UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

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

For the quarterly period ended ~~September~~March 3031, ~~2022~~2023

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

For the transition period from

BLACK SPADE ACQUISITION CO

(Exact name of registrant as specified in its charter)


Cayman Islands	001-40616	N/A
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

Suite 2902, 29/F, The Centrium 60 Wyndham Street, Central Hong Kong		N/A
(Address of principal executive offices)		(Zip Code)

+852 3955 1316

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A ordinary shares, par value $0.0001 per share	BSAQ	The New York Stock Exchange
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50	BSAQWS	The New York Stock Exchange
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant	BSAQU	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule

12b-2

of the Exchange Act). (Check one):

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 is a shell company (as defined in Rule

12b-2

of the Exchange Act). Yes ☒ No ☐

As of

~~Yes~~ May 15

, 2023, 16,900,000 Class A ordinary shares, par value $0.0001, and 4,225,000 Class B ordinary shares, par value $0.0001, were issued and outstanding.

November 9

BLACK SPADE ACQUISITION CO

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

	Page
PART I – FINANCIAL INFORMATION		1
Item 1. Financial Statements		1
Condensed Balance Sheets		1
Condensed Statements of Operations		2
Condensed Statements of Changes in Shareholders’ Deficit		3
Condensed Statements of Cash Flows		4
Notes to the Condensed Financial Statements		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		1719
Item 3. Quantitative and Qualitative Disclosures About Market Risk		2224
Item 4. Controls and Procedures		2224
PART II – OTHER INFORMATION		2326
Item 1. Legal Proceedings		2326
Item 1A. Risk Factors		2326
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities		2426
Item 3. Defaults Upon Senior Securities		2426
Item 4. Mine Safety Disclosures		2426
Item 5. Other Information		2426
Item 6. Exhibits		2526
SIGNATURES		2627

PART I - FINANCIAL INFORMATION

Item 1. Condensed Financial Statements

BLACK SPADE ACQUISITION CO

CONDENSED BALANCE SHEETS

	September 30,			December 31,
	March 31, 2023 (unaudited)			December 31, 2022
	2022			2021
	(unaudited)
ASSETS
Current Assets:
Current assets:
Cash	$	73285,~~882~~384		$	127,~~569,803~~316
Prepaid expenses		22207,~~023~~291			~~294~~265,~~062~~315
Total Current Assets		95,905			1,863,865
Total current assets		492,675			292,631
Investments held in the Trust Account		170,013,217			169,006,966
Investments held in Trust		173,261,960			171,442,865
Total Assets	$	~~170~~173,~~109~~754,~~122~~635		$	~~170~~171,~~870~~735,~~831~~496
LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses	$	2,~~579~~736,~~531~~979		$	12,~~458~~604,~~309~~593
Due to related party		1,594			27,250
Note payable - sponsor		130,120			35,152
Total Current Liabilities		2,581,125			1,485,559
Due to related party		16,643			446
Derivative warrant liabilities		1,705,450			13,050,400
Total current liabilities		2,883,742			2,640,191
Deferred underwriting commission		5,915,000			5,915,000
Derivative warrant liabilities		1,483,000			741,500
Total liabilities		10,201,575			20,450,959
Deferred underwriting compensation		5,915,000			5,915,000
Total Liabilities		10,281,742			9,296,691
COMMITMENTS AND CONTINGENCIES
Class A ordinary shares subject to possible redemption; 16,900,000 shares (at redemption value)		170,013,217			169,000,000
Temporary Equity:
Class A ordinary shares subject to possible redemption; 16,900,000 shares (at redemption value)		173,261,960			171,442,865
Shareholders’ deficit:
Preferred stock, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding		—			—
Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized, none issued and outstanding		—			—
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding (excluding 16,900,000 shares subject to possible redemption)		—			—
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 4,225,000 shares issued and outstanding		422			422
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 4,225,000 shares issued and outstanding		422			422
Additional paid-in capital		—			—
Accumulated deficit		(109,~~106~~789,~~092~~489	)		(189,~~580~~004,~~550~~482	)
Total Shareholders’ Deficit		(10,105,670	)		(18,580,128	)
Total Shareholders’ deficit		(9,789,067	)		(9,004,060	)
Total Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit	$	~~170~~173,~~109~~754,~~122~~635		$	~~170~~171,~~870~~735,~~831~~496

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

BLACK SPADE ACQUISITION CO

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months EndedSeptember 30,						For the NineMonths EndedSeptember 30,		For the PeriodMarch 3, 2021(Inception)ThroughSeptember 30,
	For the Three Months Ended March 31, 2023			For the Three Months Ended March 31, 2022
	2022			2021			2022		2021
EXPENSES
EXPENSES
Administration fee – related party	$	30,000		$	30,000
Administration fee - related party	$	30,000		$	25,000		$	90,000	$	25,000
General and administrative		468,539			2,259,869
General and administrative		295,500			6,004,974			2,773,526		6,027,369
TOTAL EXPENSES		498,539			2,289,869
TOTAL EXPENSES		325,500			6,029,974			2,863,526		6,052,369
OTHER INCOME
OTHER INCOME
Income earned on investments held in Trust Account		1,819,095			15,217
Income earned on Investments held in Trust Account		762,820			1,665			1,006,251		1,665
Change in fair value of note payable - sponsor		455,032			—
Transaction costs allocable to derivative warrant liabilities		—			(735,630	)		—		(735,630	)
Change in fair value of derivative warrant liabilities		(741,500	)		9,897,542
Change in fair value of derivative warrant liabilities		68,218			10,138,000			11,344,950		10,138,000
TOTAL OTHER INCOME		1,532,627			9,912,759
TOTAL OTHER INCOME - NET		831,038			9,404,035			12,351,201		9,404,035
Net income/(loss)		1,034,088			7,622,890
Net income		505,538			3,374,061		$	9,487,675	$	3,351,666
Basic and diluted average shares outstanding, redeemable Class A ordinary shares		16,900,000			16,900,000
Basic and diluted weighted average shares outstanding, redeemable Class A Ordinary Shares		16,900,000			12,936,957			16,900,000		5,640,758
Basic and diluted net income per share of redeemable Class A ordinary shares	$	0.05		$	0.36
Basic and diluted net income per share of redeemable Class A Ordinary Shares	$	0.02		$	0.20		$	0.45	$	0.34
Weighted average number of shares of non-redeemable ordinary shares outstanding, basic and diluted		4,225,000			4,225,000
Weighted average number of shares of non-redeemable ordinary shares outstanding, basic and diluted		4,225,000			4,257,337			4,225,000		4,288,448
Basic and diluted net income per share of non-redeemable ordinary shares	$	0.05		$	0.36
Basic and diluted net income per share of non-redeemable ordinary shares	$	0.02		$	0.20		$	0.45	$	0.34

The accompanying notes are an integral part of these unaudited condensed financial statements

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BLACK SPADE ACQUISITION CO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

(~~UNAUDITED~~UNAUIDTED)

~~FOR~~For ~~THE~~the ~~NINE~~Three ~~MONTHS~~Months ~~ENDED~~Ended ~~SEPTEMBER~~March 3031, ~~2022~~2023

	Class B Ordinary Shares				Additional Paid-In Capital		Accumulated Deficit			Shareholders’ Deficit
	Class B Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance as of January 1, 2022		4,225,000	$	422	$	—	$	(18,580,550	)	$	(18,580,128	)
Balance, December 31, 2022		4,225,000	$	422	$	—	$	(9,004,482	)	$	(9,004,060	)
Measurement adjustment of carrying value to redemption value		—		—		—		(221,~~183~~819,095	)		(221,~~183~~819,095	)
Net income		—		—		—		71,~~622~~034,~~890~~088			71,~~622~~034,~~890~~088
Balance as of March 31, 2022		4,225,000		422		—		(10,979,843	)		(10,979,421	)
Balance, March 31, 2023		4,255,000	$	422	$	—	$	(9,789,489	)	$	(9,789,067	)
Measurement adjustment of carrying value to redemption value		—		—		—		(228,214	)		(228,214	)
Net income		—		—		—		1,359,247			1,359,247
Balance as of June 30, 2022		4,225,000	$	422	$	—	$	(9,848,810	)	$	(9,848,388	)
Measurement adjustment of carrying value to redemption value		—		—		—		(762,820	)		(762,820	)
Net income		—		—		—		505,538			505,538
Balance as of September 30, 2022		4,225,000	$	422	$	—	$	(10,106,092	)	$	(10,105,670	)

~~FOR~~For ~~THE~~the ~~PERIOD~~Three ~~MARCH 3,~~Months ~~2021~~Ended ~~(INCEPTION) THROUGH SEPTEMBER~~March 3031, ~~2021~~ 2022

