UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
☒ QUARTERLY REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-41718
ESH ACQUISITION CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | | 87-4000684 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
228 Park Ave S, Suite 89898
New York, NY 10003
(Address of principal executive offices)
212-287-5022
(Issuer’s telephone number)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange
on which registered |
Units | | ESHAU | | The Nasdaq Global Market |
Class A shares | | ESHA | | The Nasdaq Global Market |
Rights | | ESHAR | | The Nasdaq Global Market |
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, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | | Smaller reporting company | ☒ |
| | Emerging growth company | ☒ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
As of August
18, 2023, there were 11,787,500 shares of Class A common stock, $0.0001 par value and 2,875,000 shares of Class B common stock,
$0.0001 par value, issued and outstanding.
ESH ACQUISITION CORP.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2023
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Interim Financial Statements
ESH ACQUISITION CORP.
CONDENSED BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Current assets | |
| | |
| |
Cash | |
$ | 2,359,908 | | |
$ | 44,963 | |
Due from Sponsor | |
| 15,148 | | |
| — | |
Prepaid expenses | |
| 48,549 | | |
| — | |
Short-term prepaid insurance | |
| 127,500 | | |
| — | |
Total Current Assets | |
| 2,551,105 | | |
| 44,963 | |
| |
| | | |
| | |
Deferred offering costs | |
| — | | |
| 414,030 | |
Long-term prepaid insurance | |
| 121,479 | | |
| — | |
Investments held in Trust Account | |
| 116,902,067 | | |
| — | |
TOTAL ASSETS | |
$ | 119,574,651 | | |
$ | 458,993 | |
| |
| | | |
| | |
LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 97,351 | | |
$ | 203,265 | |
Franchise Tax Payable | |
| 100,000 | | |
| 1,500 | |
Income taxes payable | |
| 19,229 | | |
| — | |
Promissory note – related party | |
| — | | |
| 249,560 | |
TOTAL LIABILITIES | |
| 216,580 | | |
| 454,325 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION | |
| | | |
| | |
Class A common stock subject to possible redemption, 11,500,000 shares at redemption value of $10.16 per share at June 30, 2023 and none at December 31, 2022 | |
| 116,782,838 | | |
| — | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | |
| — | | |
| — | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized: 287,500 and 0 issued and outstanding (excluding 11,500,000 and 0 shares subject to possible redemption) at June 30, 2023 and December 31, 2022, respectively (1) | |
| 28 | | |
| — | |
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,875,000 issued and outstanding at June 30, 2023 and December 31, 2022(1) | |
| 288 | | |
| 288 | |
Additional paid-in capital | |
| 2,583,220 | | |
| 24,712 | |
Accumulated deficit | |
| (8,303 | ) | |
| (20,332 | ) |
TOTAL STOCKHOLDERS’ EQUITY | |
| 2,575,233 | | |
| 4,668 | |
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY | |
$ | 119,574,651 | | |
$ | 458,993 | |
The accompanying notes are an integral part of
the unaudited condensed financial statements.
ESH ACQUISITION CORP.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
General and administrative expenses | |
$ | 40,003 | | |
$ | 11,331 | | |
$ | 42,870 | | |
$ | 11,365 | |
Franchise tax expense | |
| 102,939 | | |
| 500 | | |
| 102,939 | | |
| 1,050 | |
Loss from operations | |
| (142,942 | ) | |
| (11,831 | ) | |
| (145,809 | ) | |
| (12,415 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Interest earned on investments held in Trust Account | |
| 177,067 | | |
| — | | |
| 177,067 | | |
| — | |
Total other income | |
| 177,067 | | |
| — | | |
| 177,067 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) before provision for income taxes | |
| 34,125 | | |
| (11,831 | ) | |
| 31,258 | | |
| (12,415 | ) |
Provision for income taxes | |
| (19,229 | ) | |
| — | | |
| (19,229 | ) | |
| — | |
Net income (loss) | |
$ | 14,896 | | |
$ | (11,831 | ) | |
$ | 12,029 | | |
$ | (12,415 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding, Class A common stock | |
| 1,813,462 | | |
| — | | |
| 916,806 | | |
| — | |
Basic and diluted net income (loss) per share | |
$ | 0.00 | | |
$ | — | | |
$ | 0.00 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding, Class B common stock(1) | |
| 2,557,692 | | |
| 2,500,000 | | |
| 2,529,167 | | |
| 2,500,000 | |
Basic net income (loss) per share | |
$ | 0.00 | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Diluted weighted average shares outstanding, Class B common stock (1) | |
| 2,875,000 | | |
| 2,500,000 | | |
| 2,875,000 | | |
| 2,500,000 | |
Diluted net income (loss) per share | |
$ | 0.00 | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | (0.00 | ) |
The accompanying notes are an integral part of
the unaudited condensed financial statements.
