Tennessee,~~connector ~~Knoxville,~~of TNproductive relationships. She ~~currently~~ holds ~~Series 79,~~a 63B.A. in economics and 24political ~~Investment~~science ~~Banking~~from ~~licenses~~Columbia University. We believe Ms. ~~Ferguson~~Deans ~~will~~is be a valuable member of our board due to her extensive experience inwith ~~the~~ESG ~~financial~~initiatives ~~sector~~ and ~~active~~organization ~~involvement in the community~~building.

MrMs. ~~Neil~~Thelma ~~Jacobs~~B. Ferguson, a director, ~~has~~is ~~been~~a ~~the~~Managing ~~Chief~~Director ~~Executive~~at ~~Officer~~J.P. ofMorgan ~~Six~~Chase ~~Senses,~~& aCo. ~~luxury~~and ~~hotel,~~serves ~~resort~~as ~~and~~the ~~spa~~Northeast ~~operator,~~Segment ~~since~~Head ~~2012.~~for ~~Under~~MMBSI ~~his~~within ~~leadership,~~CB. ~~the~~She ~~Six~~is ~~Senses~~a ~~brand~~member ~~has~~of ~~become~~both ~~synonymous~~CB ~~with~~Senior ~~sustainability~~Leaders and ~~has~~the ~~been~~MMBSI ~~globally~~Executive ~~recognized~~Committee. asMs. Ferguson aalso ~~leader~~sits inon ~~ESG~~the ~~initiatives~~CIB ~~within~~team ~~the~~comprised ~~hospitality~~of ~~sector.~~senior ~~Six~~leaders ~~Senses~~across ~~resorts~~the ~~maintain~~JPM ~~sustainability~~commercial ~~funds~~bank. ~~that~~In ~~support~~this ~~education~~capacity, ~~public~~she ~~infrastructure,~~oversees and ~~healthcare~~coordinates ~~programs~~all women and minority-owned initiatives for ~~local~~CIB. ~~communities~~Ms. Ferguson ~~They~~is also ~~strive~~a tosenior ~~fund~~member ~~revitalization~~of ~~and~~the ~~protection~~firm’s ofBlack ~~local~~Executive ~~wildlife habitats~~Forum, ~~while~~Advancing ~~reducing~~Black ~~the~~Leaders ~~resorts’~~Executive ~~reliance~~Committee and Women on ~~plastic~~the ~~products~~Move Executive Committee. ~~Six~~She ~~Senses~~is ~~hotels~~a ~~often~~frequent ~~source~~guest ~~from~~panelist ~~local~~for ~~vendors~~both internal and ~~employ~~external ~~local~~forums ~~architects,~~that ~~artisans~~discuss diversity and ~~building practices~~inclusion. ~~Organizationally~~In addition, MrMs. ~~Jacobs~~Ferguson ~~has~~serves ~~enabled~~as ~~Six~~Chair ~~Senses~~of tothe ~~develop~~New ~~into~~York aBankers ~~growing~~Association, ~~global~~is ~~service~~a ~~group~~member of ~~over~~the ~~4,400~~Executive ~~hosts~~Leadership ~~located throughout the world~~Council, ~~through~~a ~~his~~national ~~support~~organization comprised of ~~polices~~senior ~~geared~~African-American ~~toward~~executives ~~employee~~in ~~retention,~~Fortune ~~education~~500 companies and ~~development.~~serves ~~Mr. Jacob’s~~on ~~leadership~~the inBoard ~~ESG~~of ~~has~~Directors ~~catalyzed~~of ~~growth~~the ~~for~~New ~~Six~~York ~~Senses,~~City asBallet. ~~the Company~~Ms. Ferguson’s ~~resort~~career ~~footprint~~ has ~~grown~~spanned ~~167%~~a ~~during~~wide ~~his~~range ~~tenure~~of aspositions ~~CEO.~~within ~~The~~Commercial ~~Company~~Banking, ~~was~~including ~~also named~~ the ~~Number~~management 1of ~~Hotel~~hedge ~~Brand~~funds, infinancial ~~the~~institutions, ~~World~~government byand ~~the~~not-for-profit ~~readers~~entities ofand ~~Travel~~commercial &industrial ~~Leisure for three consecutive years (2016-2019)~~companies. Prior to ~~joining~~her ~~Six~~current ~~Senses~~role, ~~Mr. Jacobs~~she ~~spent~~began ~~five years~~her atbanking ~~Starwood~~career ~~Capital~~at ~~Group~~SunTrust asBanks ~~President~~(Truist) ofand ~~Global~~subsequently ~~Hotel~~served ~~Operations~~as ~~where~~a heSenior ~~was~~Vice ~~responsible~~President ~~for~~in ~~the~~Large ~~development~~Corporate ofBanking ~~two~~at ~~innovative~~First ~~new~~Union ~~brands,~~National ~~Baccarat~~Bank ~~Hotels~~in ~~and~~Nashville 1(Wells ~~Hotels~~Fargo), ~~both~~as ~~debuting~~a Senior Vice President in ~~2014.~~Mid ~~Mr. Jacobs~~Corporate ~~spent~~Banking ~~14 years~~at ~~with~~Bank ~~Four~~One ~~Seasons~~in ~~Hotels~~Louisville and ~~Resorts~~then inas ~~Asia,~~President 5 of ~~which~~Chase’s asKentucky ~~Senior~~Tri ~~Vice~~State ~~President~~Region ~~Operations~~after ~~for~~the ~~Asia~~Bank ~~Pacific~~One/JPMorgan ~~beginning~~Chase ~~in 2003~~merger. MrMs. ~~Jacobs~~Ferguson ~~attended~~received ~~Westminster~~her ~~Hotel~~Master ~~School~~of Science in ~~London,~~Planning ~~studied~~degree ~~French~~and ~~Civilization~~Bachelor atof LaArts ~~Sorbonne~~ in ~~Paris~~Botany and ~~Italian~~Biology ~~language~~degree ~~and~~from ~~culture~~the inUniversity ~~Florence~~of Tennessee, Knoxville, TN. HeShe ~~speaks~~currently 5holds ~~languages~~Series 79, 63 and 24 Investment Banking licenses. MrWe believe Ms. ~~Jacobs~~Ferguson ~~will~~is be a valuable member of our board due to ~~his~~her extensive experience ~~leading~~in ~~ESG~~the ~~initiatives~~financial sector and active involvement in the community.

MsMr. ~~Chandra~~Neil ~~J. Mitchell~~Jacobs, a director, ishas been the ~~chief~~Chief ~~legal~~Executive ~~officer~~Officer ~~and~~of ~~corporate~~Six ~~secretary~~Senses, ofa ~~Pactiv~~luxury ~~Evergreen~~hotel, ~~Inc~~resort and spa operator, since 2012. Under his leadership, the ~~leading~~Six ~~manufacturer~~Senses ofbrand ~~fresh~~has ~~food~~become synonymous with sustainability and ~~beverage~~has ~~packaging~~been globally recognized as a leader in ~~North~~ESG ~~America~~initiatives within the hospitality sector. InSix ~~this~~Senses ~~role~~resorts ~~she~~maintain issustainability ~~responsible~~funds ~~for~~that ~~all~~support ~~the~~education, ~~company’s~~public ~~legal~~infrastructure, and ~~compliance~~healthcare ~~matters~~programs for local communities. ~~Prior~~They also strive to ~~Pactiv~~fund ~~Evergreen~~revitalization and protection of local wildlife habitats, ~~Chandra~~while ~~was~~reducing the ~~chief~~resorts’ ~~operating~~reliance ~~officer,~~on ~~general~~plastic ~~counsel~~products. ~~and~~Six ~~corporate~~Senses ~~secretary~~hotels ofoften ~~Yamaha~~source ~~Motor~~from ~~Ventures~~local &vendors ~~Laboratory~~and ~~Silicon~~employ ~~Valley~~local architects, ~~Inc~~artisans and building practices. ~~where~~Organizationally, ~~she~~Mr. Jacobs ~~was~~has ~~responsible~~enabled ~~for~~Six Senses to develop into a growing, global service group of over 4,400 hosts located throughout the ~~company~~world, through his support of polices geared toward employee retention, education and development. Mr. Jacob’s ~~business~~leadership ~~operations~~in ~~and~~ESG ~~legal~~has ~~matters~~catalyzed growth for Six Senses, as the ~~Yamaha~~Company’s ~~flagship~~resort ~~$100~~footprint ~~million~~has ~~fund,~~grown ~~which~~167% ~~invests~~during inhis ~~start-up~~tenure ~~companies~~as ~~creating~~CEO. ~~technologies~~The toCompany ~~solve~~was ~~major~~also ~~social~~named ~~issues~~the Number 1 Hotel Brand in the ~~food~~World ~~and~~by ~~agriculture,~~the ~~mobility,~~readers ~~and~~of ~~health~~Travel ~~and~~& ~~wellness~~Leisure ~~sectors~~for three consecutive years (2016-2019). ~~She~~Prior ~~has~~to ~~also~~joining ~~served~~Six asSenses, ~~managing~~Mr. Jacobs ~~counsel~~spent five years at ~~Toyota~~Starwood ~~Motor~~Capital ~~North~~Group ~~America,~~as ~~and~~President ~~vice~~of ~~president~~Global ~~and~~Hotel ~~corporate~~Operations ~~counsel~~where ofhe ~~Leonardo~~was ~~DRS~~responsible ~~Technologies,~~for athe ~~U.S.~~development ~~defense~~of ~~contractor.~~two ~~Prior~~innovative tonew brands, Baccarat

Table of Contents

~~moving~~Hotels ~~in-house,~~and ~~Chandra~~1 ~~was~~Hotels, anboth ~~attorney~~debuting atin ~~the~~2014. ~~law~~Mr. Jacobs ~~firm,~~spent ~~Debevoise~~14 &years ~~Plimpton~~with ~~LLP,~~Four ~~where~~Seasons ~~she~~Hotels ~~focused~~and onResorts ~~advising~~in ~~companies~~Asia, ~~and~~5 ~~private~~of ~~equity~~which ~~firms~~as onSenior aVice ~~broad~~President ~~range~~Operations offor ~~transactional~~Asia ~~matters,~~Pacific ~~including,~~beginning ~~domestic~~in ~~and~~2003. ~~international~~Mr. Jacobs ~~mergers,~~attended ~~acquisitions,~~Westminster ~~divestitures,~~Hotel ~~and~~School ~~joint~~in ~~ventures.~~London, ~~She~~studied ~~earned~~French ~~her~~Civilization ~~bachelor’s~~at ~~degree~~La Sorbonne in ~~economics~~Paris and ~~political~~Italian ~~science,~~language ~~with~~and ~~honors,~~culture ~~from~~in ~~Williams College~~Florence. ~~She~~He ~~received~~speaks ~~her~~5 ~~law~~languages. ~~degree~~We ~~from~~believe ~~Columbia University~~Mr. ~~Ms.~~ ~~Mitchell~~Jacobs ~~will~~is be a valuable member of our board due to ~~her~~his extensive experience ~~with~~leading ESG ~~investments and related~~ initiatives.