	Class B Ordinary Shares						Additional Paid-In Capital			Accumulated Deficit			Shareholders’ Deficit
	Class B Common Stock						Additional Paid-in			RetainedEarnings Accumulated			Total Stockholders’
	Shares			Amount			Capital			Deficit			Deficit
Balance as of March 3, 2021 (inception)		—		$	—		$	—		$	—		$	—
Balance, December 31, 2021		4,225,000		$	422		$	—		$	(18,580,550	)	$	(18,580,128	)
Issuance of Class B shares to Sponsor		4,312,500			431			24,569			—			25,000
Measurement adjustment of carrying value to redemption value		—			—			—			(22,183	)		(22,183	)
Net loss		—			—			—			(13,153	)		(13,153	)
Net income		—			—			—			7,622,890			7,622,890
Balance as of March 31, 2021		4,312,500			431			24,569			(13,153	)		11,847
Balance, March 31, 2022		4,225,000		$	422		$	—		$	(10,979,843	)	$	(10,979,421	)
Net loss		—			—			—			(9,242	)		(9,242	)
Balance as of June 30, 2021		4,312,500		$	431		$	24,569		$	(22,395	)	$	2,605
Forfeiture of Class B Ordinary Shares		(87,500	)		(9	)		9			—			—
Class B Ordinary Shares transferred from Sponsor for services		—			—			5,761,500			—			5,761,500
Redemption adjustment of Class A ordinary shares to redemption value		—			—			(5,786,078	)		(15,457,900	)		(21,243,978	)
Net income		—			—			—			3,374,061			3,374,061
Balance as of September 30, 2021		4,225,000		$	422		$	24,569		$	(12,106,234	)	$	(12,105,812	)

The accompanying notes are an integral part of these unaudited condensed financial statements

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BLACK SPADE ACQUISITION

~~BLACK SPADE ACQUISITION~~ CO

STATEMENTS OF

~~CONDENSED STATEMENTS OF~~ CASH ~~FLOWS~~

FLOWS

(UNAUDITED)

	For the NineMonthsEndedSeptember 30,2022			For the PeriodFrom March 3,2021 (Inception)ThroughSeptember 30,2021
	For the Three Months Ended March 31, 2023			For the Three Months Ended March 31, 2022
Cash Flows From Operating Activities:
Net income	$	91,~~487~~034,~~675~~088		$	37,~~351~~622,~~666~~890
Adjustments to reconcile net income to net cash used in operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Investment income earned on treasury securities held in the Trust Account		(1,~~006~~819,~~251~~095	)		(115,~~665~~217	)
Costs associated with warrant liabilities		—			735,630
Loss (Gain) on change in fair value of derivative liabilities		741,500			(9,897,542	)
Gain on change in fair value of derivative liabilities		(11,344,950	)		(10,138,000	)
Gain on change in fair value of note payable - Sponsor		(455,032	)		—
Share-based compensation		—			5,761,500
Changes in operating assets and liabilities:
Prepaid expenses		~~272~~58,~~039~~024			~~(404~~127,~~384~~700	)
Accounts payable and accrued expenses		1132,~~121,222~~386			911,~~309~~234,852
Net Cash Used In Operating Activities		(1308,~~470,265~~129	)		(~~603~~927,~~944~~317	)
Cash Flows From Investing Activities:
Repayment of related party advances		—			(27,250	)
Cash deposited into the Trust Account		—			(169,000,000	)
Proceeds from note payable - Sponsor		550,000
Net Cash Used In Financing Activities		—			(169,000,000	)
Proceeds from related party advances		16,197			—
Cash Flows From Financing Activities:
Net Cash Provided by (Used in) Financing Activities		566,197			(27,250	)
Sale of Units in the Initial Public Offering, net of underwriting discount		—			165,620,000
Net change in cash		258,068			(954,567	)
Sale of Private Placement Warrants to the Sponsor		—			6,380,000
Cash at beginning of year		27,316			1,569,803
Proceeds from related party advances		1,594			—
Cash at end of year	$	285,384		$	615,236
Repayment of related party advances		(27,250	)		—
Payment of offering costs		—			(660,108	)
Net Cash (Used In) From Financing Activities		(25,656	)		171,339,892
Net change in cash		(1,495,921	)
Cash at beginning of year		1,569,803			—
Cash at end of year	$	73,882		$	1,735,948
Supplemental disclosure of non-cash financing activities:
Deferred offering costs paid by Sponsor in exchange for Class B ordinary shares	$	—		$	25,000
Measurement adjustment of carrying value to redemption value	$	1,819,095		$	22,183
Deferred offering costs paid by Sponsor	$	—		$	20,600
Measurement adjustment of carrying value to redemption value	$	1,013,217		$	—
Deferred underwriting compensation charged to additional paid-in capital in connection with the Initial Public Offering	$	—		$	5,915,000

The accompanying notes are an integral part of these unaudited condensed financial statements

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BLACK SPADE ACQUISITION CO

NOTES TO THE ~~CONDENSED~~ FINANCIAL STATEMENTS

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND GOING CONCERN

Black Spade Acquisition Co (the “Company”) was incorporated in the Cayman Islands on March 3, 2021. The Company was formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination” or “Initial Business Combination”). The Company is not limited to a particular industry or sector 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.

As of March 31, 2023, the Company had not commenced any operations. All activity for the period from March 3, 2021 (inception) through March 31, 2023 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate

non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

Sponsor and Initial Public Offering

The registration statement for the Company’s Initial Public Offering was declared effective on July 15, 2021. On July 20, 2021, the Company consummated the Initial Public Offering of 15,000,000 units (“Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares” and, with respect to the warrants included in the Units being offered, the “Public Warrants”), generating gross proceeds of $150,000,000, which is described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an aggregate of 6,000,000 (the “Private Placement Warrants”) to Black Spade Sponsor LLC (the “Sponsor”) at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company in the amount of $6,000,000.

On August 3, 2021, the underwriters purchased an additional 1,900,000 Option Units pursuant to the partial exercise of the over-allotment option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $19,000,000. Also, in connection with the partial exercise of the over-allotment option, the Sponsor purchased an additional 380,000 Option Private Placement Warrants at a purchase price of $1.00 per warrant.

Trust Account

Following the closing of the Initial Public Offering on July 20, 2021 and the partial exercise of the underwriters’ over-allotment, an amount of $169,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a trust account (“Trust Account”) which will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (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 consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below.

The Company’s amended and restated memorandum and articles of association will provide that, other than the withdrawal of interest to pay our tax obligations (the “Permitted Withdrawals”), and up to $100,000 of interest to pay dissolution expenses none of the funds held in the Trust Account will be released until the earliest of: (i) the completion of the Initial Business Combination; (ii) the redemption of our Public Shares sold in the Initial Public Offering that have been properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to affect the substance or timing of its obligation to redeem 100%

~~24-month~~of such Public Shares if it has not consummated an Initial Business Combination within

months from the closing of this offering; or (iii) the redemption of

100%

of the Public Shares if the Company is unable to complete an Initial Business Combination within the

month period. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

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Initial Business Combination

While the Company’s management has broad discretion with respect to the specific application of the cash held outside of the Trust Account, substantially all of the net proceeds from the Initial Public Offering and the sale of the Private Placement Warrants, which are placed in the Trust Account, are intended to be applied generally toward completing a Business Combination. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions on the Trust Account). The Company will only complete a Business Combination if the post- transaction 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 it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Upon the closing of the Initial Public Offering, management has agreed that an amount equal to at least $10.00 per Unit sold in the Initial Public Offering, including proceeds of the Private Placement Warrants, will be held in a Trust Account, located in the United States and invested only 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 certain 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 distribution of the funds held in the Trust Account, as described below.

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 either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company.

The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. This ordinary share will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

amount to be distributed to shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. This ordinary share will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to the Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the outstanding shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. 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 second amended and restated memorandum and articles of association (the “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 has 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 Shareholder 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.

The Sponsor has agreed (a) to waive its redemption rights with respect to the Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a 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 (ii) with respect to any other provision relating to shareholders’ rights or

pre-business

combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

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If the Company has not completed a Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman 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.

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 pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman 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.

The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

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 (other than the Company’s independent registered public accounting firm) 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 (i) $10.00 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any 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 underwriters of the Initial 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 for the Company’s independent registered 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.

Going Concern and Management’s Plan

At March 31, 2023, the Company had cash of $285,384 and working capital deficit of $2,391,067. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial business combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial business combination target. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)

2014-15,

“

~~Disclosu~~Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”

the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a Business Combination.

rWhile the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. Additionally, management has determined that the Combination Period (July 20, 2023) is less than one year from the date of the issuance of the financial statements. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period.

Uncertainties

about

Entity

’

Ability

Continue

Going

Concern,

”

While the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period.

Risks and Uncertainties

Management is currently evaluating the impact of the

COVID-19

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

Additionally, as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable.

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NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC.

Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of December 31, 2022 filed with the SEC on

Form 10-K.

In the opinion of the Company’s management, these condensed financial statements include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the Company’s financial position as of March 31, 2023 and the Company’s results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging

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

Use of Estimates

The preparation of financial statements in conformity with US 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. For the period of ~~this~~these financial statements, the management exercised a significant judgment in estimating the fair value of its warrant liabilities and convertible promissory note. The actual results could differ significantly from those estimates including the estimate of the fair value of its warrant liabilities, ~~and~~ founder shares to the Company’s directors, officers, advisory committee members and certain employees of Sponsor’s affiliates, and fair value of its convertible promissory note.

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 had $73285,~~882~~384 and $127,~~569,803~~316 in cash, outside of the funds held in the Trust Account, as of ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, respectively. The Company did not have any cash equivalents as of ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022.

Investment held in Trust Account

At September 30, 2022 and December 31, 2021, the Company had $170.0 million and $169.0 million in investments held in the Trust Account, respectively. At September 30, 2022 and December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in Investment income from the Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.