ESH ACQUISITION CORP.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY
(UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2023
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance — January 1, 2023(1) | |
| — | | |
$ | — | | |
| 2,875,000 | | |
$ | 288 | | |
$ | 24,712 | | |
$ | (20,332 | ) | |
$ | 4,668 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,867 | ) | |
| (2,867 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – March 31, 2023(1) (unaudited) | |
| — | | |
| — | | |
| 2,875,000 | | |
| 288 | | |
| 24,712 | | |
| (23,199 | ) | |
| 1,801 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sale of 7,470,000 Private Placement Warrants | |
| — | | |
| — | | |
| — | | |
| — | | |
| 7,470,000 | | |
| — | | |
| 7,470,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair value of rights included in Public units | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,398,400 | | |
| — | | |
| 1,398,400 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allocated value of transaction costs to Class A shares | |
| — | | |
| — | | |
| — | | |
| — | | |
| (115,203 | ) | |
| — | | |
| (115,203 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of Representative Shares | |
| 287,500 | | |
| 28 | | |
| — | | |
| — | | |
| 2,239,438 | | |
| — | | |
| 2,239,466 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Remeasurement of Class A common stock subject to possible redemption | |
| — | | |
| — | | |
| — | | |
| — | | |
| (8,434,127 | ) | |
| — | | |
| (8,434,127 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 14,896 | | |
| 14,896 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – June 30, 2023 (unaudited) | |
| 287,500 | | |
$ | 28 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | 2,583,220 | | |
$ | (8,303 | ) | |
$ | 2,575,233 | |
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2022
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid-in | | |
Stock subscription | | |
Accumulated | | |
Total Stockholder’s | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
receivable | | |
Deficit | | |
Equity | |
Balance — January 1, 2022(1) | |
| — | | |
$ | — | | |
| 2,875,000 | | |
$ | 288 | | |
$ | 24,712 | | |
$ | (25,000 | ) | |
$ | (864 | ) | |
$ | (864 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Collection of subscription receivable | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 25,000 | | |
| — | | |
| 25,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (584 | ) | |
| (584 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – March 31, 2022(1) (unaudited) | |
| — | | |
| — | | |
| 2,875,000 | | |
| 288 | | |
| 24,712 | | |
| — | | |
| (1,488 | ) | |
| 23,552 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (11,831 | ) | |
| (11,831 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – June 30, 2022(1) (unaudited) | |
| — | | |
$ | — | | |
| 2,875,000 | | |
$ | 288 | | |
$ | 24,712 | | |
$ | — | | |
$ | (13,279 | ) | |
$ | 11,721 | |
The accompanying notes are an integral part of
the unaudited condensed financial statements.