MrMs. ~~Michael~~Chandra ~~Posner~~J. Mitchell, a director, is the ~~Jerome~~chief ~~Kohlberg~~legal ~~Professor~~officer ~~of Ethics~~ and ~~Finance~~corporate atsecretary ~~NYU’s~~of ~~Stern~~Pactiv ~~School~~Evergreen ~~of Business~~Inc., ~~He is~~ the ~~Director~~leading manufacturer of ~~the~~fresh ~~Center~~food ~~for Business~~ and ~~Human~~beverage ~~Rights~~packaging atin ~~the~~North ~~School, the first-ever human rights center at a business school~~America. ~~Prior~~In tothis ~~joining~~role ~~NYU~~she ~~Stern,~~is ~~Posner~~responsible ~~served in the Obama Administration from 2009-2013 as Assistant Secretary of State~~ for ~~the~~all ~~Bureau of Democracy, Human Rights and Labor. In 2010 he chaired~~ the ~~Voluntary~~company’s ~~Principles~~legal ~~on Security~~ and ~~Human~~compliance ~~Rights~~matters. ~~From~~Prior ~~1978~~ to ~~2009,~~Pactiv ~~he led Human Rights First~~Evergreen, aChandra ~~New~~was ~~York-based~~the ~~human~~chief ~~rights~~operating ~~advocacy~~officer, ~~organization.~~general ~~Posner~~counsel ~~is recognized as a leader~~ and ~~expert~~corporate insecretary ~~advancing~~of aYamaha ~~rights-based~~Motor ~~approach~~Ventures to& ~~national~~Laboratory ~~security,~~Silicon ~~challenging the practice of torture~~Valley, ~~combating discrimination, and refugee protection~~Inc. Hewhere isshe awas ~~frequent~~responsible ~~public~~for ~~commentator~~the oncompany’s ~~these~~business ~~issues,~~operations and ~~has~~legal ~~testified~~matters ~~dozens~~for ~~of times before~~ the ~~U.S.~~Yamaha’s ~~Congress.~~flagship As$100 ~~Assistant~~million ~~Secretary~~fund, ~~Posner~~which ~~traveled~~invests ~~extensively,~~in ~~representing~~start-up ~~the~~companies ~~U.S.~~creating ~~Government~~technologies to ~~foreign~~solve ~~officials~~major ~~and~~social ~~representatives~~issues ~~of civil society~~ in ~~countries of strategic importance to~~ the ~~United~~food ~~States,~~and ~~including China~~agriculture, ~~Russia~~mobility, ~~Egypt,~~and ~~Burma,~~health ~~Bahrain, Nigeria, Afghanistan,~~ and ~~Pakistan,~~wellness ~~among many others~~sectors. ~~Throughout~~She ~~his career, Posner~~ has ~~been~~also aserved ~~prominent~~as ~~voice~~managing incounsel ~~support~~at ofToyota ~~human~~Motor ~~rights~~North ~~protections in global business operations in the manufacturing supply chain~~America, ~~the extractives industry,~~ and ~~the~~vice ~~information~~president and ~~communications~~corporate ~~technology~~counsel ~~sector. As a member~~ of ~~the~~Leonardo ~~White~~DRS ~~House Apparel Industry Partnership Task Force in the mid-’90s~~Technologies, hea ~~helped~~U.S. ~~found~~defense ~~the~~contractor. ~~Fair~~Prior ~~Labor Association, an organization that brings together corporations, local leaders, universities, and NGOs~~ to ~~promote~~moving ~~corporate accountability for working conditions~~ in-house, ~~the~~Chandra ~~apparel industry. He~~ was aan ~~founding~~attorney ~~member~~at of the ~~Global~~law ~~Network Initiative~~firm, aDebevoise & ~~multi-stakeholder~~Plimpton ~~initiative~~LLP, ~~aimed~~where atshe ~~promoting~~focused ~~free expression and privacy rights~~ on ~~the~~advising ~~Internet,~~companies and ~~has~~private ~~spoken~~equity ~~widely~~firms on ~~the~~a ~~issue~~broad ofrange ~~Internet freedom. Posner spearheaded the U.S. Government’s efforts to enhance the effectiveness~~ of ~~the~~transactional ~~Voluntary~~matters, ~~Principles~~including, ondomestic ~~Security~~ and ~~Human~~international ~~Rights~~mergers, ~~which works to improve human rights around oil~~acquisitions, ~~gas~~divestitures, and ~~mining~~joint ~~operations~~ventures. ~~Posner~~She ~~played~~earned aher ~~key~~bachelor’s ~~role~~degree in ~~proposing~~economics and ~~campaigning for the first U.S. law providing for~~ political ~~asylum~~science, which became part of the Refugee Act of 1980, as well as the Torture Victim Protection Act, which was adopted in 1992. In 1998, he led the Human Rights First delegation to the Rome conference at which the statute of the International Criminal Court was adopted. Before joining Human Rights First, Posner was a lawyer with ~~Sonnenschein~~honors, ~~Nath & Rosenthal in Chicago. He lectured at Yale Law School~~ from ~~1981~~Williams ~~to 1984, and again in 2009, when he taught with former Dean Harold Koh~~College. HeShe ~~was a visiting lecturer at Columbia University Law School from 1984 to 2008. Capitalize he~~ received ~~his~~her ~~J.D.~~law ~~from~~degree ~~the University of California, Berkeley Law School (Boalt Hall) in 1975, and a B.A. with distinction and honors in History~~ from ~~the~~Columbia University ~~of Michigan in 1972~~. ~~Posner~~We ~~resides~~believe ~~with his family in New York City~~Ms. ~~Mr.~~ ~~Posner~~Mitchell ~~will~~is be a valuable member of our board due to ~~his~~her extensive experience with ESG ~~initiatives~~investments asand ~~well~~related ~~as his global, government background~~initiatives.

Mr. Michael Posner, a director, is the Jerome Kohlberg Professor of Ethics and Finance at NYU’s Stern School of Business. He is the Director of the Center for Business and Human Rights at the School, the first-ever human rights center at a business school. Prior to joining NYU Stern, Posner served in the Obama Administration from 2009-2013 as Assistant Secretary of State for the Bureau of Democracy, Human Rights and Labor. In 2010 he chaired the Voluntary Principles on Security and Human Rights. From 1978 to 2009, he led Human Rights First, a New York-based human rights advocacy organization. Posner is recognized as a leader and expert in advancing a rights-based approach to national security, challenging the practice of torture, combating discrimination, and refugee protection. He is a frequent public commentator on these issues, and has testified dozens of times before the U.S. Congress. As Assistant Secretary, Posner traveled extensively, representing the U.S. Government to foreign officials and representatives of civil society in countries of strategic importance to the United States, including China, Russia, Egypt, Burma, Bahrain, Nigeria, Afghanistan, and Pakistan, among many others. Throughout his career, Posner has been a prominent voice in support of human rights protections in global business operations in the manufacturing supply chain, the extractives industry, and the information and communications technology sector. As a member of the White House Apparel Industry Partnership Task Force in the mid-1990s, he helped found the Fair Labor Association, an organization that brings together corporations, local leaders, universities, and NGOs to promote corporate accountability for working conditions in the apparel industry. He was a founding member of the Global Network Initiative, a multi-stakeholder initiative aimed at promoting free expression and privacy rights on the Internet, and has spoken widely on the issue of Internet freedom. Posner spearheaded the U.S. Government’s efforts to enhance the effectiveness of the Voluntary Principles on Security and Human Rights, which works to improve human rights around oil, gas, and mining operations. Posner played a key role in proposing and campaigning for the first U.S. law providing for political asylum, which became part of the Refugee Act of 1980, as well as the Torture Victim Protection Act, which was adopted in 1992. In 1998, he led the Human Rights First delegation to the Rome conference at which the statute of the International Criminal Court was adopted. Before joining Human Rights First, Posner was a lawyer with Sonnenschein, Nath & Rosenthal in Chicago. He lectured at Yale Law School from 1981 to 1984, and again in 2009, when he taught with former Dean Harold Koh. He was a visiting lecturer at Columbia University Law School from 1984 to 2008. Capitalize he received his J.D. from the University of California, Berkeley Law School (Boalt Hall) in 1975, and a B.A. with distinction and honors in History from the University of Michigan in 1972. Posner resides with his family in New York City. We believe Mr. Posner is a valuable member of our board due to his extensive experience with ESG initiatives as well as his global, government background.

Director Independence

Nasdaq listing standards require that a majority of our board of directors be independent. Our board of directors has determined that Leslie Cornfeld, Sherrie Deans, Thelma B. Ferguson, Neil Jacobs, Chandra J. Mitchell, and Michael Posner are “independent directors” as defined in the Nasdaq listing standards. Our independent directors will have regularly scheduled meetings at which only independent directors are present.

Table of Contents

Audit Committee

We have established an audit committee of the board of directors. Thelma B. Ferguson, Chandra J. Mitchell and Neil Jacobs will serve on our audit committee. Our board of directors has determined that Thelma B. Ferguson, Neil Jacobs and Chandra J. Mitchell are independent under the Nasdaq listing standards and applicable SEC rules. Thelma B. Ferguson will serve as the Chairman of the audit committee.

Under the Nasdaq listing standards and applicable SEC rules, all the directors on the audit committee must be independent. Each member of the audit committee is financially literate and our board of directors has determined that Thelma B. Ferguson qualifies as an “audit committee financial expert” as defined in applicable SEC rules.

The audit committee is responsible for:

●

meeting with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting and control systems;

Table of Contents

●

monitoring the independence of the independent registered public accounting firm;

●

verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;

●

inquiring and discussing with management our compliance with applicable laws and regulations;

●

pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including the fees and terms of the services to be performed;

●

appointing or replacing the independent registered public accounting firm;

●

determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution of disagreements between management and the independent registered public accounting firm regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;

●

establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies;

●

monitoring compliance on a quarterly basis with the terms of our initial public offering and, if any noncompliance is identified, immediately taking all action necessary to rectify such noncompliance or otherwise causing compliance with the terms of our initial public offering; and

●

reviewing and approving all payments made to our existing shareholders, executive officers or directors and their respective affiliates. Any payments made to members of our audit committee will be reviewed and approved by our board of directors, with the interested director or directors abstaining from such review and approval.

Nominating Committee

We have established a nominating committee of our board of directors. The members of our nominating committee are Leslie Cornfeld, Neil Jacobs and Michael Posner, and Leslie Cornfeld will serve as the chair of the nominating committee. Under the Nasdaq listing standards, we are required to have a nominating committee composed entirely of independent directors. Our board of directors has determined that Leslie Cornfeld, Neil Jacobs and Michael Posner are independent under the Nasdaq listing standards.

The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors. The nominating committee considers persons identified by its members, management, shareholders, investment bankers and others.

Table of Contents

Compensation Committee

We have established a compensation committee of our board of directors. The members of our compensation committee will be Thelma B. Ferguson , Sherrie Deans and Michael Posner, and Sherrie Deans will serve as the chair of the compensation committee.

Under the Nasdaq listing standards, we are required to have a compensation committee composed entirely of independent directors. Our board of directors has determined that Thelma Ferguson, Sherrie Deans and Michael Posner are independent under the Nasdaq listing standards.

We have adopted a compensation committee charter, which will detail the principal functions of the compensation committee, including:

●

reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s and Chief Financial Officer’s, evaluating our Chief Executive Officer’s and Chief Financial Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer and Chief Financial Officer based on such evaluation;

Table of Contents

●

reviewing and approving the compensation of all of our other Section 16 executive officers;

●

reviewing our executive compensation policies and plans;

●

implementing and administering our incentive compensation equity-based remuneration plans;

●

assisting management in complying with our proxy statement and annual report disclosure requirements;

●

approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;

●

producing a report on executive compensation to be included in our annual proxy statement; and

●

reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation 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 Nasdaq and the SEC.

Compensation Committee Interlocks and Insider Participation

None of our executive officers currently serves, and in the past year has not served, as a member of the compensation committee of any entity that has one or more executive officers serving on our board of directors.