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Investment held in Trust Account

At March 31, 2023 and December 31, 2022, the Company had $173.3 million and $171.4 million in investments held in the Trust Account, respectively. At March 31, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in Investment income from the Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.

Offering Costs associated with a Public Offering

The Company complies with the requirements of the Financial Accounting Standards Board ASC

340-10-S99-1

and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “

Expenses of Offering

.” Offering costs of $770,108 consist principally of costs incurred in connection with formation of the Company and preparation for the Public Offering. These costs, together with the underwriter discount of $8,250,000, were charged to additional

paid-in

capital upon completion of the Initial Public Offering. Of these costs, $735,630 of which was allocated to the Public Warrants and the Private Placement Warrants, were expensed as incurred.

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 Topic 480.

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 the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature contains certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are classified as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Accordingly, as of ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, 16,900,000 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

At ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, the shares of Class A ordinary shares reflected in the balance sheet is reconciled in the following table:

Gross proceeds	$	169,000,000
Description
Less:
Class A common stock subject to possible redemption at December 31, 2022	$	171,442,865
Proceeds allocated to the Public Warrants		(11,914,500	)
Measurement adjustment of carrying value to redemption value		1,819,095
Shares of Class A ordinary share issuance costs		(9,329,478	)
Class A common stock subject to possible redemption at March 31, 2023	$	173,261,960
		(21,243,978	)
Plus:
Measurement adjustment of carrying value to redemption value		21,243,978
Class A Ordinary Shares subject to possible redemption at December 31, 2021	$	169,000,000
Measurement adjustment of carrying value to redemption value		1,013,217
Class A Ordinary Shares subject to possible redemption at September 30, 2022	$	170,013,217

Net income per share

Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. The Company applies the

two-class

method in calculating earnings per share. Ordinary shares subject to possible redemption at March 31, 2023, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net income per common share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the (i) Public Offering, (ii) exercise of over-allotment and (iii) Private Placement, since their inclusion would be anti-dilutive under the

two-class

method. As a result, diluted earnings per ordinary share is the same as basic earnings per ordinary share for the periods presented. The warrants are exercisable to purchase 14,830,000 Class A ordinary shares in the aggregate.

The Company’s statement of operations includes a presentation of income per Class A ordinary share subject to possible redemption in a manner similar to the

two-class

method of income per ordinary share. Net income per ordinary share, basic and diluted, for redeemable Class A ordinary share is calculated by dividing the interest income by the weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income per ordinary share, basic and diluted, for

non-redeemable

Class B ordinary share is calculated by dividing the net income, adjusted for loss attributable to redeemable Class A ordinary shares, by the weighted average number of

non-redeemable

Class B ordinary shares outstanding for the periods.

Non-redeemable

Class B ordinary shares include the Founder Shares as these ordinary shares do not have any redemption features and do not participate in the income earned on the Trust Account.

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

	Three months Ended September 30, 2022		Three months ended September 30, 2021
	Three months ended March 31, 2023		Three months ended March 31, 2022
Class A Ordinary shares
Class A Redeemable ordinary shares
Numerator: Income allocable to Class A ordinary shares	$	404,430	$	2,538,638
Numerator: Income (loss) allocable to Class A ordinary shares	$	827,270	$	6,098,312
Denominator: Basic and diluted weighted average shares outstanding		16,900,000		1216,~~936~~900,~~957~~000
Basic and diluted net income per share, Class A ordinary shares	$	0.02	$	0.20
Basic and diluted net income (loss) per share, Class A ordinary shares	$	0.05	$	0.36
Class B Ordinary shares
Class B Non-redeemable ordinary shares
Numerator: Income allocable to Class B ordinary shares	$	101,108	$	835,423
Numerator: Income (loss) allocable to Class B ordinary shares	$	206,818	$	1,524,578
Denominator: Basic and diluted weighted average shares outstanding		4,225,000		4,~~257~~225,~~337~~000
Basic and diluted net income per share, Class B ordinary shares	$	0.02	$	0.20
Basic and diluted net income (loss) per share, Class B ordinary shares	$	0.05	$	0.36

	Nine months Ended September 30, 2022		For the Period from March 5, 2021 (inception) through September 30, 2021
Class A Redeemable common stock
Numerator: Income allocable to Class A common stock	$	7,590,140	$	1,904,073
Denominator: Basic and diluted weighted average shares outstanding		16,900,000		5,640,758
Basic and diluted net income per share, Class A Common Stock	$	0.45	$	0.34
Class B Non-redeemable common stock
Numerator: Income allocable to Class B common stock	$	1,897,535	$	1,447,593
Denominator: Basic and diluted weighted average shares outstanding		4,225,000		4,288,448
Basic and diluted net income per share, Class B Common Stock	$	0.45	$	0.34

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 has not experienced losses on this account.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “

Income Taxes

.” 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.

10ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. 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 March 31, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

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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’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. 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 September 30, 2022 and December 31, 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.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “

Fair Value Measurement

,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

The carrying value of the Company’s financial instruments including its cash and accrued liabilities approximate their fair values principally because of their short-term nature. The Company’s convertible promissory note and derivative warrants are measured at fair value according to ASC 820 as discussed below. The Public Warrants and Private Warrants are classified as Level 1 and 2 on the fair value hierarchy, respectively.

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Convertible Promissory Note

The Company accounts for their convertible promissory note under ASC 815, “

Derivatives and Hedging”

(“ASC 815”). Under ASC

815-15-25,

the election can be at the inception of a financial instrument to account for the instrument under the fair value option under ASC 820. The Company has made such election for their convertible promissory note. Using the fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the notes are recognized as a

non-cash

gain or loss on the statements of operations.

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

.” The Company’s derivative instruments are recorded at fair value as of the closing date of the Initial Public Offering (July 20, 2021) and

re-valued

at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on 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. The Company has determined the Public Warrants and the Private Placement Warrants are a derivative instrument. As the Public Warrants and the Private Placement Warrants meet the definition of a derivative, the Public Warrants and the Private Placement Warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the statement of operations in the period of change.

Warrant Instruments

Derivatives and Hedging

” whereby under that provision the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at fair value and adjust the instrument to fair value at each reporting period. This liability will be

re-measured

at each balance sheet date until the Public Warrants and the Private Placement Warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The Public Warrants are valued based on quoted market prices and Private Placement Warrants are valued based on the Public Warrants price as there is the make whole provision in warrant agreement. Such warrant classification is also subject to

re-evaluation

at each reporting period.

Recent Accounting Standards

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

2020-06,

470-20)

815-40)

2020-06

if-converted

2020-06

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NOTE 3 — INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 15,000,000 Units at a purchase price of $10.00 per Unit generating gross proceeds to the Company in the amount of $150,000,000. Each Unit consists of one share of the Company’s Class A ordinary shares, 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 whole Warrant entitling the holder thereof to purchase one whole share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment.

NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an aggregate of 6,000,000 warrants (the “Initial Private Placement Warrants”) to the Sponsor and at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company in the amount of $6,000,000.

A portion of the proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering 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 Units 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 Units will be worthless.

The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Shares until 30 days after the completion of the initial Business Combination.

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Also, in connection with the partial exercise of the over-allotment option on August 3, 2021, the Sponsor purchased an additional 380,000 private placement warrants at a purchase price of $1.00 per warrant (the “Option Private Placement Warrants”, together with the Initial Private Placement Warrants, the “Private Placement Warrants”).

NOTE 5 — RELATED PARTIES

Founder Shares

During the period ended March 4, 2021, the Sponsor purchased 5,750,000 of the Company’s Class B ordinary shares (the “Founder Shares”) in exchange for a capital contribution of $25,000 that was paid by the Sponsor for deferred offering costs. On June 28, 2021, the Sponsor surrendered and forfeited 1,437,500 founder shares for no consideration, following which the Sponsor holds 4,312,500 founder shares. All share amounts have been retroactively restated to reflect this surrender. The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will equal, on an

as-converted

basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering.

The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary share 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 a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Promissory Note — Related Party

On February 25, 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $250,000. The Promissory Note is

non-interest

bearing and payable on the earlier of (i)

December 31, 2021 or (ii) the consummation of the Initial Public Offering.

As of March 31, 2023 and December 31, 2022, there were no amounts outstanding under the Promissory Note.

Due to Related Party

In order to finance certain transaction costs in connection the Initial Public Offering and operating costs, the Sponsor paid certain offering and operating costs on behalf of the Company totaling $100,547 and also advanced the Company $61,496. These amounts are due on demand and

In order to finance certain transaction costs in connection the Initial Public Offering and operating costs, the Sponsor paid certain offering and operating costs on behalf of the Company totaling

non-interest

bearing. As of March 31, 2023 and December 31, 2022, there was $16,643 and $446, respectively, due to the related party.

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Administrative Services Agreement

Commencing on the date the Units are first listed on NYSE, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three ~~and nine~~ months ended ~~September~~March 3031, 2023 and 2022, the Company recorded $30,000 ~~and $90,000~~ of fees pursuant to the agreement~~, respectively~~. As of ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, $~~145~~205,000 and $55175,000 were outstanding and is included in accounts payable and accrued expenses on the ~~condensed~~ balance sheets.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. ~~As of September 30, 2022 and December 31, 2021, there were no amounts outstanding under the Working Capital Loans.~~

On October 25, 2022, the Sponsor advanced $600,000 to the Company under the Working Capital Loan. On February 3, 2023, the Sponsor advanced $550,000 to the Company under the Working Capital Loan. As of March 31, 2023 and December 31, 2022, there was $1,150,000 and $600,000 outstanding under the Working Capital Loans, respectively, and are included in note payable – Sponsor on the accompanying balance sheets.