ESH ACQUISITION CORP.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities: | |
| | |
| |
Net income (loss) | |
$ | 12,029 | | |
$ | (12,415 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Interest earned on investments held in Trust Account | |
| (177,067 | ) | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| (23,549 | ) | |
| — | |
Short-term prepaid insurance | |
| (127,500 | ) | |
| — | |
Long term prepaid insurance | |
| (121,479 | ) | |
| — | |
Due from Sponsor | |
| (15,148 | ) | |
| — | |
Accounts payable and accrued expenses | |
| 19,086 | | |
| (25,000 | ) |
Franchise tax payable | |
| 98,500 | | |
| 1,050 | |
Income taxes payable | |
| 19,229 | | |
| — | |
Net cash used in operating activities | |
| (315,899 | ) | |
| (36,365 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Investment of cash into Trust Account | |
| (116,725,000 | ) | |
| — | |
Net cash used in investing activities | |
| (116,725,000 | ) | |
| — | |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Proceeds from sale of Units, net of underwriting discounts paid | |
| 112,700,000 | | |
| — | |
Proceeds from sale of Private Placements Warrants | |
| 7,470,000 | | |
| — | |
Repayment of promissory note - related party | |
| (249,560 | ) | |
| — | |
Proceeds received for stock subscription receivable | |
| — | | |
| 25,000 | |
Proceeds from promissory note - related party | |
| — | | |
| 222,000 | |
Payment of offering costs | |
| (564,596 | ) | |
| (153,619 | ) |
Net cash provided by financing activities | |
| 119,355,844 | | |
| 93,381 | |
| |
| | | |
| | |
Net Change in Cash | |
| 2,314,945 | | |
| 57,016 | |
Cash – Beginning of period | |
| 44,963 | | |
| — | |
Cash – End of period | |
$ | 2,359,908 | | |
$ | 57,016 | |
| |
| | | |
| | |
Non-Cash investing and financing activities: | |
| | | |
| | |
Offering costs included in accrued expenses | |
$ | 75,000 | | |
$ | 120,000 | |
Offering costs paid via promissory notes | |
$ | — | | |
$ | 27,560 | |
Fair value of Representative Shares issued at IPO | |
$ | 2,239,466 | | |
$ | — | |
The accompanying notes are an integral part of
the unaudited condensed financial statements.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
ESH Acquisition Corp. (the
“Company”) was incorporated as a Delaware corporation on November 17, 2021. The Company was incorporated for the purpose of
effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one
or more businesses or entities that the Company has not yet identified (“Business Combination”).
As of June 30, 2023, the
Company had not commenced any operations. All activity for the period from November 17, 2021 (inception) through June 30, 2023 relates
to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below,
and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate
any operating revenues until after the completion of a 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.
The registration statement
for the Company’s Initial Public Offering was declared effective on June 13, 2023. On June 16, 2023, the Company consummated the
Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of Class A common stock included
in the Units being offered, the “Public Shares”), which includes the full exercise by the underwriters of their over-allotment
option in the amount of 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000 which is described in Note 3.
Simultaneously with the closing
of the Initial Public Offering, the Company consummated the sale of 7,470,000 warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant, in a private placement to the Company’s sponsor, ESH Sponsor LLC, a limited liability
company, which is an affiliate of members of the board of directors and management team (the “Sponsor”), and I-Bankers Securities,
Inc. (“I-Bankers”) and Dawson James (“Dawson James”), the representative of the underwriters of the initial Public
Offering, generating gross proceeds of $7,470,000, which is described in Note 4.
Transaction costs amounted
to $5,368,092, consisting of $2,300,000 of cash underwriting discount, $2,239,466 fair value of representative shares, and $828,626 of
other offering costs.
The Company’s management
has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private
Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business
Combination. The Company’s initial Business Combination must be 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 (as defined below) (net of amounts disbursed to management for
working capital purposes and excluding the amount of any Marketing Fee, as defined in Note 6, held in Trust Account) at the time the Company
signs a definitive agreement in connection with the initial Business Combination. However, 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 is not required
to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”).
Following the closing of
the Initial Public Offering on June 16, 2023, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the sale of the Units
in the Initial Public Offering and the sale of the Private Placement Warrants was placed in the trust account (“Trust Account”)
with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting
certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations,
as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the Trust
Account as described below.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
The Company will provide
holders of the Company’s outstanding Public Shares sold in the Initial Public Offering (the “Public Stockholders”) with
the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection
with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the
Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its
discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the
Trust Account (initially anticipated to be $10.15 per Public Share). The per-share amount to be distributed to Public Stockholders who
redeem their Public Shares will not be reduced by the Marketing Fee the Company will pay to the underwriters (as discussed in Note 6).