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires our officers, directors and persons who beneficially own more than ten percent of our ordinary shares to file reports of ownership and changes in ownership with the SEC. Based solely upon a review of such forms, we believe that during the year ended December 31, 2021 there were no delinquent filers with the following exceptions: each of Mr. Jacobs, Mr. Cogut, Mr. Haney, Mr. Friedman and Mr. Posner failed to file a Form 3 on the effective date of the Company’s registration statement in connection with its initial public offering.

Code of Ethics

We have adopted a Code of Ethics applicable to our directors, officers and employees. A copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K. ~~in a Current Report on Form 8-K.~~

Table of Contents

ITEM 11. EXECUTIVE COMPENSATION

Executive Officer and Director Compensation

None of our executive officers or directors have received any cash compensation for services rendered to us. On March 26, 2021, our sponsor entered into agreements to transfer 20,000 founder shares to each of the six independent directors (120,000 founder shares in aggregate). The shares were transferred at $0.001 per share. Commencing on the date that our securities are first listed on Nasdaq through the earlier of consummation of our initial business combination and our liquidation, we will reimburse our sponsor for office space, administrative, support and consulting services provided to members of our management team or to us, in the amount of up to $2,500 per month. In addition, our sponsor, executive officers, directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor, executive officers, directors, or their affiliates. Any such payments prior to an initial business combination will be made using funds held outside the trust account. Other than quarterly audit committee review of such reimbursements, we do not expect to have any additional controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection with identifying and consummating an initial business combination. Other than these payments and reimbursements, no compensation of any kind, including finder’s and consulting fees, will be paid by the company to our sponsor, executive officers and directors, or their respective affiliates, prior to completion of our initial business combination.

Table of Contents

expect to have any additional controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection with identifying and consummating an initial business combination. Other than these payments and reimbursements, no compensation of any kind, including finder’s and consulting fees, will be paid by the company to our sponsor, executive officers and directors, or their respective affiliates, prior to completion of our initial business combination.

After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation materials or tender offer materials furnished to our shareholders in connection with a proposed business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our executive officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.

We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our executive officers and directors that provide for benefits upon termination of employment.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

The following table sets forth information regarding the beneficial ownership of our ordinary shares by:

●each person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares;

●each of our executive officers and directors; and

●all of our executive officers and directors as a group.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all of our ordinary shares beneficially owned by them. The following table does not reflect record of beneficial ownership of the warrants

Table of Contents

included in the units offered in the Initial Public Offering or the Private Placement Warrants as the warrants are not exercisable within 60 days of the date hereof.


	Class B Ordinary Shares				Class A Ordinary Shares
	Number of				Number of			Approximate
	Shares		Approximate		Shares	Approximate		Percentage
	Beneficially		Percentage		Beneficially	Percentage of		of Voting
Name of Beneficial Owners(1)	Owned(2)		of Class		Owned	Class		Control
7 Acquisition Holdings, LLC (our sponsor)	5,630,000	(3)	97.9	%	—	—		19.5	%
Craig Cogut(4)	5,630,000	(3)	97.9	%	—	—		19.5	%
Aren LeeKong(4)	5,630,000	(3)	97.9	%	—	—		19.5	%
Joel Haney(4)	5,630,000	(3)	97.9	%	—	—		19.5	%
Brian Friedman	—		—		—	—		—
Leslie Cornfeld	20,000		*		—	—		*
Sherrie Deans	20,000		*		—	—		*
Thelma B. Ferguson	20,000		*		—	—		*
Neil Jacobs	20,000		*		—	—		*
Chandra J. Mitchell	20,000		*		—	—		*
Michael Posner	20,000		*		—	—		*
All officers, directors and director nominees as a group (seven individuals)	5,750,000		100	%	—	—		19.5	%
Calamos Market Neutral Income Fund(5)	—		—		1,750,000	7.6	%	6.0	%
BlackRock, Inc.(6)	—		—		2,254,000	9.8	%	7.8	%
Sculptor Capital LP(7)	—		—		1,~~510~~487,~~898~~923	6.575	%	5.2	%
Taconic Capital Advisors L.P.(8)	—		—		1,171,831	5.1	%	4.1	%

(1)	Unless otherwise noted, the business address of each of our shareholders is 750 East Main Street, Suite 600, Stamford, Connecticut 06902.

(2) Interests shown consist solely of Founder Shares, classified as Class B ordinary shares. Such shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our ~~Initial~~initial Business Combination on a one-for-one basis, subject to adjustment.

(3) 7 Acquisition Holdings, LLC, our ~~sponsor~~Sponsor, is the record holder of such shares. Craig Cogut, Aren LeeKong and Joel Haney control our ~~sponsor~~Sponsor and each has voting and investment discretion with respect to the ordinary shares held of record by our sponsor.

(4) Information does not reflect interests held in our ~~sponsor~~Sponsor.

(5)

Represents the Class A ordinary shares beneficially held by Calamos Market Neutral Income Fund, a series of Calamos Investment Trust (“Calamos”) based solely on the Schedule 13G filed by Calamos with the SEC on February 3, 2022 (the “Calamos 13G”). The Calamos 13G indicates that Calamos is the beneficial owner of 1,750,000 Class A ordinary shares. The business address of Calamos is 2020 Calamos Court, Naperville, IL 60563.

(6)

Represents the Class A ordinary shares beneficially held by BlackRock, Inc. (“BlackRock”) based solely on the Schedule 13G filed by BlackRock with the SEC on February 4, 2022 (the “BlackRock 13G”). The BlackRock 13G indicates that BlackRock is the beneficial owner of 2,254,000 Class A ordinary shares and BlackRock Financial Management, Inc. beneficially owns 5% or greater of the Class A ordinary shares directly owned by BlackRock. The business address of BlackRock is 55 East 52nd Street, New York, NY 10055.

(7) Represents the Class A ordinary shares beneficially held by Sculptor Capital LP, a Delaware limited partnership (“Sculptor”) based solely on the Schedule 13G filed by Sculptor with the SEC on February 1114, ~~2022~~2023 (the “Sculptor 13G”). The Sculptor 13G indicates that Sculptor and Sculptor Capital II LP, a Delaware limited partnership (“Sculptor-II”) serve as the principal investment manager to certain of the Accounts in which the 1,510,898 Class A ordinary shares are held and are therefore the beneficial owners of such Class A ordinary shares. Sculptor Capital Holding II LLC, a Delaware limited liability company (“SCHC-II”), serves as the sole general partner of Sculptor-II and is wholly owned by Sculptor, and Sculptor Capital Holding Corporation, a ~~Delaware corporation (“SCHC”), is the sole general partner of Sculptor. Therefore, SCHC and SCHC-II have beneficial~~

Table of Contents

Delaware corporation (“SCHC”), is the sole general partner of Sculptor. Therefore, SCHC and SCHC-II have beneficial ownership of the Class A ordinary shares directly owned by Sculptor. Sculptor Capital Management, Inc., a Delaware limited liability company (“SCU”), is the sole shareholder of SCHC and therefore has beneficial ownership of the class A ordinary shares directly owned by Sculptor. The business address of Sculptor, Sculptor-II, SCHC, SCHC-II and SCU is 9 West 57th Street, New York, New York, 10019.

(8)

Represents Class A ordinary shares beneficially held by Taconic Capital Advisors L.P. (Taconic Advisors LP), Taconic Capital Advisors UK LLP (Taconic Advisors UK), Taconic Associates LLC (Taconic Associates), Taconic Capital Partners LLC (Taconic Capital), Frank P. Brosens, and Taconic Capital Performance Partners LLC (Taconic Partners) (collectively, “Taconic”), based solely on the Schedule 13G filed by Taconic with the SEC on February 10, 2023 (the “Taconic 13G”). The Taconic 13G indicates that 1,171,831 Class A ordinary shares are held for the accounts of Taconic Opportunity Master Fund L.P. (Taconic Opportunity Fund) and Taconic Master Fund 1.5 L.P. (Taconic Event Fund, and together with Taconic Opportunity Fund, the Taconic Funds). Taconic Advisors LP serves as the investment manager to each of the Taconic Funds. Taconic Advisors LP has entered into a sub-advisory agreement with Taconic Advisors UK pursuant to which Taconic Advisors UK serves as subadvisor to Taconic Advisors LP in respect of each of the Taconic Funds. Taconic Advisors LP is the manager of Taconic Capital Services UK Ltd, the UK parent entity of Taconic Advisors UK. Accordingly, Taconic Advisors LP and Taconic Advisors UK may be deemed a beneficial owner of the Shares held for the accounts of the Taconic Funds. Taconic Partners serves as the general partner to Taconic Advisors LP. Taconic Associates serves as the general partner to Taconic Opportunity Fund, and accordingly may be deemed a beneficial owner of the Shares held for the account of Taconic Opportunity Fund. Taconic Capital serves as the general partner to Taconic Event Fund, and accordingly may be deemed a beneficial owner of the Shares held for the account of Taconic Event Fund. Mr. Brosens is a principal of Taconic Advisors LP and a manager of each of Taconic Partners, Taconic Associates and Taconic Capital. In such capacities, Mr. Brosens may be deemed a beneficial owner of the Shares held for the accounts of the Taconic Funds. The address of the principal business of office of each of Taconic Advisors LP, Taconic Associates, Taconic Partners, Taconic Capital and Mr. Brosens is c/o Taconic Capital Advisors L.P. 280 Park Avenue, 5th Floor, New York, NY 10017. The address of the principal business office of Taconic Advisors UK is 55 Grosvenor Street, 4th Floor, London, W1K 3HY, UK.

*	Less than 1%.

The Founder Shares, Private Placement Warrants, and any shares of Class A ordinary shares issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the agreements entered into by our initial shareholders and management team.

Our Sponsor and each member of our management team and our special advisor have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (a) one year after the completion of our ~~Initial~~initial Business Combination and (b) subsequent to our ~~Initial~~initial Business Combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our ~~Initial~~initial Business Combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. The Private Placement Warrants and the respective Class A ordinary shares underlying such warrants are not transferable or salable until 30 days after the completion of our ~~Initial~~initial Business Combination. The foregoing restrictions are not applicable to transfers (a) to our officers or directors, any affiliates or family members of any of our officers or directors, any members or partners of our Sponsor or their affiliates, any affiliates of our Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s immediate family, any estate planning vehicle or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a business combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Class A ordinary shares, as applicable, were originally purchased; (f) pro rata distributions from our Sponsor to its members, partners, or shareholders pursuant to our Sponsor’s operating agreement; (g) by virtue of our Sponsor’s organizational documents upon liquidation or dissolution of our Sponsor; (h) to the Company for no value for cancellation in connection with the consummation of our ~~Initial~~initial Business Combination; (i) in the event of our liquidation prior to the completion of our ~~Initial~~initial Business Combination; or (j) in the event of our completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to our completion of our ~~Initial~~initial Business Combination; provided, however, that in the case of clauses (a) through ~~(g) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement.~~

~~7 Acquisition Sponsor LLC, our Sponsor, is deemed to be our “promoter” as such term is defined under the federal securities laws.~~57

Table of Contents

(g) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement.

7 Acquisition Holdings, LLC, our Sponsor, is deemed to be our “promoter” as such term is defined under the federal securities laws.

Equity Compensation Plans

As of December 31, ~~2021~~2022, we had no compensation plans (including individual compensation arrangements) under which equity securities of the registrant were authorized for issuance.