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Management determined that there was an embedded conversion feature related to the note that would require fair value treatment under ASC

815-15-25

and the note should be measured at fair value at issuance and at each reporting date. At March 31, 2023, the fair value of the note was $130,120, which resulted in a change in fair value of the note of $455,032 for the three months ended March 31, 2023, respectively, which is reflected on the statement of operations.

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration 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 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. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their

lock-up

restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a

45-day

option from the date of the prospectus in connection with the Initial Public Offering to purchase up to 2,250,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.

The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $3,000,000 in the aggregate (or $3,450,000 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable upon the closing of the Initial Public Offering. In addition, the underwriters are entitled to a deferred fee of $0.35 per Unit, or $5,250,000 in the aggregate (or $6,037,500 in the aggregate if the underwriters’ over-allotment option is exercised in full). The deferred fee will become 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.

On August 3, 2021, the underwriters purchased an additional 1,900,000 Units (the “Option Units”) pursuant to the partial exercise of the over-allotment option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $19,000,000. Upon closing of the partial exercise, the Company paid the underwriters an additional fee of $380,000 and record an additional deferred fee of $665,000.

~~NOTE~~On 7December —20, ~~SHAREHOLDER’S~~2022, ~~EQUITY~~the Company entered into an engagement agreement with a third party (“Placement Agent”) for services as financial advisor and placement agent for the Company in connection with a proposed private placement of equity or equity-linked, preferred, debt or debt-like, securities (the “Previous Transaction”) as part of the contemplated business combination between the Company and certain target company (the “Previous Business Combination”). The Placement Agent shall be entitled to receive a nonrefundable cash fee equal to $1,500,000, at the later of the closing of the Previous Transaction and the Previous Business Combination. The Placement Agent shall also be entitled to receive an additional nonrefundable cash fee equal to (i) 2% of the gross proceeds of the total Securities that are debt or debt-like securities sold in the Previous Transaction, and (ii) 4% of the gross proceeds of the total Securities that are not debt or debt-like securities sold in the Previous Transaction, in each case secured primarily by the efforts of the Placement Agent. If the Previous Business Combination is not consummated, no fee shall be payable to the Placement Agent. The Company has decided not to proceed further on the Previous Transaction and the Previous Business Combination.

~~Preference~~On ~~Shares~~April —27, ~~The~~2023, the Company isentered ~~authorized~~into another engagement agreement with the Placement Agent for services as financial advisor to ~~issue~~the ~~2,000,000~~Company ~~preference~~in ~~shares~~the Business Combination (as defined below) with VinFast as the target company and placement agent for the Company in connection with a ~~par~~proposed ~~value~~private placement of ~~$0.0001~~equity ~~per~~or ~~share~~equity-linked, ~~with~~preferred, ~~such~~debt ~~designations~~or debt-like, ~~voting~~securities ~~and~~of ~~other~~the ~~rights~~target ~~and~~company ~~preferences~~(the as“Placement”). ~~may~~The Placement Agent shall be ~~determined~~entitled ~~from~~to ~~time~~receive a nonrefundable cash fee equal to ~~time~~$1,500,000, byat the ~~Company’s~~later ~~board~~of the closing of ~~directors~~the Placement and the Business Combination. AsThe Placement Agent shall also be entitled to receive an additional nonrefundable cash fee equal to (i) 2% of ~~September 30,~~the ~~2022~~gross proceeds of the total Securities that are debt or debt-like securities sold in the Placement and ~~December 31,~~(ii) ~~2021,~~4% ~~there~~of ~~were~~the nogross ~~preference~~proceeds ~~shares~~of ~~issued~~the total Securities that are not debt or ~~outstanding~~debt-like securities sold in the Placement in each case secured primarily by the efforts of the Placement Agent. If the Business Combination is not consummated, no fee shall be payable to the Placement Agent.

Class A Ordinary Shares — The Company is authorized to issue 200,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of September 30, 2022 and December 31, 2021, 16,900,000 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.

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~~Class B~~Business ~~Ordinary~~Combination Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of September 30, 2022 and December 31, 2021, there were 4,225,000 Class B ordinary shares issued and outstanding. Agreement

On May 12, 2023, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) with VinFast Auto Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore, (“VinFast”) and Nuevo Tech Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a direct wholly-owned subsidiary of VinFast (“Merger Sub”), pursuant to which, among other transactions, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company (“Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of VinFast.

NOTE 7 — SHAREHOLDERS’ DEFICIT

Preference Shares — The Company is authorized to issue 2,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2023 and December 31, 2022, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue 200,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of March 31, 2023 and December 31, 2022, 16,900,000 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.

Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of March 31, 2023 and December 31, 2022, there were 4,225,000 Class B ordinary shares issued and outstanding.

Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. 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 our shareholders except as otherwise required by law. In connection with our initial business combination, the Company may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of this offering.

The Class

B ordinary shares will automatically convert into Class A ordinary shares at the time of or immediately following 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 issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which of Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the then-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 Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of Class A ordinary shares redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller of an interest in the target to us in a Business Combination.

NOTE 8 — WARRANTS

Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company 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 residence of the exercising holder, or an exemption from registration is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies 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 will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 14

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e Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies 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 will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of Warrants When the Price per Class A Ordinary Shares Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per Public Warrant;

•

upon a minimum of 30 days’ prior written notice of redemption, or the

30-day

redemption period to each warrant holder; and

•

if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganization, recapitalizations and the like) 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 warrant holders.

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

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 —

14Once the warrants become exercisable, the

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Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 — Once the warrants become exercisable, the

Company may redeem the outstanding warrants:

•

in whole and not in part;

•

at a price of $0.10 per warrant provided that the holder will be able to exercise their warrants on cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary share;

•

upon a minimum of 30 days’ prior written notice of redemption;

•

at a price equal to a number of shares of Class A Common Stock to be determined by reference to the agreed table (i.e., “make-whole table”) set forth in the warrant agreement based on the redemption date and the “fair market value” of the Class A Common Stock;

•

if, and only if, the last reported sale price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted per share subdivisions, share dividends, reorganizations, recapitalizations and the like) on the trading day before the Company sends the notice of redemption to the warrant holders; and

•

if, and only if, the private placement warrants are also concurrently exchanged at the same price (equal to a number of Class A ordinary shares) as the outstanding public warrants, as described above.

If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” in accordance with Section 3(a)(9) of the Securities Act. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

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The P

rivate Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, 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 a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be

non-redeemable,

except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company accounts for the 14,830,000 warrants as derivative securities 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.

The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the Public Offering. Accordingly, the Company has classified each warrant as a liability at its fair value and the warrants were allocated so that a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation. This liability is subject to

re-measurement

at each balance sheets 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 statements of operations. The Company will reassess the classification at each balance sheets 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 9 — FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are

re-measured

and reported at fair value at each reporting period, and

non-financial

assets and liabilities that are

re-measured

and reported at fair value at least annually. 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:

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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 presents information about the Company’s assets and liabilities that are measured at fair value at ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description:	Level		~~September~~March 3031, ~~2022~~2023		Level		December 31, ~~2021~~2022
Assets:
Investments held in Trust Account		1	$	~~170~~173,~~013~~261,~~217~~960		1	$	~~169~~171,~~006~~442,~~966~~865
Liabilities:
Warrant liability - Private Placement Warrants		2	$	733,700		2	$	5,614,400
Note payable - Sponsor		3	$	130,120		3	$	35,152
Warrant liability - Public Warrants		1	$	971,750		1	$	7,436,000
Warrant liability - Private Placement Warrants		2	$	638,000		2	$	319,000
Warrant liability - Public Warrants		1	$	845,000		1	$	422,500

The Sponsor note payable, Public Warrants and the Private Placement Warrants were accounted for as liabilities in accordance with ASC

815-40

and are presented within liabilities on the balance sheet. The note payable and the warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of note payable and change in fair value of warrant liabilities in the statements of operations, respectively.

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Upon initial issuance, the Company used a Monte Carlo simulation model to value the Sponsor note payable. The Sponsor note payable was within Level 3 of the fair value hierarchy at the initial measurement dates due to the use of unobservable inputs. The key inputs into the discount model as of March 31, 2023 and December 31, 2022 for the Sponsor note payable were as follows:

Schedule of Fair Value of Assets and Liabilities Valuation Techniques and Measurement Inputs


	March 31, 2023			December 31, 2022
Volatility		5.0	%		5.0	%
Risk-free interest rate		3.59-4.94	%		3.98-4.76	%
Expected life of convertible promissory note		0.5-5.5 years			0.55 - 5.55 years
Dividend yield		0	%		0	%
Probability of business combination		10.0	%		5.0	%

Upon initial issuance, the Company used a Monte Carlo simulation model to value the Public Warrants and a modified Black-Scholes model to value the Private Placement Warrants. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one share of Class A ordinary shares and

one-half

of one Public Warrant), (ii) the sale of Private 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 (permanent equity) based on their relative fair values at the initial measurement date. The Public Warrants and the Private Placement Warrants were classified within Level 3 of the fair value hierarchy at the initial measurement dates due to the use of unobservable inputs. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 measurement during the period March 3, 2021 (inception) through December 31, 2021. In addition, the Private Warrants transferred from a Level 3 measurement to a Level 2 measurement during the period March 3, 2021 (inception) through December 31, 2021.