The Public Shares will be
recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”).
In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon
such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder
vote is not required by applicable law or stock exchange requirements and the Company does not decide to hold a stockholder vote for business
or other reasons, the Company will, pursuant to the amended and restated certificate of incorporation adopted by the Company upon the
consummation of the Initial Public Offering (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions
pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents
with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transactions is required by law, or
the Company decides to obtain stockholder 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. Additionally, each Public Stockholder
may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks
stockholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this Initial Public Offering
(the “Initial Stockholders”) agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during
or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Stockholders agreed to waive their redemption
rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition,
the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the
Sponsor.
Notwithstanding the foregoing,
the Amended and Restated Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior
consent of the Company.
The Initial Stockholders
will agree not to propose an amendment to the Certificate of Incorporation (A) in a manner that would affect the substance or timing of
the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the
time frame described below or (B) with respect to any other material provision relating to the rights of holders of Public Shares or pre-initial
Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares
upon approval of any such amendment.
The Company will have only
18 months from the closing of the Initial Public Offering, or until December 16, 2024, to complete the initial Business Combination.
If the Company is unable
to complete a Business Combination within 18 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 (which interest shall be net of taxes payable, and 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
Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable
law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and
the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware 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 warrants, which will expire worthless if the Company fails to complete the initial Business Combination within the
Combination Period.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
The Initial Stockholders
will not be entitled to liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering,
they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete
a Business Combination within the Combination Period. The underwriters will agree to waive their rights to the Marketing Fee (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 residual assets remaining available for
distribution (including Trust Account assets) will be only $10.15. 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 (except for 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 entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”),
reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public
Share held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account,
in each case including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise
and income taxes, less franchise and income taxes payable. This liability will not apply with respect to any claims by a third party or
Target that executed an agreement waiving any and all rights to seek access to the Trust Account (whether or not such agreement is enforceable)
or 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”). 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
(other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which
the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies
held in the Trust Account.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited
condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP
have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do
not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of
a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for
the periods presented.
The accompanying unaudited
condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed
with the SEC on June 15, 2023, as well as the Company’s Current Report on Form 8-K, as filed with the SEC on June 23, 2023. The
interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the
year ending December 31, 2023 or for any future periods.
Emerging Growth Company
The Company is an “emerging
growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
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 stockholder approval of any golden parachute payments not previously approved.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
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 statement 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 the unaudited
condensed financial statements in conformity with 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 unaudited
condensed financial statements and the reported amounts of revenues and expenses during the reporting period.
Making estimates requires
management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash and Cash Equivalents
The Company considers all
short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $2,359,908
and $44,963 of cash as of June 30, 2023 and December 31, 2022, respectively, and no cash equivalents.
Investments Held in Trust Account
At June 30, 2023, all of
the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. treasury securities.
Fair Value of Financial Instruments
The fair value of the Company’s
assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement,” approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature.
Fair value is defined as
the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants
at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either
Level 1, Level 2, or Level 3. These tiers include:
|
● |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Offering Costs
Offering costs consisted
of legal, accounting, and other costs incurred through the balance sheet date that were directly related to the Initial Public Offering.
Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued in the Initial
Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to the warrants were
charged to equity. Offering costs allocated to the Class A common stock were charged against the carrying value of Class A common
stock subject to possible redemption upon the completion of the Initial Public Offering.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
Class A Common Stock Subject to Possible Redemption
The Public Shares contain
a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there
is a stockholder vote or tender offer in connection with the Company’s initial business combination. In accordance with ASC 480-10-S99,
the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within
the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding
instruments (i.e., Public Rights) and as such, the initial carrying value of Public Shares classified as temporary equity are the allocated
proceeds determined in accordance with ASC 470-20. The Company recognizes changes in redemption value immediately as it occurs and will
adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the
closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change
in the carrying value of redeemable shares will result in charges against additional paid-in capital and accumulated deficit. Accordingly,
at June 30, 2023, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of
the stockholders’ equity section of the Company’s balance sheet.