On March 8, 2021, our Sponsor paid $25,000 to cover certain expenses on our behalf in consideration of 8,625,000 Class B ordinary shares, par value $0.0001, with a purchase price of approximately $0.003 per share. On October 14, 2021, our Sponsor surrendered 2,875,000 founder shares to us for no consideration resulting in an aggregate of 5,750,000 founder shares outstanding. As a result of such surrender, the per share purchase price increased to approximately $0.004 per share. The number of Founder Shares issued was determined based on the expectation that such Founder Shares would represent 20% of the issued and outstanding shares upon completion of our Initial Public Offering. The Founder Shares (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.

57At the closing of our Initial Public Offering, our Sponsor and the Anchor Investors purchased an aggregate of 11,350,000 Private Placement Warrants at a price of $1.00 per warrant, or $11,350,000, in a private placement. Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of our initial Business Combination.

We currently maintain our executive offices at 750 East Main Street, Suite 600, Stamford, Connecticut 06902. The cost for our use of this space is included in the $2,500 per month fee we currently pay to our Sponsor for office space, administrative and support services. Upon completion of our initial Business Combination or our liquidation, we will cease paying these monthly fees.

No compensation of any kind, including finder’s and consulting fees, will be paid to our Sponsor, officers or directors or special advisor, or their respective affiliates, for services rendered prior to or in connection with the completion of an initial Business Combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our Sponsor, officers, directors, special advisor or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

Prior to the consummation of our Initial Public Offering, our Sponsor had agreed to loan us up to $300,000 to be used for a portion of the expenses of our Initial Public Offering. This loan was non-interest bearing, unsecured and due at the earlier of December 31, 2021 or the closing of our Initial Public Offering. The loan outstanding loan balance of $208,995 was repaid the day after the closing of our Initial Public Offering out of the offering proceeds held in the operating account. As of December 31, 2022, there was $0 outstanding under the promissory note with our Sponsor.

Table of Contents

AtIn ~~the~~addition, ~~closing~~in oforder ~~our~~to ~~Initial~~finance ~~Public~~transaction ~~Offering~~costs in connection with an intended initial Business Combination, our Sponsor ~~and~~or ~~the~~an ~~Anchor~~affiliate ~~Investors~~of ~~purchased~~our anSponsor ~~aggregate~~or certain of 11our officers and directors may,~~350~~ but are not obligated to,~~000~~ ~~Private~~loan ~~Placement~~us ~~Warrants~~funds atas amay ~~price~~be required. If we complete an initial Business Combination, we may repay such loaned amounts out of $1the proceeds of the Trust Account released to us.00 ~~per~~In ~~warrant,~~the orevent ~~$11~~that the initial Business Combination does not close,~~350,000,~~ inwe may use a ~~private~~portion ~~placement.~~of ~~Each~~the ~~Private~~working ~~Placement~~capital ~~Warrant~~held ~~entitles~~outside the ~~holder~~Trust Account to ~~purchase~~repay ~~one~~such ~~Class A~~loaned ~~ordinary~~amounts ~~share~~but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $111.5000 per ~~share~~warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants, (including ~~the~~as ~~Class A~~to ~~ordinary~~exercise ~~shares~~price, ~~issuable~~exercisability ~~upon~~and exercise period. The terms of ~~the~~such ~~Private~~loans ~~Placement~~by ~~Warrants)~~our ~~may~~officers ~~not~~and directors, ~~subject~~if any, have not been determined and no written agreements exist with respect to ~~certain~~such ~~limited~~loans. ~~exceptions,~~We bedo ~~transferred~~not expect to seek loans from parties other than our Sponsor, ~~assigned~~its affiliates or ~~sold~~our ~~until~~management ~~30 days~~team ~~after~~or ~~the~~our ~~completion~~special ofadvisor ~~our~~as ~~Initial~~we ~~Business~~do ~~Combination~~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.

WeAny ~~currently~~of ~~maintain~~the ~~our~~foregoing ~~executive~~payments ~~offices~~to atour ~~750 East Main Street~~Sponsor, ~~Suite~~repayments ~~600, Stamford, Connecticut 06902. The cost for our use~~ of ~~this~~loans ~~space~~from ~~is included in the $2,500 per month fee we currently pay to~~ our Sponsor ~~for~~or ~~office~~repayments ~~space,~~of ~~administrative~~working ~~and~~capital ~~support~~loans ~~services.~~prior ~~Upon~~to ~~completion of~~ our ~~Initial~~initial Business Combination orwill ~~our~~be ~~liquidation,~~made weusing ~~will~~funds ~~cease~~held ~~paying~~outside ~~these~~the ~~monthly~~Trust ~~fees~~Account.

NoAfter ~~compensation~~our ofinitial ~~any~~Business ~~kind~~Combination, ~~including~~members ~~finder’s~~of ~~and~~our ~~consulting~~management ~~fees,~~team ~~will~~and ~~be paid to~~ our ~~Sponsor, officers or directors or~~ special advisor, orwho ~~their~~remain ~~respective~~with ~~affiliates,~~us ~~for~~may ~~services~~be ~~rendered~~paid ~~prior~~consulting, tomanagement or inother ~~connection~~fees ~~with~~from the ~~completion~~combined ofcompany anwith ~~Initial~~any ~~Business~~and ~~Combination.~~all ~~However,~~amounts ~~these~~being ~~individuals~~fully ~~will~~disclosed beto ~~reimbursed~~our ~~for~~shareholders, ~~any~~to ~~out-of-pocket~~the ~~expenses~~extent ~~incurred~~then known, in ~~connection~~the ~~with~~tender ~~activities~~offer onor ~~our~~proxy ~~behalf~~solicitation ~~such~~materials, as ~~identifying~~applicable, ~~potential~~furnished ~~target~~to ~~businesses~~our ~~and~~shareholders. ~~performing~~It ~~due~~is ~~diligence~~unlikely onthe ~~suitable~~amount ~~business~~of ~~combinations.~~such ~~Our~~compensation ~~audit committee~~ will ~~review~~be onknown aat ~~quarterly~~the ~~basis~~time ~~all~~of ~~payments~~distribution ~~that~~of ~~were~~such ~~made~~tender byoffer usmaterials toor ~~our~~at ~~Sponsor,~~the ~~officers,~~time ~~directors,~~of ~~special~~a ~~advisor~~general ormeeting ~~their~~held ~~affiliates~~to ~~and~~consider ~~will~~our ~~determine~~initial ~~which~~Business ~~expenses~~Combination, ~~and~~as ~~the~~applicable, ~~amount~~as ofit ~~expenses that~~ will be ~~reimbursed.~~up ~~There~~to ~~is no cap or ceiling on~~ the ~~reimbursement~~directors of ~~out~~the post-~~of-pocket~~combination ~~expenses~~business ~~incurred~~to bydetermine ~~such~~executive ~~persons~~and indirector ~~connection with activities on our behalf~~compensation.

Prior to the consummation of our Initial Public Offering, our Sponsor had agreed to loan us up to $300,000 to be used for a portion of the expenses of our Initial Public Offering. This loan was non-interest bearing, unsecured and due at the earlier of December 31, 2021 or the closing of our Initial Public Offering. The loan outstanding loan balance of $208,995 was repaid the day after the closing of our Initial Public Offering out of the offering proceeds held in the operating account. As of December 31, 2021, there was $16,790 outstanding under the promissory note with our Sponsor.

In addition, in order to finance transaction costs in connection with an intended Initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an Initial Business Combination, we may repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that the 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 for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our Sponsor, its affiliates or our management team or our special advisor 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.

Any of the foregoing payments to our Sponsor, repayments of loans from our Sponsor or repayments of working capital loans prior to our Initial Business Combination will be made using funds held outside the Trust Account.

After our Initial Business Combination, members of our management team and our special advisor 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 our shareholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time of a general meeting held to consider our Initial Business Combination, as applicable, as it will be up to the directors of the post-combination business to determine executive and director compensation.

Policy for Approval of Related Party Transactions

The audit committee of our board of directors will adopt a charter, providing for the review, approval and/or ratification of “related party transactions,” which are those transactions required to be disclosed pursuant to Item 404 of Regulation S-K as promulgated by the SEC, by the audit committee. At its meetings, the audit committee shall be provided with the details of each new, existing, or proposed related party transaction, including the terms of the transaction, any contractual restrictions that the company has already committed to, the business purpose of the transaction, and the benefits of the transaction to the company and to the relevant related party. Any member of the committee who has an interest in the related party transaction under review by the committee shall abstain from voting on the approval of the related party transaction, but may, if so requested by the chairman of the committee, participate in some or all of the committee’s discussions of the related party transaction. Upon completion of its review of the related party transaction, the committee may determine to permit or to prohibit the related party transaction.

Table of Contents

some or all of the committee’s discussions of the related party transaction. Upon completion of its review of the related party transaction, the committee may determine to permit or to prohibit the related party transaction.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The following is a summary of fees paid or to be paid to Marcum LLP (“Marcum”) for services rendered.

Audit Fees. Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Marcum in connection with regulatory filings. The aggregate fees billed by Marcum for professional services rendered for the audit of our annual financial statements, and other required filings with the SEC for the period from March 4, 2021 (inception) through December 31, 2021 totaled approximately $86,005. The above amounts include interim procedures and audit fees.


	For the Period from		For the Period from
	January 1, 2022-		March 4, 2021-
	December 31, 2022		December 31, 2021
Audit Fees(1)	$	113,300	86,005
Audit-Related Fees(2)		—	—
Tax Fees(3)		—	—
All Other Fees(4)		—	—
Total	$	113,300	86,005

(1) Audit~~-Related~~ Fees. Audit~~-related~~ ~~services~~fees consist of fees billed for ~~assurance~~professional ~~and related~~ services ~~that~~rendered ~~are~~for ~~reasonably related to performance of~~ the audit ~~or review~~ of our year-end financial statements and ~~are not reported under “Audit Fees.” These~~ services ~~include attest services~~ that are ~~not~~normally ~~required~~provided by ~~statute or regulation and consultations concerning financial accounting and reporting standards. We did not pay~~ Marcum ~~for~~in ~~consultations~~connection ~~concerning~~with ~~financial~~regulatory ~~accounting and reporting standards for the period from March 4, 2021 (inception) through December 31, 2021~~filings.

~~Tax~~(2) Audit-Related Fees. WeAudit-related ~~did~~services ~~not~~consist ~~pay~~of ~~Marcum~~fees billed for ~~tax~~assurance ~~planning~~ and ~~tax~~related ~~advice~~services ~~for~~that are reasonably related to performance of the ~~period~~audit ~~from~~or ~~March~~review 4,of ~~2021~~our ~~(inception)~~financial ~~through~~statements ~~December 31,~~and ~~2021~~are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

~~All~~(3) ~~Other~~Tax Fees. WeTax ~~did~~fees ~~not~~consist ~~pay~~of ~~Marcum~~fees billed for ~~other~~professional services ~~for~~relating ~~the~~to ~~period~~tax ~~from March 4~~compliance, ~~2021~~tax ~~(inception)~~planning ~~through~~and ~~December 31,~~tax ~~2021~~advice.

(4)	All Other Fees. All other fees consist of fees billed for all other services.

Pre-Approval Policy

Our audit committee was formed upon the consummation of our Initial Public Offering. As a result, the audit committee did not pre-approve all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our board of directors. Since the formation of our audit committee, and on a going-forward basis, the 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).