The Warrants are measured at fair value on a recurring basis. The Public Warrants were initially valued using a Modified Monte Carlo Simulation. As of ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, the Public Warrants were valued using the instrument’s publicly listed trading price as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market. At initial measurement, the Private Placement Warrants were valued using a Modified Black-Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of our common stock. The expected volatility of the Company’s common stock was determined based on the implied volatility of the Public Warrants.

As of March 31, 2023 and December 31, 2022, the derivative liability related to the note payable was $130,120 and $35,152, respectively. In addition, for the three months ended March 31, 2023, the Company recorded $455,032 as an unrealized gain on the change in fair value of the Sponsor note payable in the statements of

As of September 30, 2022 and December 31, 2021, the derivative liability was $1,705,450 and $13,050,400, respectively. In addition, for the nine months ended September 30, 2022, the Company recorded $11,344,950 as an unrealized gain on the change in fair value of the derivative warrants in the condensed statements of operations ~~($4,880,700 for Private Warrants and $6,464,250 for the Public Warrants, respectively)~~. For the three months ended September 30, 2021 and the for the period March 3, 2021 (inception) through September 30, 2021, the Company recorded $10,138,000 as a unrealized gain on the change in fair value of the derivative warrants in the condensed statements of operations.

As of March

023 and December 31, 2022, the derivative liability related to the warrants was $1,483,000 and $741,500, respectively. In addition, for the three months ended March 31, 2023, the Company recorded $741,500 as an unrealized loss on the change in fair value of the derivative warrants in the statements of operations ($319,000 for Private Warrants and $422,500 for the Public Warrants, respectively). For the three months ended March 31, 2022, the Company recorded $9,897,542, as an unrealized gain on the change in fair value of the derivative warrants in the condensed statements of operations ($4,258,012 for Private warrants and $5,639,530 for the Public warrants), respectively.

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to May 15, 2023, the date that the financial statements were issued. ~~Based upon this review, the Company did not identify any subsequent events other than below that would have required adjustment or disclosure in the financial statements.~~

On ~~October~~May 2512, ~~2022~~2023, ~~the~~concurrently ~~Company executed a promissory note~~ with the ~~Sponsor~~execution ~~for $600,000. The note may be repaid upon completion~~ of athe Business Combination Agreement, ~~without~~the ~~interest~~Company, orVinFast, at the Sponsor’s ~~discretion~~ and ~~may~~certain beother ~~converted~~holders ~~upon~~of ~~completion~~Class ofB aOrdinary ~~Business~~Shares ~~Combination~~(the ~~into~~“Sponsor ~~warrants~~Parties”) atentered into a ~~price~~support ofand ~~$1.00~~lock-up ~~per~~agreement ~~warrant.~~and ~~Such~~deed ~~warrants~~(the ~~would~~“Sponsor beSupport ~~identical~~Agreement”), pursuant to which the ~~Private~~parties ~~Placement~~agreed ~~Warrants.~~that:

16(1) subject to and concurrently with the consummation of the closing of the Business Combination, the First Working Capital Note and the Second Working Capital Note, with an aggregate face value of $1.15 million, shall be converted to and deemed to be an interest-free loan from the Sponsor to VinFast, payable by VinFast to the Sponsor, in full in cash by wire transfer of immediately available funds to the Sponsor, on the date that is no later than the 18th month anniversary of the Closing Date;

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(2)

any other working capital loans from (or working capital payables to) the Sponsor or Sponsor Parties to the Company, including the $205,000 administrative services fee incurred as of March 31, 2023 under the Administrative Services Agreement, and any further incurrence thereunder between the date of the Sponsor Support Agreement and the closing of the Business Combination, shall be forgiven and no repayment or conversion of such outstanding amounts shall be effected during the term of the Sponsor Support Agreement or pursuant to the Business Combination Agreement; and

(3)

the Sponsor shall pay, and thereafter shall indemnify and hold harmless VinFast, the merger surviving company and their respective officers, directors and affiliates against, any liability relating to any other outstanding payables of the Company incurred on or prior to the closing of the Business Combination which are not required by section 12.06 (Expenses) of the Business Combination Agreement to be borne and paid by VinFast.

The underwriters were entitled to a deferred discount of $0.35 per Unit, or $5,915,000 in the aggregate. In May 2023, $5,323,500 out of $5,915,000 of deferred underwriting commissions were subsequently waived and reversed.

Based upon this review, other than above described and as described in Note 1 and Note 6, the Company did not identify any subsequent events other than below that would have required adjustment or disclosure in the financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References to the “Company,” “our,” “us” or “we” refer to Black Spade Acquisition Co. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Form 10-Q. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated on March 3, 2021 as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Initial Business Combination”). We intend to effectuate our Initial Business Combination using cash from the proceeds of the initial public offering (the “Initial Public Offering”) and the private placement of the Private Placement Warrants (as defined below), the proceeds of the sale of our shares in connection with our Initial Business Combination (pursuant to forward purchase agreements or backstop agreements we may enter into prior to or following the consummation of the Initial Public Offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

The issuance of additional shares in connection with an Initial Business Combination to the owners of the target or other investors:

•

may significantly dilute the equity interest of our existing investors, 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 our 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; and

•

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

~~Similarly,~~19 ~~if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:~~

Similarly, if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:

•

default and foreclosure on our assets if our operating revenues after an Initial Business Combination are insufficient to repay our debt obligations;

•

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

•

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

•

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

•

our inability to pay dividends on our 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 expect to continue to incur significant costs in the pursuit of our Initial Business Combination. We cannot assure you that our plans to raise capital or to complete our Initial Business Combination will be successful.

Recent Developments

On May 12, 2023, we entered into a Business Combination Agreement (the “Business Combination Agreement”) with VinFast Auto Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore, (“VinFast”) and Nuevo Tech Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a direct wholly-owned subsidiary of VinFast (“Merger Sub”), pursuant to which, among other transactions, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Black Spade (“Merger”), with Black Spade surviving the Merger as a wholly-owned subsidiary of VinFast. The Merger and the other transactions contemplated by the Business Combination Agreement are hereinafter referred to as the “Business Combination.”

Pursuant to the Business Combination Agreement, among other things, immediately prior to the effective time of the Merger (the “Merger Effective Time”), (i) the amended and restated constitution of VinFast will be adopted and become effective, and (ii) VinFast will effect a share consolidation or subdivision such that each ordinary share in the capital of VinFast, as of immediately prior to the Recapitalization (as defined below) (collectively, the “Pre-Recapitalization VinFast Shares”) immediately prior to the Merger Effective Time, will be consolidated or divided into a number of shares equal to the Adjustment Factor (as defined below) (items (i) through (ii), the “Recapitalization”). The “Adjustment Factor” is a number resulting from dividing the Per Share VinFast Equity Value by $10.00. The “Per Share VinFast Equity Value” is obtained by dividing (i) the equity value of VinFast (being $23,000,000,000) by (ii) the aggregate number of Pre-Recapitalization VinFast Shares that are issued and outstanding immediately prior to the Recapitalization. Upon the Recapitalization, each ordinary share in the capital of VinFast, as of immediately after the Recapitalization (the “VinFast Ordinary Share”) will have a value of $10.00.

At the Merger Effective Time and as a result of the Merger, (i) each Class B ordinary share of Black Spade, par value $0.0001 per share (“BSAQ Class B Ordinary Shares”) that is issued and outstanding immediately prior to the Merger Effective Time will be automatically converted into one VinFast Ordinary Share; (ii) each BSAQ Class A Ordinary Share that is issued and outstanding immediately prior to the Merger Effective Time (other than such BSAQ Class A Ordinary Shares that are treasury shares, validly redeemed shares, or BSAQ Dissenting Shares (as defined below)) will be converted into one VinFast Ordinary Share, and (iii) each issued and outstanding BSAQ Class A Ordinary Share that is held by any person who has validly exercised and not effectively withdrawn or lost their right to dissent from the Merger in accordance with Section 238 of the Companies Act (As Revised) of the Cayman Islands (“BSAQ Dissenting Share”) will be canceled and carry no right other than the right to receive the payment of the fair value of such BSAQ Dissenting Share determined in accordance with Section 238 of the Companies Act (As Revised) of the Cayman Islands.

At the Merger Effective Time, each issued and outstanding warrant of Black Spade sold to the public and to Black Spade Sponsor LLC, a limited liability company registered under the laws of the Cayman Islands, in a private placement in connection with Black Spade’s initial public offering will be exchanged for a corresponding warrant exercisable for VinFast Ordinary Shares.

The Business Combination has been approved by the boards of directors of both Black Spade and VinFast.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception through ~~September~~March 3031, ~~2022~~2023 were organizational activities, those necessary to prepare for and consummate the Initial Public Offering. We do not expect to generate any operating revenues until after the completion of our Initial Business Combination. We generate non-operating income in the form of interest income on cash and cash equivalents. We are incurring expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing an Initial Business Combination.