The Company’s Class
A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. Accordingly, as of June 30, 2023, 11,500,000 Class A common stock subject to possible redemption are presented
as temporary equity, outside of the shareholders’ equity section of the accompanying condensed balance sheets. There were none outstanding
at December 31, 2022.
Gross proceeds | |
$ | 115,000,000 | |
Less: | |
| | |
Proceeds allocated to Public Rights | |
| (1,398,400 | ) |
Class A common stock issuance costs | |
| (5,252,889 | ) |
Plus: | |
| | |
Remeasurement of carrying value to redemption value | |
| 8,434,127 | |
Class A Common Stock subject to possible redemption, June 30, 2023 | |
$ | 116,782,838 | |
Derivative Financial Instruments
The Company evaluates its equity-linked financial
instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with
ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are classified as liabilities, the derivative
instrument is initially recognized at fair value with subsequent changes in fair value recognized in the statements of operations each
reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities
or as equity, is evaluated at the end of each reporting period. The Company accounted for the rights issued in connection with the Initial
Public Offering and the warrants issued in connection with the Private Placement as equity-classified instruments in accordance with ASC
815 as they did not meet the liability criteria (i.e. cashless exercises).
Income Taxes
The Company follows the asset
and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed 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.
Deferred tax assets were deemed de minimis as of June 30, 2023. The Company’s effective tax rate was 56.35% and 0.00% for the three
months ended June 30, 2023 and 2022, respectively, and 61.52% and 0.00% for the six months ended June 30, 2023 and 2022, respectively.
The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2023 and 2022, due to the valuation allowance on the deferred tax assets.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
ASC 740 also clarifies the
accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position 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.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and
transition.
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 June 30, 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.
The Company has identified
the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities
since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax
jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of
unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) Per Share of Common Stock
The Company has two classes
of shares, which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the
two classes of shares. The Company has not considered the effect of the rights and warrants sold in the Initial Public Offering and the
Private Placement to purchase an aggregate of 8,620,000 shares of its Class A common stock in the calculation of diluted net income (loss)
per share, since their exercise is contingent upon future events. As a result, diluted net income (loss) per share is the same as basic
net income (loss) per share. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted
net income (loss) per share for each class of common stock:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 6,180 | | |
$ | 8,716 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 3,200 | | |
$ | 8,829 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding | |
| 1,813,462 | | |
| 2,557,692 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,529,167 | | |
| — | | |
| 2,500,000 | |
Basic net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Diluted net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 5,762 | | |
$ | 9,134 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 2,908 | | |
$ | 9,121 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted weighted average shares outstanding | |
| 1,813,462 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | |
Diluted net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
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
unaudited condensed financial statements.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
NOTE 3. INITIAL PUBLIC OFFERING
Pursuant to the Initial Public
Offering, the Company sold 11,500,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the
amount of 1,500,000 Units, at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one right. Each
Public Right entitles the holder thereof to receive one-tenth (1/10) of one shares of Class A common stock upon the consummation of the
initial business combination.
NOTE 4. PRIVATE PLACEMENT
Simultaneously with the closing
of the Initial Public Offering, the Sponsor, I-Bankers and Dawson James purchased an aggregate of 7,470,000 Private Placement Warrants,
at a price of $1.00 per Private Placement Warrant, or $7,470,000 in the aggregate, in a private placement.
Each whole Private Placement
Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the
sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account
so that the Trust Account holds $10.15 per unit sold. If the Company does not complete a Business Combination within the Combination Period,
the Private Placement Warrants will expire worthless. The Private Placement Warrants will be redeemable and exercisable on a cashless
basis.
The Sponsor and the Company’s
officers and directors will agree, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants
until 30 days after the completion of the initial Business Combination.