5960

Table of Contents

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENTS, AND SCHEDULES

(a) The following documents are filed as part of this Form 10-K:

(1) Financial Statements:


Description
Report of Independent Registered Public Accounting Firm		6566
Financial Statements:
Balance Sheet		66
Balance Sheets		67
Statement of Operations		67
Statements of Operations		68
Statement of Changes in Shareholders’ Deficit		68
Statements of Changes in Shareholders’ Deficit		69
Statement of Cash Flows		69
Statements of Cash Flows		70
Notes to Financial Statements		7071

(2) Financial Statement Schedules:

None.

6061

Table of Contents

(b) The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K.

Exhibit No.		Description

3.1		Amended and Restated Memorandum and Articles of Association of the Company.*

4.1		Specimen Unit Certificate.**

4.2		Specimen Class A Ordinary Share Certificate.**

4.3		Specimen Warrant Certificate.**

4.4		Description of Securities.***

4.5		Warrant Agreement, dated November 9, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent.*

10.1		Letter Agreement, dated November 4, 2021, by and among the Company, the Sponsor and the Company’s officers and directors.*

10.2		Investment Management Trust Agreement, dated November 9, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee.*

10.3		Registration and Shareholder Rights Agreement, dated November 9, 2021, by and among the Company, the Sponsor and certain other security holders named therein.*

10.4		Administrative Services Agreement, dated November 9, 2021, by and between the Company and the Sponsor.*

10.5		Private Placement Warrants Purchase Agreement, dated November 4, 2021, by and between the Company and the Sponsor.*

10.6		Form of Transfer and Subscription Agreement by and among the Company, the Sponsor and the Anchor Investors.*

10.7		Securities Subscription Agreement, dated March 8, 2021, between the Company and the Sponsor.**

10.8		Promissory Note, dated March 8, 2021, between the Company and the Sponsor.**

10.9		Form of Indemnity Agreement.**

14		Code of Ethics and Business Conduct.**

31.1		Certification of Principal Executive Officer and Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Principal Financial Officer and Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

6162

Table of Contents

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*	Incorporated by reference to the Company’s Current Report on Form 8-K filed on November 10, 2021.

**	Incorporated by reference to Amendment No. 1 to the Company’s Registration Statement on Form S-1 (SEC File No. 333-260368) filed on October 28, 2021.

***	Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 17, 2022.

Item 16. FORM 10-K SUMMARY

None.

6263

Table of Contents

SIGNATURES

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the ~~17th~~30th day of March, ~~2022~~2023.


	7 ACQUISITION CORPORATION

	By:	/s/ Aren LeeKong
	Name:	Aren LeeKong
	Title:	Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Name	Title	Date
/s/ Craig Cogut	Chairman	March 1730, ~~2022~~2023
Craig Cogut

/s/ Aren LeeKong	Chief Executive Officer and Director (Principal Executive Officer)	March 1730, ~~2022~~2023
Aren LeeKong

/s/ Joel Haney	Chief Financial Officer and Director (Principal Financial Officer and Principal Accounting Officer)	March 1730, ~~2022~~2023
Joel Haney

/s/ Leslie Cornfeld	Director	March 1730, ~~2022~~2023
Leslie Cornfeld

/s/ Sherrie Deans	Director	March 1730, ~~2022~~2023
Sherrie Deans

/s/ Thelma B. Ferguson	Director	March 1730, ~~2022~~2023
Thelma B. Ferguson

/s/ Neil Jacobs	Director	March 1730, ~~2022~~2023
Neil Jacobs

/s/ Chandra J. Mitchell	Director	March 1730, ~~2022~~2023
Chandra J. Mitchell

/s/ Michael Posner	Director	March 1730, ~~2022~~2023
Michael Posner

6364

Table of Contents

7 ACQUISITION CORPORATION

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm		6566
Financial Statements:
Balance Sheet		66
Balance Sheets as of December 31, 2022 and 2021		67
Statement of Operations		67
Statements of Operations for the year ended December 31, 2022 and for the period from March 4, 2021 (inception) through December 31, 2021		68
Statement of Changes in Shareholders’ Deficit		68
Statements of Changes in Shareholders’ Deficit for the year ended December 31, 2022 and for the period from March 4, 2021 (inception) through December 31, 2021		69
Statement of Cash Flows		69
Statements of Cash Flows for the year ended December 31, 2022 and for the period from March 4, 2021 (inception) through December 31, 2021		70
Notes to Financial Statements		7071

6465

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

7 Acquisition Corporation

Opinion on the Financial Statements

We have audited the accompanying balance sheet of 7 Acquisition Corporation (the “Company”) as of December 31, 2021, the related statements of operations, changes in stockholders’ deficit and cash flows for the period from March 4, 2021 (inception) through December 31, 2021, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and the results of its operations and its cash flows for the period from March 4, 2021 (inception) through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying balance sheets of 7 Acquisition Corporation (the “Company”) as of December 31, 2022 and 2021, the related statements of operations, changes in shareholders’ deficit and cash flows for the year ended December 31, 2022 and for the period from March 4, 2021 (inception) through December 31, 2021, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the year ended December 31, 2022 and for the period from March 4, 2021 (inception) through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to the financial statements, the Company’s ability to execute its business plan is dependent upon the consummation of a business condition and it lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. Further, if the Company does not complete a business combination by May 4, 2023, or obtain approval for an extension of this deadline, it will be required to cease all operations except for the purpose of liquidating. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans with regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company'’s management. Our responsibility is to express an opinion on the Company's financial statements based on our ~~audit~~audits. 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 ~~audit~~audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the ~~audit~~audits 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 ~~audit~~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.

Our ~~audit~~audits included performing procedures to assess the risks of material misstatement of the financial statements, 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 ~~audit~~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 ~~audit~~audits ~~provides~~provide a reasonable basis for our opinion.

/s/ Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2021.

New York, NY ~~March 17, 2022~~

March 30, 2023

[PCAOB ID: 688]

Table of Contents

7 ACQUISITION CORPORATION

BALANCE ~~SHEET~~SHEETS

DECEMBER 31, 2021


ASSETS
	December 31, 2022		December 31, 2021
Current assets
ASSETS
Cash	$	660,773
Current assets
Prepaid expenses - current		376,884
Cash	$	475,278	$	660,773
Total Current Assets		1,037,657
Prepaid expenses - current		342,164		376,884
Cash and marketable securities held in trust account		234,602,881
Total Current Assets		817,442		1,037,657
Prepaid expenses - noncurrent		307,247
Non-current assets
Total Assets	$	235,947,785
Cash and marketable securities held in Trust Account		238,041,492		234,602,881

Prepaid expenses – non-current		—		307,247
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Total Non-current Assets		238,041,492		234,910,128
Current liabilities
Total Assets	$	238,858,934	$	235,947,785
Accounts payable and accrued expenses	$	90,911

Promissory note – related party		16,790
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Total Current Liabilities		107,701
Current liabilities
Warrant liability		13,878,000
Accounts payable and accrued expenses	$	984,999	$	90,911
Deferred underwriters fee payable		8,050,000
Promissory note – related party		—		16,790
Total Liabilities		22,035,701
Total Current Liabilities		984,999		107,701

Non-Current liabilities
Commitments and Contingencies (Note 8)
Warrant Liability		2,050,200		13,878,000

Deferred underwriter fee payable		8,050,000		8,050,000
Temporary Equity
Total Non-current Liabilities		10,100,200		21,928,000
Class A ordinary shares, $0.0001 par value; 500,000,000 share authorized; 23,000,000 shares issued and outstanding subject to redemption at redemption value of $10.20 per share		234,602,881
Total Liabilities		11,085,199		22,035,701

Shareholders’ Deficit
Commitments and Contingencies (Note 8)
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding		—
Class A ordinary shares subject to possible redemption; $0.0001 par value; 500,000,000 shares authorized; 23,000,000 shares issued and outstanding at redemption value		238,041,492		234,602,881
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding (excluding 23,000,000 shares subject to redemption)		—

Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding		575
Shareholders’ Deficit
Additional paid-in capital		—
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding		—		—
Accumulated deficit		(20,691,372)
Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized; 0 shares issued and outstanding (excluding 23,000,000 shares subject to possible redemption)		—		—
Total Shareholders’ Deficit		(20,690,797)
Class B ordinary shares, $0.0001 par value, 50,000,000 shares authorized; 5,750,000 shares issued and outstanding		575		575
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	235,947,785
Additional paid-in capital		—		—
Accumulated deficit		(10,268,332)		(20,691,372)
Total Shareholders’ Deficit		(10,267,757)		(20,690,797)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	238,858,934	$	235,947,785

The accompanying notes are an integral part of the financial statements.

6667

Table of Contents

7 ACQUISITION CORPORATION

~~STATEMENT~~STATEMENTS OF OPERATIONS

FOR THE PERIOD FROM MARCH 4, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021


Formation and operating costs	$	2,398,687
Loss from operations		(2,398,687)

Other income:
Change in fair value of warrant liability		9,534,000
Unrealized gain on marketable securities held in Trust Account		2,881
Other income		9,536,881

Net income	$	7,138,194

Basic and diluted weighted average shares outstanding, Class A ordinary shares		4,036,424

Basic and diluted net income per share, Class A ordinary shares	$	0.73

Basic and diluted weighted average shares outstanding, Class B ordinary shares		5,750,000

Basic and diluted net income per share, Class B ordinary shares	$	0.73



			For the
			Period From
			March 4, 2021
	For the Year		(Inception)
	Ended		Through
	December 31,		December 31,
	2022		2021
Formation and operating costs	$	1,659,764	$	2,398,687
Loss from operations		(1,659,764)		(2,398,687)

Other income:
Change in fair value of warrant liability		11,827,800		9,534,000
Unrealized gain on marketable securities held in Trust Account		3,438,611		2,881
Interest income on checking account		5,004		—
Other income		250,000		—
Other income		15,521,415		9,536,881
Net income	$	13,861,651	$	7,138,194

Basic and diluted weighted average shares outstanding, Class A ordinary shares		23,000,000		4,036,424

Basic and diluted net income per share, Class A ordinary shares	$	0.48	$	0.73

Basic and diluted weighted average shares outstanding, Class B ordinary shares		5,750,000		5,750,000

Basic and diluted net income per share, Class B ordinary shares	$	0.48	$	0.73

The accompanying notes are an integral part of the financial statements.

6768

Table of Contents

7 ACQUISITION CORPORATION

~~STATEMENT~~STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

~~FOR~~For ~~THE~~the ~~PERIOD~~Year ~~FROM~~Ended ~~MARCH~~December ~~4, 2021 (INCEPTION) THROUGH DECEMBER~~ 31, ~~2021~~2022


	Class A Ordinary Shares						Additional				Total
	Subject to Possible Redemption			Class B Ordinary Shares			Paid-in		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance – March 4, 2021(inception)	—	$	—	—	$	—	$	—	$	—	$	—
Balance — December 31, 2021	23,000,000	$	234,602,881	5,750,000	$	575	$	—	$	(20,691,372)	$	(20,690,797)
Issuance of Class B ordinary shares to Sponsor	—		—	5,750,000		575		24,425		—		25,000
Remeasurement of Class A ordinary shares to redemption value	—		3,438,611	—		—		—		(3,438,611)		(3,438,611)
Issuance of Class A ordinary shares	23,000,000		195,533,871	—		—		—		—		—
Net income	—		—	—		—		—		13,861,651		13,861,651
Excess fair value of anchor investor shares	—		—	—		—		10,143,052		1,071,967		11,215,019
Balance — December 31, 2022	23,000,000	$	238,041,492	5,750,000	$	575	$	—	$	(10,268,332)	$	(10,267,757)
Reameasurement of Class A ordinary shares to redemption value	—		39,069,010	—		—		(10,167,477)		(28,901,533)		39,069,010
Net income	—		—	—		—		—		7,138,194		7,138,194
Balance – December 31, 2021	23,000,000		234,602,881	5,750,000		575		—		(20,691,372)		(20,690,797)

For the period from March 4, 2021 (inception) through December 31, 2021


	Class A Ordinary Shares						Additional				Total
	Subject to Possible Redemption			Class B Ordinary Shares			Paid-in		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance — March 4, 2021(inception)	—	$	—	—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor	—		—	5,750,000		575		24,425		—		25,000
Issuance of Class A ordinary shares	23,000,000		195,533,871	—		—		—		—		—
Excess fair value of anchor investor shares	—		—	—		—		10,143,052		1,071,967		11,215,019
Remeasurement of Class A ordinary shares to redemption value	—		39,069,010	—		—		(10,167,477)		(28,901,533)		39,069,010
Net income	—		—	—		—		—		7,138,194		7,138,194
Balance — December 31, 2021	23,000,000		234,602,881	5,750,000		575		—		(20,691,372)		(20,690,797)

The accompanying notes are an integral part of the financial statements.