For the three months ended ~~September~~March 3031, ~~2022~~2023, we had net income of $~~505~~1,~~538~~034,088 which primarily consisted of income earned on investments held in Trust Account of $~~762~~1,~~820~~819,095 and a change in fair value of ~~derivative~~note ~~warrant~~payable ~~liabilities~~ of $68455,~~218~~032 partially offset by general and administrative expenses of $~~295~~468,~~500~~539 and ~~administration~~change ~~fee~~in —the ~~related~~fair ~~party~~value of warrant liability of $30741,~~000~~500. For the three months ended ~~September~~March 3031, ~~2021~~2022, we had net income of $37,~~374~~622,~~061~~890, which primarily consisted of a change in fair value of ~~derivative~~ warrant liabilities of $109,~~138~~897,~~000~~542 and interest income of $115,~~665~~217, partially offset by ~~operating~~general and ~~formation~~administrative ~~costs~~expenses of $62,~~029~~259,~~974 and warrant offering costs of $735,630~~869.

For the nine months ended September 30, 2022, we had net income of $9,487,675 which primarily consisted of a change in fair value of derivative warrant liabilities of $11,344,950 and income earned on investments held in Trust Account of $1,006,251 partially offset by general and administrative expenses of $2,773,526 and administration fee — related party of $90,000. For the period from March 3, 2021 (inception) through September 30, 2021, we had net income of $3,351,666, which primarily consisted of a change in fair value of derivative warrant liabilities of $10,138,000 and interest income of $1,665 offset by operating and formation costs of $6,052,369 and warrant offering costs of $735,630.

Liquidity and Capital Resources

~~Until~~On ~~the~~July 20, ~~closing~~2021, ofwe ~~the~~consummated our Initial Public Offering of 15,000,000 ~~our~~units ~~liquidity~~at ~~needs~~a ~~were~~price ~~satisfied~~of ~~through~~$10.00 per unit (the ~~receipt~~“Units”), generating gross proceeds of $25150,000,000. ~~from~~Each anUnit ~~initial~~consists ~~sale~~ of one Class BA ordinary ~~shares (the “Founder Shares”)~~share, par value $0.0001 per share, toand ~~our~~one-half ~~sponsor,~~of ~~Black~~one ~~Spade~~redeemable ~~Sponsor~~warrant ~~LLC~~ (the “~~Sponsor~~Public Warrants”), ~~and~~with aneach ~~unsecured~~whole ~~and~~warrant ~~noninterest~~entitling ~~bearing~~the ~~promissory~~holder ~~note~~thereof ~~(the~~to ~~“Promissory~~purchase ~~Note”)~~one ~~issued~~Class A byordinary usshare toat ~~the~~a ~~Sponsor~~price of $11.50 per share, ~~pursuant~~subject to ~~which~~adjustment. Simultaneously with the closing of the Initial Public Offering, we ~~may~~consummated ~~borrow~~the upsale of 6,000,000 private placement warrants to anour ~~aggregate~~sponsor ~~principal~~at ~~amount~~a price of $~~250~~1.00 per warrant (the “Initial Private Placement Warrants”), generating gross proceeds of $6,000,000.

18In connection with the Initial Public Offering, the underwriters were granted a 45-day option from the date of the prospectus (the “Over-Allotment Option”) to purchase up to an additional 2,250,000 Units to cover over-allotments, if any. On August 3, 2021, the underwriters purchased an additional 1,900,000 Units (the “Option Units”) pursuant to the partial exercise of the Over-Allotment Option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $19,000,000. Also in connection with the partial exercise of the Over-Allotment Option, our sponsor purchased an additional 380,000 private placement warrants at a purchase price of $1.00 per warrant (the “Option Private Placement Warrants”, together with the Initial Private Placement Warrants, the “Private Placement Warrants”), generating additional gross proceeds to the Company of $380,000.

Following our Initial Public Offering, the partial exercise of the Over-Allotment Option and the sale of the Private Placement Warrants, a total of $169,000,000 was placed in a trust account (the “Trust Account”). We incurred $10,082,915 in offering costs, including $3,380,000 of underwriting discounts and commissions, $5,915,000 of deferred underwriting commissions and $770,108 of other offering costs. In May 2023, $5,323,500 out of $5,915,000 of deferred underwriting commissions were subsequently waived and reversed.

For the three months ended March 31, 2023, net cash used in operating activities was $308,129 consisting of (i) net income of $1,034,088, as adjusted by a loss on change in fair value of warrant liabilities of $741,500 and investment income earned on treasury securities held in the Trust Account of $1,819,095, and (ii) changes in operating assets and liabilities including prepaid expenses of $58,024 and accounts payable and accrued expenses of $132,386.

For the three months ended March 31, 2023, net cash provided by financing activities was $566,197, primarily consisting of proceeds from related party notes of $550,000.

As of March 31, 2023, we had marketable securities held in the Trust Account of $173,261,960. 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) net of any redemptions, to complete our Initial Business Combination. We may withdraw interest to pay our taxes, if any. 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 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.

OnAs ~~July~~of March 2031, ~~2021~~2023, we ~~consummated~~had ~~our~~cash ~~Initial Public Offering~~ of 15$285,~~000,000~~384 ~~units~~held atoutside ~~a price of $10.00 per unit (~~the ~~“Units”),~~Trust ~~generating gross proceeds of $150,000,000~~Account. ~~Each~~We ~~Unit~~intend ~~consists~~to ofuse ~~one~~the ~~Class A~~funds ~~ordinary~~held ~~share,~~outside ~~par~~the ~~value~~Trust ~~$0.0001~~Account ~~per~~following ~~share,~~the ~~and~~completion ~~one-half~~ of ~~one redeemable warrant (~~the “Initial Public ~~Warrants”),~~Offering ~~with~~primarily ~~each whole warrant entitling the holder thereof~~ to ~~purchase~~identify ~~one~~and ~~Class A~~evaluate ~~ordinary~~target ~~share~~businesses, atperform abusiness ~~price~~due ofdiligence ~~$11.50~~on ~~per~~prospective ~~share~~target businesses, ~~subject~~travel to ~~adjustment.~~and ~~Simultaneously~~from ~~with~~ the ~~closing of the Initial Public Offering~~offices, weplants ~~consummated~~or ~~the~~similar ~~sale~~locations of ~~6,000,000~~prospective ~~private~~target ~~placement~~businesses ~~warrants~~or totheir ~~our~~representatives ~~Sponsor~~or atowners, areview ~~price~~corporate ofdocuments ~~$1.00~~and ~~per~~material ~~warrant~~agreements ~~(the~~of ~~“Initial~~prospective ~~Private~~target ~~Placement~~businesses, ~~Warrants”)~~and structure, ~~generating~~negotiate ~~gross~~and ~~proceeds~~complete ofa ~~$6,000,000~~business combination.

InAs ~~connection~~of ~~with~~March 31, ~~the~~2023, ~~Initial~~we ~~Public~~had ~~Offering,~~cash ~~the~~of ~~underwriters~~$285,384 ~~were~~and ~~granted~~ a ~~45-day~~working ~~option~~capital ~~from~~deficit ~~the~~of ~~date~~$2,391,067. ofThe ~~the~~Company ~~prospectus~~has ~~(the~~incurred ~~“Over-Allotment~~and ~~Option”)~~expects to ~~purchase~~continue up to anincur ~~additional~~significant ~~2,250,000~~costs ~~Units~~in topursuit ~~cover~~of ~~over-allotments,~~its ifacquisition ~~any.~~plans Onand ~~August 3,~~will ~~2021,~~not ~~the~~generate ~~underwriters~~any ~~purchased~~operating anrevenues ~~additional~~until ~~1,900,000~~after ~~Units (~~the ~~“Option~~completion ~~Units”)~~of ~~pursuant~~its toInitial ~~the~~Business ~~partial~~Combination. ~~exercise~~In ofaddition, the ~~Over-Allotment~~Company ~~Option.~~expects ~~The~~to ~~Option~~have ~~Units~~negative ~~were~~cash ~~sold~~flows atfrom anoperations ~~offering~~as ~~price~~it ofpursues ~~$10.00~~an ~~per~~initial ~~Unit,~~business ~~generating~~combination ~~additional~~target. ~~gross~~In ~~proceeds~~connection towith the Company’s assessment of ~~$19,000,000.~~going ~~Also~~concern considerations in ~~connection~~accordance with ~~the~~Accounting ~~partial~~Standards ~~exercise~~Update of(“ASU”) ~~the Over~~2014-~~Allotment Option~~15, ~~our~~“Disclosures ~~Sponsor~~of ~~purchased~~Uncertainties about an ~~additional~~Entity’s ~~380,000~~Ability ~~private~~to ~~placement~~Continue ~~warrants~~as at a ~~purchase~~Going ~~price~~Concern,” ~~of $1.00 per warrant (~~the ~~“Option~~Company ~~Private~~does ~~Placement~~not ~~Warrants”,~~currently ~~together~~have ~~with~~adequate ~~the~~liquidity ~~Initial~~to ~~Private~~sustain ~~Placement Warrants~~operations, ~~the~~which ~~“Private~~consist ~~Placement~~solely ~~Warrants”),~~of ~~generating~~pursuing ~~additional~~a ~~gross~~Business ~~proceeds to the Company of $380,000~~Combination.