NOTE 5. RELATED PARTY TRANSACTIONS
Founder Shares
On December 17, 2021, the
Sponsor subscribed to purchase 8,625,000 shares of the Company’s Class B common stock, par value $0.0001 per share (the “Founder
Shares”) for a subscription price of $25,000. Such subscription receivable was paid in full on March 9, 2022. On May 8, 2023, the
Sponsor surrendered an aggregate of 5,750,000 shares of its Class B common stock for no consideration, which were cancelled, resulting
in the initial stockholders holding an aggregate of 2,875,000 founder shares. The Initial Stockholders agreed to forfeit up to 375,000
Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The forfeiture was to be adjusted
to the extent that the over-allotment option was not exercised in full by the underwriters so that the Founder Shares would represent
20.0% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding the Representative Shares). If
the Company increased or decreased the size of the offering, the Company would effect a stock dividend or share contribution back to capital,
as applicable, immediately prior to the consummation of the Initial Public Offering in such amount as to maintain the Founder Share ownership
of the Company’s stockholders prior to the Initial Public Offering at 20.0% of the Company’s issued and outstanding common
stock upon the consummation of the Initial Public Offering (excluding the Representative Shares, as defined below). On June 16, 2023,
the underwriters exercised their over-allotment option in full as part of the initial closing of the Initial Public Offering. As such,
the 375,000 Founder Shares are no longer subject to forfeiture.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
The Initial Stockholders
will agree not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion
of the initial Business Combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or other similar
transaction after the initial Business Combination that results in all of the Public Stockholders having the right to exchange their
shares of common stock for cash, securities or other property (the “lock-up”).
Notwithstanding the foregoing,
if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the initial Business Combination, the Founder Shares will be released from the lock-up.
Related Party Loans
Promissory Note to Sponsor
On December 17, 2021 and
as amended on May 9, 2023, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”).
The Note is non-interest bearing, unsecured and due upon the earlier of (x) June 30, 2023 (as amended), and (y) the closing of the Initial
Public Offering. The outstanding balance of $249,560 was repaid at the closing of the Initial Public Offering on June 16, 2023. As of
June 30, 2023, this facility is no longer available.
Due from Sponsor
At the closing of the Initial
Public Offering on June 16, 2023, a portion of the proceeds from the sale of the Private Placement Warrants in the amount of $45,440
was due to the Company to be held outside of the Trust Account for working capital purposes. On June 21, 2023, the Sponsor paid the Company
an amount of $30,292 to partially settle the outstanding balance. As of June 30, 2023, the Sponsor owes the Company an outstanding amount
of $15,148.
Working Capital Loan
In addition, in order to
finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).
If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account
released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing,
the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.
The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s
discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity
at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of June 30, 2023 and December
31, 2022, the Company had no borrowings under the Working Capital Loans.
Administrative Services Agreement
The Company entered into
an agreement, commencing on June 13, 2023 through the earlier of consummation of the initial Business Combination and the Company’s
liquidation, to reimburse an affiliate of the Company’s officers $5,000 per month for office space, utilities, secretarial support
and other administrative and consulting services.
In addition, the Sponsor,
executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in
connection with activities on the Company’s behalf such as identifying potential partner businesses and performing due diligence
on suitable Business Combinations. Any such payments prior to an initial Business Combination will be made using funds held outside the
Trust Account.
For the three and six months
ended June 30, 2023, the Company incurred and paid $2,795 in fees for these services. For the three and six months ended June 30, 2022,
the Company did not incur any such fees for these services.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
NOTE 6. COMMITMENTS AND CONTINGENCIES
Registration and Stockholder Rights
The holders of Founder Shares,
Private Placement Warrants (and underlying securities) and private placement warrants that may be issued upon conversion of Working Capital
Loans (and any underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed
prior to the consummation of the Initial Public Offering. These holders will be entitled to certain demand and “piggyback”
registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
On June 16, 2023, the Company
issued to I-Bankers 258,750 shares of Class A common stock and to Dawson James 28,750 shares of Class A common stock at the closing of
the Initial Public Offering (collectively, the “Representative Shares”). The Company determined the fair value of the 287,500
representative shares to be $2,239,466 (or $7.789 per share) using the Probability-Weighted Expected Return Method (PWERM) Model. The
fair value of the shares granted to the underwriters utilized the following assumptions: (1) expected volatility of 5.7%, (2) risk-free
interest rate of 5.15%, (3) expected life of 1.17 years, and (4) implied discount for lack of marketability (DLOM) of 1.4%. Accordingly,
the fair value of $2,239,466 were accounted for as offering costs at the closing of the Initial Public Offering.