6869

Table of Contents

7 ACQUISITION CORPORATION

~~STATEMENT~~STATEMENTS OF CASH FLOWS

FOR THE PERIOD FROM MARCH 4, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021


Cash Flows from Operating Activities:
			For the Period
Net income	$	7,138,194
	For the Year		From March 4, 2021
Adjustments to reconcile net income to net cash used in operating activities:
	Ended		(Inception) Through
Unrealized gain on marketable securities held in Trust Account		(2,881)
	December 31,		December 31,
Insurance Expense		56,753
	2022		2021
Allocation of deferred offering cost for warrant liability		1,782,165
Cash Flows from Operating Activities:
Excess fair value of private placement warrants		343,000
Net income	$	13,861,651	$	7,138,194
Change in fair value of warrant liability		(9,534,000)
Adjustments to reconcile net income to net cash used in operating activities:
Prepaid expenses		(740,884)
Unrealized gain on marketable securities held in Trust Account		(3,438,611)		(2,881)
Accounts payable and accrued expenses		90,911
Change in fair value of warrant liability		(11,827,800)		(9,534,000)
Net cash used in operating activities		(866,742)
Insurance Expense		—		56,753

Allocation of deferred offering cost for warrant liability		—		1,782,165
Cash Flows from Investing Activities:
Excess fair value of private placement warrants		—		343,000
Investment of cash in Trust Account		(234,600,000)
Changes in operating assets and liabilities:
Net cash used in investing activities		(234,600,000)
Prepaid expenses		341,967		(740,884)

Accounts payable and accrued expenses		894,088		90,911
Cash Flows from Financing Activities:
Net cash used in operating activities		(168,705)		(866,742)
Proceeds from issuance of Class B ordinary shares to the Sponsor		25,000

Proceeds from sale of Units		230,000,000
Cash Flows from Investing Activities:
Payment of underwriting fee		(4,600,000)
Investment of cash in Trust Account		—		(234,600,000)
Proceeds from sale of Private Warrants		11,350,000
Net cash used in investing activities		—		(234,600,000)
Proceeds from promissory note – related party		208,995

Repayment of promissory note – related party		(192,205)
Cash Flows from Financing Activities:
Deferred offering costs		(664,275)
Proceeds from issuance of Class B ordinary shares to the Sponsor		—		25,000
Net cash provided by financing activities		236,127,515
Proceeds from sale of Units		—		230,000,000

Payment of underwriting fee		—		(4,600,000)
Net Change in Cash		660,773
Proceeds from sale of Private Warrants		—		11,350,000
Cash – Beginning		—
Proceeds from promissory note – related party		—		208,995
Cash – Ending	$	660,773
Repayment of promissory note – related party		(16,790)		(192,205)

Deferred offering costs		—		(664,275)
Non-Cash Investing and Financing Activities:
Net cash (used in) provided by financing activities		(16,790)		236,127,515
Initial classification of Class A ordinary shares subject to possible redemption	$	195,533,871

Remeasurement of Class A ordinary shares subject to possible redemption	$	39,069,010
Net Change in Cash		(185,495)		660,773
Initial measurement of public warrants and private placement warrants	$	23,412,000
Cash – Beginning		660,773		—
Deferred underwriting fee payable	$	8,050,000
Cash – Ending	$	475,278	$	660,773

Supplemental disclosure of non-cash financing activities:
Initial classification of Class A ordinary shares subject to possible redemption	$	—	$	195,533,871
Remeasurement of Class A ordinary shares subject to possible redemption	$	3,438,611	$	39,069,010
Initial measurement of public warrants and private placement warrants	$	—	$	23,412,000
Deferred underwriting fee payable	$	—	$	8,050,000

The accompanying notes are an integral part of the financial statements.

6970

Table of Contents

7 ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

As of December 31, ~~2021~~2022, the Company had not commenced any operations. All activity for the period from March 4, 2021 (inception) through December 31, ~~2021~~2022 relates to the Company’s formation, its initial public offering (the “Initial Public Offering” or “IPO”), which is described below , and ~~ongoing~~identifying ~~legal,~~a ~~accounting~~target ~~and~~for ~~professional fees and costs incurred in identifying~~ a ~~target~~Business ~~company~~Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company selected December 31 as its fiscal year end.

The registration statement for the Company’s IPO was declared effective on November 4, 2021 (the “Effective Date”). On November 9, 2021,the Company consummated the IPO of 23,000,000 units (the “Units”), including 3,000,000 Units that were issued pursuant to the underwriter’s exercise of its over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $230,000,000, which is discussed in Note 3.Simultaneously with the closing of the IPO, the Company consummated the sale of 11,350,000 Private Placement Warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Warrant in a private placement to 7 Acquisition Holdings, LLC (the “Sponsor”) and certain funds and accounts managed by subsidiaries of BlackRock, Inc. (the “Anchor Investors”), generating proceeds of $11,350,000.

Simultaneously with the closing of the IPO, the Company consummated the sale of 11,350,000 Private Placement Warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to 7 Acquisition Holdings, LLC (the “Sponsor”) and certain funds and accounts managed by subsidiaries of BlackRock, Inc. (the “Anchor Investors”), generating proceeds of $11,350,000, which is described in Note 4.

Following the closing of the IPO on November 9, 2021, $234,600,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (“Trust Account”), located in the United States which will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act , with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the redemption of any Public Shares (as defined below) properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation, and (iii) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 18 months from November 9, 2021, the closing date of the IPO (or any extended period of time that the Company may have to consummate an initial Business Combination as a result of an amendment to its Amended and Restated Memorandum and Articles of Association) (the “Combination Period”).

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially all the net proceeds of the Initial Public Offering are intended to be generally applied toward consummating an ~~Initial~~initial Business Combination. The ~~Initial~~initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter the ~~Initial~~initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect an ~~Initial~~initial Business Combination.

The Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of the ~~Initial~~initial Business Combination or will allow shareholders to sell their Public Shares in a tender offer will be made by the Company, solely in its 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 the Company to seek shareholder approval, unless a vote is required by law or under NASDAQ rules. If the Company seeks shareholder approval, it will complete its Initial Business Combination only if a

7071

Table of Contents

whether the terms of the transaction would otherwise require the Company to seek shareholder approval, unless a vote is required by law or under Nasdaq rules. If the Company seeks shareholder approval, it will complete its initial Business Combination only if a majority of the outstanding ordinary shares voted are voted in favor of the ~~Initial~~initial Business Combination. In such case, the Company would not proceed with the redemption of its Public Shares and the related ~~Initial~~initial Business Combination, and instead may search for an alternate ~~Initial~~initial Business Combination.

The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 following any related redemptions and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (the “Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor and each member of the Company’s management team, directors and special advisor have agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions in connection with its ~~Initial~~initial Business Combination pursuant to the tender offer rules, the Memorandum and Articles of Association provides that a Public Stockholder, 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 our Initial Public Offering without our prior consent.

The Sponsor and each member of the Company’s management team, directors and special advisor have agreed to waive their redemption rights with respect to any Founder Shares and Public Shares held by them in connection with (i) the completion of the ~~Initial~~initial Business Combination and (ii) a shareholder vote to approve an amendment to the Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with the ~~Initial~~initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares. However, if the Sponsor or any of the Company’s directors, officers or affiliates acquires Class A ordinary shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the ~~Initial~~initial Business Combination within the Combination Period.

The Company has 18 months from the date of the Initial Public Offering to complete a Business Combination (the “Combination Period”). If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, 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 and not previously released to pay the Company’s income taxes (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholder’s rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.20 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay franchise and income taxes. This liability will not apply with respect to claims by a third party who executed a waiver of any and all rights to seek

7172

Table of Contents

Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay franchise and income taxes. This liability will not apply with respect to claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity, Capital Resources and ~~Management’s~~Going ~~Plans~~Concern

As of December 31, 2022 and 2021, the Company had approximately $475,278 and $660,773 in operating cash, ~~working capital of $929~~respectively,~~956.~~ ~~The Company’s liquidity needs through December 31, 2021~~ and ~~prior~~a toworking ~~the~~capital ~~consummation~~deficit of ~~the Initial Public Offering were satisfied through the proceeds of~~ $25167,~~000~~558 ~~from the Sponsor to purchase Founders Shares,~~ and ~~loan~~working ~~proceeds~~capital ~~from the Sponsor~~ of ~~up to~~ $~~300~~929,~~000 (see Note 5). The Company repaid $192~~956,~~205~~ ~~of the $208,995 promissory note balance as of December 31, 2021~~respectively. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account.

~~Management~~The ~~believes~~Company’s ~~that~~liquidity ~~the~~needs ~~funds~~through ~~which~~December ~~the~~31, ~~Company~~2022 ~~has~~had ~~available~~been ~~following~~satisfied ~~the~~through ~~completion~~a ofpayment from the ~~IPO~~Sponsor ~~will~~of ~~enable~~$25,000 itfor toClass ~~sustain~~B ~~operations~~ordinary ~~for~~shares, apar ~~period~~value of$0.0001 atper ~~least~~share ~~one~~ (1)“Class ~~year~~B ~~from~~ordinary ~~the~~shares” ~~issuance~~or ~~date~~“Founder ofShares”) ~~these~~(see ~~financial~~Note ~~statements. Accordingly~~5), ~~substantial~~the ~~doubt~~Initial ~~about~~Public Offering and the ~~Company’s~~issuance ~~ability~~of tothe ~~continue~~Private asPlacement aWarrants. ~~going~~Additionally, ~~concern~~the asCompany ~~disclosed~~drew inon ~~previously~~an ~~issued~~unsecured ~~financial~~promissory ~~statements~~note ~~has~~to ~~been~~pay ~~alleviated~~certain offering costs.

Prior to the completion of the IPO, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time~~, which is considered to be one (1) year from the issuance date of the financial statement~~. The Company has since completed its IPO at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since re-evaluated the Company’s liquidity and financial condition and determined that sufficient capital exists to sustain operations through March 2023 and therefore substantial doubt has been alleviated.

The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. Although no formal agreement exists, the Sponsor is committed to extend Working Capital Loans as needed (defined in Note 5 below). Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that (i) new financing will be available to it on commercially acceptable terms, if at all, or (ii) that its plans to consummate an initial Business Combination will be successful. The Company has until May 9, 2023 to complete its initial Business Combination. The Company will mandatorily liquidate in the event it is unable to complete its initial Business Combination. In addition, management is currently evaluating the impact of the COVID-19 pandemic and its effect on the Company’s financial position, results of its operations and/or search for a target company.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date the financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Risks and Uncertainties

The Company continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Table of Contents

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

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 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 election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Table of Contents

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 election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2022 and 2021, respectively.