~~Following~~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 (the “Working Capital Loans”). If we complete our Initial ~~Public~~Business ~~Offering~~Combination, we would repay such loaned amounts. In the ~~partial~~event ~~exercise~~that our Initial Business Combination does not close, we may use a portion of the ~~Over-Allotment~~working ~~Option~~capital ~~and~~held outside the ~~sale~~Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to $2,000,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. On October 25, a2022, ~~total~~we issued an unsecured promissory note in the amount of up to $~~169~~600,000 to our sponsor (the “First Working Capital Note”). On February 3, 2023, we issued an unsecured promissory note in the amount of up to $550,000 ~~was~~to ~~placed~~our sponsor (the “Second Working Capital Note”, together with the First Working Capital Note, the “Working Capital Notes”). The Working Capital Notes do not bear interest and shall be payable in afull ~~trust~~upon ~~account~~the consummation of an Initial Business Combination. The sponsor may elect to convert all or any portion of the unpaid principal balance of the Working Capital Notes into one or more redeemable warrants (the “~~Trust~~Working ~~Account~~Capital Warrants”) with each $1.00 Weof ~~incurred~~unpaid principal balance being convertible into one Working Capital Warrant. The Working Capital Warrants shall be identical to the Private Placement Warrants. As of March 31, 2023, there were $10600,~~082~~000 and $550,~~915~~000 in ~~offering~~borrowings ~~costs~~outstanding under the First Working Capital Note and the Second Working Capital Note, ~~including~~respectively. $3On May 12,~~380~~ 2023,~~000~~ concurrently with the execution of ~~underwriting~~the ~~discounts~~Business ~~and~~Combination ~~commissions~~Agreement, $5the Company,~~915~~ VinFast,~~000~~ the Sponsor and certain other holders of ~~deferred~~Class ~~underwriting~~B ~~commissions~~Ordinary Shares (the “Sponsor Parties”) entered into a support and ~~$770~~lock-up agreement and deed (the “Sponsor Support Agreement”),~~108~~ pursuant to which the parties agreed that subject to and concurrently with the closing of ~~other~~the ~~offering~~Business ~~costs~~Combination, the aggregate face value of the Working Capital Notes will be converted to and deemed to be an interest-free loan from the Sponsor to VinFast, payable on the date that is no later than the 18th month anniversary of the Closing Date (as defined under the Sponsor Support Agreement).

For the nine months ended September 30, 2022, net cash used in operating activities was $1,470,265 consisting of (i) net income of $9,494,312, as adjusted by a gain on change in fair value of warrant liabilities of $11,344,950 and investment income earned on treasury securities held in the Trust Account of $1,006,251, and (ii) changes in operating assets and liabilities including prepaid expenses of $272,039 and accounts payable and accrued expenses of $1,121,222. For the period from March 3, 2021 (inception) through September 30, 2021, net cash used in operating activities was $603,944, consisting of (i) net income of $3,351,666 as adjusted by a gain on change in fair value of warrant liabilities of $10,138,000 offset by stock-based compensation of $5,761,500 and warrant offering costs of $735,630, and (ii) changes in operating assets and liabilities including cash used in prepaid expenses of $404,384 and accounts payable and accrued expenses of $91,309.

For the period March 3, 2021 (inception) through September 30, 2021, investing activities included the deposit of cash from the proceeds of the Initial Public Offering into the Trust Account of $169,000,000.

For the nine months ended September 30, 2022, net cash used in financing activities was $25,656, consisting of related party advances of $1,599 offset by the repayment of related party advances of $27,250. For the period March 3, 2021 (inception) through September 30, 2021, the Company received proceeds of $165,620,000 (net of underwriter discounts) from the Initial Public Offering, $6,380,000 from the sale of the Private Placement Warrants, which were offset by the repayment of offering costs of $660,108.

As of September 30, 2022, we had marketable securities held in the Trust Account of $170,013,217. 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) net of any redemptions, to complete our Initial Business Combination. We may withdraw interest to pay our taxes, if any. 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 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.

As of September 30, 2022, we had cash of $73,882 held outside the Trust Account. We intend to use the funds held outside the Trust Account following the completion of the Initial Public Offering 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 a business combination.

As of September 30, 2022, we had cash of $73,882 and a working capital deficit of $2,485,220. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its Initial Business Combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial business combination target. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a 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 (the “Working Capital Loans”). If we complete our Initial Business Combination, we would repay such loaned amounts. In the event that our Initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to $2,000,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. As of September 30, 2022, there were no amounts outstanding under the Working Capital Loans. On October 25, 2022, we issued an unsecured promissory note in the amount of up to $600,000 to our Sponsor (the “Working Capital Note”). The Working Capital Note does not bear interest and shall be payable in full upon the consummation of an Initial Business Combination. The Sponsor may elect to convert all or any portion of the unpaid principal balance of this Working Capital Note into one or more redeemable warrants (the “Working Capital Warrants”) with each $1.00 of unpaid principal balance being convertible into one Working Capital Warrant. The Working Capital Warrants shall be identical to the Private Placement Warrants.

If our estimate of the costs of undertaking in-depth due diligence and negotiating an Initial Business Combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. If we are required to seek additional capital, we may seek such additional capital through loans or additional investments from our ~~Sponsor~~sponsor, members of our management team or any of their affiliates, but such persons are not under any obligation to advance funds to, or invest in, us.

Off-Balance Sheet Financing Arrangements

We had no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of ~~September~~March 3031, ~~2022~~2023. 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.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than anas ~~agreement~~described ~~to pay our Sponsor a monthly fee of up to $10,000 for office space, utilities and secretarial and administrative support provided to the Company~~below. ~~We began incurring these fees on July 15, 2021 and will continue to incur these fees monthly until the earlier of the completion of our Initial Business Combination and our liquidation.~~

~~The~~We ~~underwriters~~had ~~are~~an ~~entitled~~agreement to pay our Sponsor a ~~deferred~~monthly fee of ~~$0.35~~up ~~per~~to ~~Unit, or~~ $510,~~915,~~000 infor ~~the~~office ~~aggregate.~~space, ~~The~~utilities ~~deferred~~and ~~fee~~secretarial ~~will~~and ~~become~~administrative ~~payable~~support provided to ~~the~~Black ~~underwriters~~Spade. ~~from~~We ~~the~~began ~~amounts~~incurring ~~held~~these infees ~~the~~on ~~Trust~~July ~~Account~~15, ~~solely~~2021 inand ~~the~~will ~~event~~continue ~~that~~to ~~the~~incur ~~Company~~these ~~completes~~fees amonthly ~~Business~~until ~~Combination,~~the ~~subject~~earlier toof the ~~terms~~completion of ~~the~~our ~~underwriting~~initial ~~agreement~~business combination and our liquidation.

On October 25, 2022, we issued the First Working Capital Note in the amount of up to $600,000 to our Sponsor. The First Working Capital Note does not bear interest and shall be payable in full upon the consummation of an initial business combination. On February 3, 2023, we issued the Second Working Capital Note in the amount of up to $550,000 to our Sponsor. As of March 31, 2023, there were $600,000 and $550,000 in borrowings outstanding under the First Working Capital Note and the Second Working Capital Note, respectively.

Critical Accounting Policies

The preparation of condensed 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:

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 Topic 480.

20Conditionally 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 the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature contains certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are classified as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Given the above, the management determined that to the extent funds are available, shares of the Company’s redeemable equity should be reported as temporary equity. Accordingly, as of March 31, 2023, 16,900,000 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheet.

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 the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature contains certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are classified as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Given the above, the management determined that to the extent funds are available, shares of the Company’s redeemable equity should be reported as temporary equity. Accordingly, as of September 30, 2022, 16,900,000 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheet.

Net income per share

Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at ~~September 30~~March 31, ~~2022~~2023, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net income per common share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the (i) Public Offering, (ii) exercise of over-allotment and (iii) Private Placement, since their inclusion would be ~~anti-dilutive~~antidilutive under the two-class method. As a result, diluted earnings per ordinary share is the same as basic earnings per ordinary share for the periods presented. The warrants are exercisable to purchase 14,830,000 Class A ordinary shares in the aggregate.

The Company’s statement of operations includes a presentation of income per Class A ordinary share subject to possible redemption in a manner similar to the two-class method of income per ordinary share. Net income per ordinary share, basic and diluted, for redeemable Class A ordinary share is calculated by dividing the interest income by the weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income per ordinary share, basic and diluted, for non-redeemable Class B ordinary share is calculated by dividing the net income, adjusted for loss attributable to redeemable Class A ordinary shares, by the weighted average number of non-redeemable Class B ordinary shares outstanding for the periods. Non-redeemable Class B ordinary shares include the Founder Shares as these ordinary shares do not have any redemption features and do not participate in the income earned on the Trust Account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 Inputs: Unadjusted quoted prices for identical assets or instruments in active markets.

Level 2 Inputs: Quoted prices for similar instruments in active markets and quoted prices for identical or similar instruments in markets that are not active and model derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs: Significant inputs into the valuation model are unobservable.

~~The~~23 Company does not have any recurring Level 3 assets or liabilities. The carrying value of the Company’s financial instruments including its cash and accrued liabilities approximate their fair values principally because of their short-term nature.