The representative shares
have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the commencement
of sales in this offering. Pursuant to FINRA Rule 511I)(1), these securities will not be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the commencement of sales in this offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period
of 180 days immediately following the commencement of sales in this offering, except to any underwriters and selected dealer participating
in the offering and their bona fide officers or partners.
The underwriters were also
entitled to an underwriting discount of $0.20 per unit, or $2.3 million in the aggregate, which was paid upon the closing of the Initial
Public Offering.
Business Combination Marketing Agreement
The Company entered into
a business combination marketing agreement (the “Business Combination Marketing Agreement”) with the underwriters, I-Bankers
and Dawson James, to assist the Company in holding meetings with the stockholders to discuss the potential Business Combination and the
target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s
securities in connection with the initial Business Combination, assist the Company in obtaining stockholder approval for the Business
Combination and assist the Company with its press releases and public filings in connection with the Business Combination. Pursuant to
the Business Combination Marketing Agreement, the Company will pay I-Bankers and Dawson James, collectively, 3.5% of the gross proceeds
of the Initial Public Offering, or $4.03 million in the aggregate (the “Marketing Fee”). The Marketing Fee will become payable
to I-Bankers and Dawson James from the amounts held in the Trust Account solely in the event that the Company completes an initial Business
Combination with a target introduced to the Company by I-Bankers.
NOTE 7. STOCKHOLDERS’ EQUITY
Preferred Stock —
The Company is authorized to issue 1,000,000 shares of preferred stock, par value $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. At June 30,
2023 and December 31, 2022, there were no shares of preferred stock issued or outstanding.
Class A Common Stock
— The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share.
At June 30, 2023, there were 287,500 shares of Class A common stock issued and outstanding, excluding 11,500,000 shares of Class A common
stock subject to possible redemption. At December 31, 2022, there were no shares of Class A common stock issued or outstanding.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
Class B Common Stock
— The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. At
June 30, 2023 and December 31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. At December 31, 2022,
the issued and outstanding Class B common stock included up to 375,000 shares subject to forfeiture to the extent that the over-allotment
option was not exercised in full or in part by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s
issued and outstanding shares after the Initial Public Offering (excluding the Representative Shares). As a result of the underwriters’
election to fully exercise their over-allotment option on June 16, 2023, 375,000 founder shares are no longer subject to forfeiture.
Holders of the Class B common
stock will have the right to appoint all of the Company’s directors prior to an initial Business Combination. On any other matter
submitted to a vote of the Company’s stockholders, holders of the Class A common stock and holders of the Class B common stock
will vote together as a single class, except as required by law or stock exchange rule; provided, that the holders of Class B common
stock will be entitled to vote as a separate class to increase the authorized number of shares of Class B common stock. Each share of
common stock will have one vote on all such matters.
The shares of Class B common
stock will automatically convert into shares of the Company’s Class A common stock at the time of the Company’s initial Business
Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the
like, and subject to further adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are
issued or deemed issued in excess of the amounts offered and related to the closing of the initial Business Combination, the ratio at
which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority
of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance)
so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the
aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion
of the Initial Public Offering (excluding the Representative Shares) plus all shares of Class A common stock and equity-linked securities
issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial Business Combination, any private placement-equivalent warrants issued to the Sponsor or
its affiliates upon conversion of loans made to the Company).
Rights —
At June 30, 2023 and December 31, 2022, there were 11,500,000 and 0 rights outstanding, respectively. Each holder of a right will receive
one-tenth (1/10) of a share of Class A common stock upon consummation of the initial Business Combination. In the event the Company will
not be the survivor upon completion of the initial Business Combination, each holder of a right will be required to convert his, her
or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration) upon consummation
of the Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and
it liquidates the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights
will expire worthless. No fractional shares will be issued upon conversion of any rights. As a result, a holder must have 10 rights to
receive one share of common stock at the closing of the Business Combination.