Offering Costs Associated with IPO

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A— “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO. Offering costs are charged to shareholders’ deficit or the statement of operations based on the relative value of the Public Warrants (as defined below) and the Private Placement Warrants to the proceeds received from the Units sold upon the completion of the IPO. Accordingly, on November 9, 2021, offering costs totaling $24,551,888 (consisting of $4,600,000 of underwriting fees, $8,050,000 of deferred underwriting fees, $11,215,019 excess fair value of founder shares and $686,869 of actual offering costs, and $22,769,723 included as a reduction to proceeds, with $1,782,165 included in accumulated deficit as an allocation for the Public Warrants and the Private Placement Warrants,). ~~and~~On ~~$22~~January 6,~~769~~ 2023,~~723~~ ~~included~~the asunderwriter aagreed ~~reduction~~to waive any entitlement to ~~proceeds~~the deferred underwriting fee payable due upon the consummation of the initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein. See Note 10—Subsequent Events.

Class A Ordinary shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Conditionally redeemable ordinary shares

Table of Contents

(including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares is classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2022, Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

Table of Contents

The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Warrant Liabilities

The Company accounts for the Public Warrants and Private Placement Warrants exercisable for the Company’s ordinary shares that are not indexed to its own shares as liabilities at fair value on the balance sheet. The Public Warrants and Private Placement Warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense), net on the statement of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the Public Warrants and Private Placement Warrants. At that time, the portion of the warrant liability related to the Public Warrants and Private Placement Warrants will be reclassified to additional paid-in capital.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). Class A ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ deficit. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet.

Table of Contents

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. As of December 31, 2021, the Company recorded a remeasurement of $39,060,010, $10,167,477 of which was recorded in additional paid-in capital and $28,901,533 was recorded in accumulated deficit.

Net Income Per Ordinary Share

Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. Ordinary shares subject to possible redemption at December 31, 2022 and 2021, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net income per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the private placement to purchase an aggregate of 11,350,000 Private Placement Warrants in the calculation of diluted income per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

The Company’s ~~statement~~statements of operations includes a presentation of net income per ordinary share subject to possible redemption and allocates the net income into the two classes of stock in calculating net income per ordinary share, basic and diluted. For redeemable Class A ordinary shares, net income per ordinary share is calculated by dividing the net loss by the weighted average number of Class A ordinary shares subject to possible redemption outstanding since original issuance. For non-redeemable Class B ordinary shares, net income per share is calculated by dividing the net income by the weighted average number of non-redeemable Class B ordinary shares outstanding for the period. Non-redeemable Class B ordinary shares include the Founder Shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account. As of December 31, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

Table of Contents

The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts):


	~~For the Period from~~		For the Period from
	~~March 4, 2021 (Inception)~~		March 4, 2021 (Inception)
	~~Through~~For the Year Ended		Through
	December 31, ~~2021~~2022		December 31, 2021
Class A ordinary shares subject to possible redemption
Numerator: Income attributable to Class A ordinary shares subject to possible redemption
Net income	$	211,~~944~~089,~~158~~321	$	2,944,158
Net income attributable to Class A ordinary shares subject to possible redemption	$	211,~~944~~089,~~158~~321	$	2,944,158
Denominator: Weighted average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		423,~~036~~000,~~424~~000		4,036,424
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.7348	$	0.73

Non-Redeemable Class B ordinary shares
Numerator: Net income
Net income	$	42,~~194~~772,~~036~~330	$	4,194,036
Non-redeemable net income	$	42,~~194~~772,~~036~~330	$	4,194,036
Denominator: Weighted average non-redeemable Class B ordinary shares
Basic and diluted weighted average shares outstanding, non-redeemable Class B ordinary shares		5,750,000		5,750,000
Basic and diluted net income per share, non-redeemable Class B ordinary shares	$	0.7348	$	0.73

75Related Parties

~~Table~~Parties, ofwhich ~~Contents~~can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature.

Fair Value Measurements

●	Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

Table of Contents

●	Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●	Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Derivative Financial Instruments

Warrant Liabilities

Recent Accounting Standards

In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current ~~U.S.~~ GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective ~~for~~on ~~fiscal~~January ~~years beginning after December 15~~1, ~~2021~~2022, ~~including interim periods within those fiscal years,~~ with early adoption permitted. ~~The~~Management ~~Company~~has isevaluated ~~currently~~and ~~assessing~~determined ~~the~~that ~~impact,~~there ifis ~~any,~~not ~~that~~a ~~ASU~~material ~~2020-06~~impact ~~would have~~ on its financial position, results of operations or cash flows.

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

NOTE 3 — INITIAL PUBLIC OFFERING

Pursuant to the IPO, on November 9, 2021, the Company sold 23,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one Class A Ordinary Share (“Public Shares”) and one-half of one warrant (“Public Warrants”). Each whole 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 67).

An aggregate of $10.20 per Unit sold in the IPO was held in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. As of November 9, 2021, $234,600,000 of the IPO proceeds and proceeds from the sale of the Private Placement Warrants was held in the Trust Account, representing an overfunding of the trust account of 102.0% of the public offering size. In addition, $2,111,900 of cash is not held in the Trust Account and is available for working capital purposes.

Table of Contents

Private Placement Warrants was held in the Trust Account, representing an overfunding of the trust account of 102.0% of the public offering size. In addition, $2,111,900 of cash is not held in the Trust Account and is available for working capital purposes.

Transaction costs of the IPO amounted to $24,551,888, consisting of $4,600,000 of underwriting discount, $8,050,000 of deferred underwriting discount, $11,215,019 excess fair value of founder shares and $686,869 of actual offering costs. On January 6, 2023, the underwriter agreed to waive any entitlement to the deferred underwriting fee payable due upon the consummation of the initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein. See Note 10-Subsequent Events.

NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing of the IPO, the Sponsor and the Anchor Investors purchased an aggregate of 11,350,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant ($11,350,000 in the aggregate). Each Private Placement Warrant is exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share, subject to adjustment (see Note 6). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.

Table of Contents

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On March 8, 2021, the Sponsor paid $25,000 to cover certain expenses on our behalf in consideration of 8,625,000 Class B ordinary shares, par value $0.0001, with a purchase price of approximately $0.003 per share. On October 14, 2021, the Sponsor surrendered 2,875,000 Founder Shares to us for no consideration resulting in an aggregate of 5,750,000 Founder Shares outstanding. The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture by the Sponsor to the extent that the underwriter’s overallotment was not exercised in full or in part, so that the number of Founder Shares collectively represented 20% of the Company’s issued and outstanding ordinary shares after the IPO. Simultaneously with the closing of the IPO, the ~~underwriters~~underwriter exercised the over-allotment in full. Accordingly, the 750,000 Founder Shares are no longer subject to forfeiture.

The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property.

On March 26, 2021, the Sponsor entered into agreements to transfer 20,000 founder shares to each of the six independent directors (120,000 founder shares in aggregate). The shares were transferred at $0.001 per share.

On October 19, 2021, the Sponsor entered into certain transfer and subscription agreements with certain funds and accounts managed by subsidiaries of BlackRock, Inc., which are the Anchor Investors in the IPO.

At the closing of the business combination, the Anchor Investors will be entitled to purchase from the Sponsor an aggregate of up to 25% of the number of outstanding founder shares at the original purchase price that the Sponsor paid for the Founder Shares. The Sponsor has agreed to transfer the Founder Shares to the Anchor Investors after the completion of a Business Combination. If the Anchor Investors do not own at least 9.8% of the Public Shares at certain determination dates (as described in the transfer and subscription agreements), then up to 50% of the founder shares entitled to be purchased by the Anchor Investors may be forfeited. Up to 25% of the founder shares entitled to be purchased by the Anchor Investors may also be subject to forfeiture and/or other conditions (including earn-outs) on a pro rata basis with the Sponsor during the business combination process. However, in no event will the Anchor Investors be required to forfeit or otherwise be subject to limitations on 50% of the founder shares they will be entitled to purchase (see Note 9). The Company estimated the aggregate fair value of the Founder Shares attributable to the Anchor Investors to be approximately $11,221,269, or $7.81 per share.

Table of Contents

The excess of the fair value of the Founder Shares was determined to be an offering cost in accordance with Staff Accounting Bulletin Topic 5A. Accordingly, the offering cost was allocated to the separable financial instruments issued in the IPO based on the “with and without” method, compared to total proceeds received. Offering costs allocated to derivative warrant liabilities were expensed at the date of IPO in the statement of operations. Offering costs allocated to the Public Shares were charged to shareholders’ deficit upon the completion of the IPO.

Promissory Note — Related Party

In March 2021, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest bearing and payable on the earlier of December 31, 2021 or the consummation of the IPO. As of December 31, 2022 and 2021, there ~~was~~were $0 and $16,790, respectively, outstanding under the Promissory Note.

Administrative Services Agreement

Commencing on the date that the Company’s securities are first listed on the Nasdaq Global Market, the Company agreed to pay the Sponsor a total of $2,500 per month for office space, secretarial and administrative services provided to the Company. The Sponsor has waived the administrative services agreement fee and has not paid any amount through December 31, ~~2021~~2022.

Table of Contents

Working Capital Loans

In addition, in order to finance transaction costs in connection with an ~~Initial~~initial Business Combination, the sponsor, certain of the Company’s officers and directors or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. 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, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of December 31, 2022 and 2021, no Working Capital Loans were outstanding.

NOTE 6 — SHAREHOLDERS’ DEFICIT

Preference Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. At ~~December~~September 3130, 2021, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue 500,000,000 Class A Ordinary Shares with a par value of $0.0001 per share. Holders of the Company’s Class A Ordinary Shares are entitled to one vote for each share. At ~~December~~September 3130, 2021, there were no shares of Class A Ordinary Shares issued or outstanding , excluding 23,000,000 shares subject to possible redemption as presented in temporary equity.

Class B Ordinary Shares — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share (the “Class B Ordinary Shares”). ~~At December~~September 3130, 2021, there were 5,750,000 Class B Ordinary Shares issued and outstanding.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and holders of Class A Ordinary Shares and holders of Class B Ordinary Shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law; provided that only holders of Class B Ordinary Shares will have the right to vote on the appointment of directors prior to or in connection with the completion of the initial Business Combination.

The Class B Ordinary Shares will automatically convert into Class A Ordinary Shares at the time of a Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Class A Ordinary Shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of a Business Combination, the ratio at which Class B Ordinary Shares shall convert into Class A Ordinary Shares will be adjusted (unless the holders of a majority of the outstanding Class B Ordinary Shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A Ordinary Shares issuable upon conversion of all Class B Ordinary Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all Ordinary Shares outstanding upon the completion of the IPO plus all Class A Ordinary Shares and equity-linked securities issued or deemed issued by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any forward purchase securities, 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 the Sponsor upon conversion of Working Capital Loans. In no event will the Class B Ordinary Shares convert into Class A Ordinary Shares at a rate of less than one to one.

Table of Contents

Class B Ordinary Shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A Ordinary Shares issuable upon conversion of all Class B Ordinary Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all Ordinary Shares outstanding upon the completion of the IPO plus all Class A Ordinary Shares and equity-linked securities issued or deemed issued by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any forward purchase securities, 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 the Sponsor upon conversion of Working Capital Loans. In no event will the Class B Ordinary Shares convert into Class A Ordinary Shares at a rate of less than one to one.