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.” The Company’s derivative instruments are recorded at fair value as of the closing date of the Initial Public Offering (July 20, 2021) and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on 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. The Company has determined the Public Warrants and the Private Placement Warrants are a derivative instrument. As the Public Warrants and the Private Placement Warrants meet the definition of a derivative, the Public Warrants and the Private Placement Warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the statement of operations in the period of change.

Warrant Instruments

The Company will account for the Public Warrants and the Private Placement Warrants issued in connection with the Initial Public Offering and the Private Placement in accordance with the guidance contained in FASB ASC 815, “Derivatives and Hedging” whereby under that provision the Public Warrants and the Private Placement Warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at fair value and adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the Public Warrants and the Private Placement Warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The ~~fair value of the~~ Public Warrants ~~and~~are ~~the~~valued ~~Private~~based ~~Placement~~on ~~Warrants~~quoted ~~will~~market beprices ~~estimated~~and ~~using~~Private anPlacement ~~internal~~Warrants ~~valuation~~are ~~model.~~valued ~~The~~based ~~Company’s~~on ~~valuation~~the ~~model~~Public ~~utilizes~~Warrants ~~inputs~~price ~~and~~as ~~other~~there ~~assumptions~~is ~~and may not be reflective of~~ the ~~price~~make atwhole ~~which~~provision ~~they~~in ~~can~~warrant ~~be settled~~agreement. Such warrant classification is also subject to re-evaluation at each reporting period.

Recent Accounting Pronouncements

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

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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) (“ASU 2020- 06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company adopted ASU 2020-06 on January 1, 2021 and the adoption of such did not have on its financial position, results of operations or cash flows.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

~~Item 4.~~ Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial and accounting officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that as of ~~September~~March 3031, ~~2022~~2023, our disclosure controls and procedures were not effective due to athe material ~~weakness~~weaknesses in internal controls over financial reporting related to the lack of ability to account for complex financial instruments and aaccuracy ~~material~~and ~~weakness~~completeness inof ~~internal~~accounting ~~controls~~for ~~over~~accounts payable and accrued expenses including contractual arrangement. Management identified errors in its historical financial ~~reporting~~statements related to ~~accuracy~~the accounting for the Class A ordinary shares and ~~completeness~~other reclassification adjustments on the balance sheet. Because the Class A ordinary shares issued in the IPO can be redeemed or become redeemable subject to the occurrence of ~~accounting~~future ~~for~~events ~~accounts~~considered ~~payable~~outside of the Company’s control, the Company should have classified all of these redeemable shares in temporary equity and ~~accrued~~re-measured ~~expenses~~these ~~including~~redeemable ~~contractual~~shares ~~arrangement~~to their redemption value (i.e., $10.00 per share) as of the end of the first reporting period after the date of the Company’s IPO. The material weakness related to the lack of ability to account for complex financial instruments resulted in the restatement of our previously filed balance sheet as of July 20, 2021 included in exhibit 99.1 to our Current Report on Form 8-K filed on July 27, 2021. ~~and~~See ~~such~~Note ~~material~~2 ~~weakness~~of ~~has~~the ~~not~~notes ~~been~~to ~~remediated~~the asfinancial ofstatements ~~September~~included in our Quarterly Report on Form 10-Q filed on November 3016, ~~2022~~2021. In addition, management identified errors in the accounting of account payable and accrued expenses in our financial statements as of December 31, 2021 and for the period from March 3, 2021 (inception) through December 31, 2021 and our financial statements as of and for the quarterly period ended March 31, 2022. The material weakness related to accuracy and completeness of accounting for accounts payable and accrued expenses including contractual arrangement resulted in the restatement of our financial statements as of December 31, 2021 and March 31, 2022, as well as for the period from March 3, 2021 (inception) through December 31, 2021 and the quarterly period ended March 31, 2022. We filed amendments to our Annual Report on Form 10-K filed with the SEC on February 28, 2022 and our Quarterly Report on Form 10-Q filed with the SEC on May 16, 2022 to restate the affected financial statements.

2224

To address the material weaknesses, management has devoted, and plans to continue to devote, significant effort and resources to the remediation and improvement of our internal control over financial reporting and to provide processes and controls over the internal communications within the Company, ~~service providers,~~ financial advisors, and independent registered public accounting firm. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex accounting standards that apply to our financial statements. We plan to include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. While we have processes to identify contractual agreements for accruals, we will create additional controls over tracking of accruals on services rendered or products sold to the Company. Under the oversight of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company will enhance and supplement its review process with respect to quarterly and annual provision in terms of the accuracy and completeness of financial positions such as procedures to ensure that accounting periods are closed in a timely manner and controls to support the accuracy of material accruals including those accruals that are highly judgmental in nature. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects. Other than the foregoing, our disclosure controls and procedures were effective at a reasonable assurance level and, accordingly, provided reasonable assurance that the ~~foregoing~~ information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control over Financial Reporting

There ~~was~~were no ~~change~~changes in our internal control over financial reporting ~~that~~(as ~~occurred~~such ~~during~~term is defined in Rules 13a-15(f) and 15d-15(f) of the ~~period~~Exchange ~~from~~Act) ~~July 1,~~during ~~2022~~the ~~through~~most ~~September 30,~~recent ~~2022,~~fiscal quarter that ~~has~~have materially affected, or isare reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

~~None~~The Company received an informal inquiry from the staff of the Division of Enforcement of the United States Securities and Exchange Commission in a letter dated January 11, 2023, in relation to the circumstances surrounding the filing of the Form NT 10-Q filed by the Company on August 15, 2022. The Company has been and intends to continue cooperating fully with the SEC in connection with this inquiry.

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this report include the risk factors described in our Annual Report on Form 10-K/A for the year ended December 31, ~~2021 and our Quarterly Report on Form 10-Q for the quarterly period ended June 30,~~ 2022 filed with the SEC on ~~August~~March 2210, ~~2022~~2023. As of the date of this report, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K/A ~~and our Quarterly Report on Form 10-Q~~ for the ~~quarterly~~year ~~period~~ ended ~~June~~December 3031, 2022 ~~except as follows~~.

We will be a passive foreign investment company, or “PFIC,” if we do not complete a business combination before 2023, which could result in adverse U.S. federal income tax consequences to U.S. investors.

If we are a PFIC for any taxable year that is included in the holding period of a U.S. investor in our Class A ordinary shares or warrants, the U.S. investor 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 taxable year and subsequent taxable years may depend on whether we qualify for the PFIC start-up exception with respect to our taxable year ended December 31, 2021 (see the section of our IPO prospectus captioned “Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company Rules”). In order to qualify for the start-up exception, we must complete a business combination before 2023 and we must not be a PFIC for our taxable years ending December 31, 2022 and December 31, 2023. In addition, even if our business combination is completed before 2023, it is possible that the start-up exception will not be available due to the structure or timing of our business combination, which are not known yet. If the completion of a business combination does not occur until after December 31, 2022, the start-up exception will not apply with respect to our taxable year ended December 31, 2021. If we do not qualify for the start-up exception, then we would be a PFIC for our taxable year ended December 31, 2021 and, based on the expected composition of our income and assets, our current taxable year. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year (and, in the case of the start-up exception, if applicable, possibly not until after the end of the second taxable year following our 2021 taxable year). A U.S. shareholder (but not warrant holder) may be able to mitigate the adverse U.S. federal income tax consequences under the PFIC rules by making a timely “qualified electing fund,” or “QEF,” election with respect to our Class A ordinary shares to include in its income the U.S. shareholder’s pro rata share of our earnings on a current basis, whether or not they are distributed. We will endeavor to provide a PFIC Annual Information Statement (which we may post on our website) in order to enable U.S. shareholders to make and maintain a QEF election. However, there can be no assurance that we will timely provide the required information necessary to make a QEF election for any taxable year, and such election would be unavailable with respect to our warrants in all cases. U.S. investors should consult their tax advisers regarding the possible application of the PFIC rules and, in the case of U.S. shareholders, the effect of any QEF election. For a more detailed explanation, see the section of our IPO prospectus under the caption “Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company Rules.”

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

During the quarter ended ~~September~~March 3031, ~~2022~~2023, there were no unregistered sales of our equity securities. For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report on Form 10-Q.

During the quarter ended ~~September~~March 3031, ~~2022~~2023, we did not repurchase any shares of our equity securities.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

No.		Description of Exhibit
10.1*		Promissory Note dated October 25, 2022, issued by Black Spade Acquisition Co to Black Spade Sponsor LLC
31.1*		Certification of Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
31.2*		Certification of Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
32.1**		Certification of Chief Executive Officer (Principal Executive Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
32.2**		Certification of Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to 18 U.S.C. Section 1350, as adopted 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
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*	Filed herewith.

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

2526

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: ~~November 9~~May 15, ~~2022~~2023

BLACK SPADE ACQUISITION CO By: /s/ Chi Wai Dennis Tam Name: Chi Wai Dennis Tam Title: Chairman and Co-Chief Executive Officer (Principal Executive Officer) ~~By: /s/ Francis Chi Yin Ng Name: Francis Chi Yin Ng Title: President and Chief Financial Officer (Principal Financial and Accounting Officer)~~

26By: /s/ Francis Chi Yin Ng Name: Francis Chi Yin Ng Title: President and Chief Financial Officer(Principal Financial and Accounting Officer)

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Smaller reporting company

Emerging growth company

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