NOTE 7 — WARRANTS

The Company accounts for the 22,850,000 warrants that were issued in the IPO (representing 11,500,000 Public Warrants and 11,350,000 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company will classify each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s ~~statement~~statements of operations.

Table of Contents

Warrants — Public Warrants may only be exercised for a whole number of Class A Ordinary Shares. No fractional warrants were issued upon separation of the Units and only whole warrants trade. Accordingly, unless holders purchase at least two Units, they will not be able to receive or trade a whole warrant. The Public Warrants will become exercisable 30 days after the completion of a Business Combination.

The Company will not be obligated to deliver any Class A Ordinary Shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A Ordinary Shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable, and the Company will not be obligated to issue any Class A Ordinary Shares upon exercise of a Public Warrant unless the Class A Ordinary Share issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants.

The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering registration under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Public Warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the Public Warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary share issuable upon exercise of the Public Warrants is not effective by the 60th day after the closing of a Business Combination, Public Warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants for cash: Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

Table of Contents

●

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

●

if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and

●

if the closing price of the Class A ordinary share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Table of Contents

Redemption of warrants for ordinary shares: Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

●

in whole and not in part;

●

at $0.10 per warrant;

●

upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; and

●

if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like) for any 20 trading days within the 30- trading day period ending three trading days before the Company send the notice of redemption to the warrant holders.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a 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”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) 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, the $18.00 per share redemption trigger price and the “Redemption of Warrants for ordinary shares” described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “Redemption of Warrants for ordinary shares” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are subject to certain transfer restrictions contained in the letter agreement by and among the company, the sponsor and the other parties thereto, as amended from time to time. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable (except for a number of Class A ordinary shares as described above under Redemption of warrants for Class A ordinary shares).

If a tender offer, exchange or redemption offer shall have been made to and accepted by the holders of the Class A ordinary shares and upon completion of such offer, the offeror owns beneficially more than 50% of the outstanding Class A ordinary shares, the holder of the warrant shall be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant had been exercised, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to the offer. If less than 70% of the consideration receivable by the holders of the Class A ordinary shares in the applicable event is payable in the form of common equity in the successor entity that is listed on a national securities exchange or is quoted in an established over-the-counter market, and if the holder of the warrant properly exercises the warrant within thirty days following the public disclosure of the consummation of the applicable event by the Company, the warrant price shall be reduced by an amount equal to the difference (but in no event less than zero) of (i) the warrant price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined in the warrant agreement) minus (B) the value of the warrant based on the Black-Scholes Warrant Value for a Capped American Call on Bloomberg Financial Markets.

The Company accounts for the Public Warrants and Private Placement Warrants as liabilities in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. Because the Company does not control the occurrence of events, such as a tender offer or exchange, that may trigger cash settlement of the warrants where not all of the shareholders also receive cash, the warrants do not meet the criteria for equity treatment thereunder, as such, the warrants are recorded as derivative liability.81

Table of Contents

the warrant shall be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant had been exercised, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to the offer. If less than 70% of the consideration receivable by the holders of the Class A ordinary shares in the applicable event is payable in the form of common equity in the successor entity that is listed on a national securities exchange or is quoted in an established over-the-counter market, and if the holder of the warrant properly exercises the warrant within thirty days following the public disclosure of the consummation of the applicable event by the Company, the warrant price shall be reduced by an amount equal to the difference (but in no event less than zero) of (i) the warrant price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined in the warrant agreement) minus (B) the value of the warrant based on the Black-Scholes Warrant Value for a Capped American Call on Bloomberg Financial Markets.

Additionally, certain adjustments to the settlement amount of the Private Placement Warrants are based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815 40, and thus the Private Placement Warrants are not considered indexed to the Company’s own stock and not eligible for an exception from derivative accounting.

The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the issuance of the warrants at the closing of our initial public offering. Accordingly, the Company expects to classify each warrant as a liability at its fair value. The Public Warrants will be allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation. The warrant liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company will reassess the classification of the warrants at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification.

NOTE 8 — COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights

The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any shares of Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement that was signed on the effective date of the IPO, requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriter a 45-day option from the date of the IPO to purchase up to 3,000,000 additional Units to cover over-allotments at the IPO price less the underwriting discount. On November 8, 2021 the underwriter exercised the over-allotment option in full, generating an additional $30,000,000 in gross proceeds. As a result of the over-allotment being exercised in full, the Sponsor did not forfeit any Founder Shares back to the Company. The underwriters were paid a cash underwriting discount of $4,600,000 in the aggregate at the closing of the IPO. In addition, $0.35 per Unit, or $8,050,000 in the aggregate is payable to the underwriters for deferred underwriting commissions. The deferred fee is payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

~~NOTE~~The 9underwriter —was ~~FAIR~~paid ~~VALUE~~a ~~MEASUREMENTS~~cash underwriting discount of $4,600,000 in the aggregate at the closing of the IPO. In addition, $0.35 per Unit, or $8,050,000 in the aggregate, was payable to the underwriter for deferred underwriting commissions. The deferred fee was payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. On January 6, 2023, the underwriter agreed to waive any entitlement to the deferred underwriting fee payable due upon the consummation of the initial Business Combination and further agreed to waive any claim it may have in the future to the Trust Account or any monies or other assets therein. See Note 10-Subsequent Events.

At December 31, 2021, the Company’s warrant liability was valued at $13,878,000. Under the guidance in ASC 815-40, the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment. As such, the Public Warrants and the Private Placement Warrants must be recorded on the balance sheet at fair value. This valuation is subject to re-measurement at each balance sheet date. With each re-measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.82

The following table presents fair value information as of December 31, 2021, of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s warrant liability is based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the private

Table of Contents

~~warrant~~NOTE ~~liability~~9 is— ~~classified~~FAIR ~~within~~VALUE Level 3 of the fair value hierarchy. The Company’s transferred the fair value of Public Warrants from a Level 3 measurement to a Level 1 measurement during the period from March 4, 2021 (inception) through December 31, 2021:MEASUREMENTS

At December 31, 2022 and 2021, the Company’s warrant liability was valued at $2,050,200 and $13,878,000, respectively. Under the guidance in ASC 815-40, the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment. As such, the Public Warrants and the Private Placement Warrants must be recorded on the balance sheets at fair value. This valuation is subject to re-measurement at each balance sheet date. With each re-measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statements of operations.

The following table presents fair value information as of December 31, 2022 and 2021, of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s warrant liability is based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the private warrant liability is classified within Level 3 of the fair value hierarchy. The Company’s transferred the fair value of Public Warrants from a Level 3 measurement to a Level 1 measurement during the period from March 4, 2021 (inception) through December 31, 2021:


			Private
	Public		Placement		Warrant
	Warrants		Warrants		Liability
Derivative warrant liabilities at March 4, 2021 (inception)	$	—	$	—	$	—
Initial fair value at issuance of public and private placement warrants		11,719,000		11,693,000		23,412,000
Change in fair value		(4,819,000)		(4,715,000)		(9,534,000)
Transfer of public warrants to Level 1 measurement		(6,900,000)		—		(6,900,000)
Level 3 derivative warrant liabilities as of December 31, 2021	$	—	$	6,978,000	$	6,978,000
Change in fair value		—		(5,949,000)		(5,949,000)
Level 3 derivative warrant liabilities as of December 31, 2022	$	—	$	1,029,000	$	1,029,000

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2022 and 2021:

December 31, 2022


	(Level 1)		(Level 2)		(Level 3)
Assets
Cash and marketable securities held in trust account	$	238,041,492	$	—	$	—
Liabilities
Public Warrants	$	1,021,200	$	—	$	—
Private Placement Warrants	$	—	$	—	$	1,029,000

Table of Contents

December 31, 2021


	(Level 1)		(Level 2)		(Level 3)
Assets
Cash and marketable securities held in trust account	$	234,602,881	$	—	$	—
Liabilities
Public Warrants	$	6,900,000	$	—	$	—
Private Placement Warrants	$	—	$	—	$	6,978,000

The following table presents the changes in the fair value of derivative warrant liabilities from March 4, 2021 (inception) through December 31, ~~2021~~2022:


			Private		Total Derivative
	Public		Placement		Warrant
	Warrants		Warrants		Liability
Derivative warrant liabilities as of March 4, 2021 (inception)	$	—	$	—	$	—
Initial fair value at issuance of public and private placement warrants		11,719,000		11,693,000		23,412,000
Change in fair value		(4,819,000)		(4,715,000)		(9,534,000)
Derivative warrant liabilities as of December 31, 2021	$	6,900,000	$	6,978,000	$	13,878,000
Change in fair value		(5,878,800)		(5,949,000)		(11,827,800)
Derivative warrant liabilities as of December 31, 2022	$	1,021,200	$	1,029,000	$	2,050,200

Measurement

The Company established the initial fair value for the warrants on November 9, 2021, the date of the consummation of the Company’s IPO. The Company used a lattice model and Monte Carlo simulation model to value the warrants. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one Class A Ordinary Share and one-half of one Public Warrant), (ii) the sale of Private Placement Warrants, and (iii) the issuance of Class B Ordinary Shares, first to the warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class A Ordinary Shares subject to possible redemption (temporary equity), Class A Ordinary Shares (permanent equity) and Class B Ordinary Shares (permanent equity) based on their relative fair values at the initial measurement date.

82The key inputs into the Monte Carlo simulation model formula were as follows at December 31, 2022 and 2021:

Table of Contents

values as determined at initial measurement, with the remaining proceeds allocated to Class A Ordinary Shares subject to possible redemption (temporary equity), Class A Ordinary Shares (permanent equity) and Class B Ordinary Shares (permanent equity) based on their relative fair values at the initial measurement date.

The key inputs into the lattice model and Monte Carlo simulation model formula were as follows at November 9, 2021 and December 31, 2021:


	Private Placement Warrants
	~~November~~December 931,			December 31,
Input	~~2021~~2022			2021
Ordinary share price	$	910.4934		$	9.86
Exercise price	$	11.50		$	11.50
Risk-free rate of interest		13.2798	%		1.33	%
Volatility		170.0323	%		10.79	%
Term		65.0032			5.85
Warrant to buy one share	$	1.~~0303~~3440		$	0.6148
Dividend yield		0.00	%		0.00	%

The risk-free interest rate assumption was based on the linearly interpolated Treasury Constant Maturity Rate Curve between five and seven year rates, which was commensurate with the contractual term of the Warrants, which expire on the earlier of (i) six years after the completion of the initial business combination and (ii) upon redemption or liquidation. An increase in the risk-free interest rate, in isolation, would result in an increase in the fair value measurement of the warrant liabilities and vice versa.

Table of Contents

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. ~~Other~~Based ~~than~~upon asthis ~~described in these financial statements~~review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements, other than asthe ~~noted~~ below.

~~The~~On ~~Company~~January ~~paid~~6, ~~down~~2023, the ~~outstanding~~underwriter ~~promissory~~agreed ~~note~~to ~~balance~~waive any entitlement to the deferred underwriting fee payable due upon the consummation of ~~$16,790~~the oninitial ~~February~~Business ~~11,~~Combination ~~2022.~~and ~~All~~further ~~amounts~~agreed ~~outstanding~~to ~~have~~waive ~~been~~any ~~repaid~~claim ~~through~~it may have in the ~~date~~future ~~that~~to the ~~financial~~Trust ~~statements~~Account ~~were~~or ~~issued~~any monies or other assets therein.

8385

Filing Compare · 7 Acquisition Corp