Warrants — At
June 30, 2023 and December 31, 2022, there were 7,470,000 and 0 warrants outstanding, respectively. No public warrants were sold in the
Initial Public Offering. The Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement
Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination.
Each Private Placement Warrant
entitles the registered holder to purchase one share of the Class A common stock at a price of $11.50 per share, at any time commencing
on the later of 12 months from the closing of the Initial Public Offering or 30 days after the completion of the initial Business Combination.
The Private Placement Warrants will expire five years after the completion of the initial Business Combination, at 5:00 p.m., New
York City time, or earlier upon redemption or liquidation.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
The Company has agreed that
as soon as practicable, but in no event later than 15 business days after the closing of the Initial Business Combination, the Company
will use its reasonable best efforts to file, and within 60 business days after the closing the Initial Business Combination, to have
declared effective, a registration statement relating to the shares of Class A common stock issuable upon exercise of the Private
Placement Warrants and to maintain the effectiveness of such registration statement, and a current prospectus relating to those shares
of Class A common stock until the Private Placement Warrants expire. Notwithstanding the above, if the Company’s shares of
Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy
the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option,
require holders of the Private Placement 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, it will not be required to file or maintain
in effect a registration statement, but the Company will be required to use its best efforts to qualify the shares under applicable blue
sky laws to the extent an exemption is not available.
Redemption of warrants. Once
the Private Placement Warrants become exercisable, the Company may redeem the outstanding warrants:
| ● | in
whole and not in part; |
| ● | at
a price of $0.01 per warrant; |
| ● | upon
not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant
holder; and |
| ● | if,
and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, 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 the warrant holders. |
The Company may not redeem
the Private Placement Warrants when a holder may not exercise such warrants. The Company has established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Private Placement Warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
common stock may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price (for whole shares) after
the redemption notice is issued.
If the Company calls the
Private Placement Warrants for redemption as described above, the management will have the option to require any holder that wishes to
exercise their warrant to do so on a “cashless basis”. In determining whether to require all holders to exercise their Private
Placement Warrants on a “cashless basis,” the Company will consider, among other factors, the cash position, the number of
Private Placement Warrants that are outstanding and the dilutive effect on the stockholders of issuing the maximum number of shares of
Class A common stock issuable upon the exercise of the Private Placement Warrants. If the Company takes advantage of this option,
all holders of the Private Placement Warrants would pay the exercise price by surrendering their warrants for that number of shares of
Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock
underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”
(defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of
the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants.
ESH ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2023
(UNAUDITED)
NOTE 8. FAIR VALUE MEASUREMENTS
The fair value of the Company’s
financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with
the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants
at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the
use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and
liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
|
Level 1: |
Quoted prices
in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions
for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
|
Level 2: |
Observable
inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities
and quoted prices for identical assets or liabilities in markets that are not active. |
|
Level 3: |
Unobservable
inputs based on an assessment of the assumptions that market participants would use in pricing the asset or liability. |
At June 30, 2023, assets
held in the Trust Account were comprised of $116,902,067 in money market funds which are invested primarily in U.S. Treasury Securities. Through
June 30, 2023, the Company has not withdrawn any income earned from the Trust Account to pay certain tax obligations.
The following table presents
information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and indicates the
fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description | |
Level | | |
June 30,
2023 | |
Assets: | |
| | |
| |
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | |
| 1 | | |
$ | 116,902,067 | |
NOTE 9. SUBSEQUENT EVENTS
The Company evaluated subsequent
events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were
issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the unaudited condensed financial statements.
On July 20, 2023, the Company
issued a press release announcing that, on July 21, 2023, the Units will no longer trade, and that the Company’s common stock and
rights, which together comprise the units will commence trading separately. The common stock and rights will be listed on the Nasdaq
Global Market and trade with the ticker symbols “ESHA,” and “ESHAR,” respectively. This is a mandatory and automatic
separation, and no action is required by the holders of Units.
Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations
References in this report (the “Quarterly
Report”) to “we,” “us” or the “Company” refer to ESH Acquisition Corp. References to our “management”
or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to ESH Sponsor
LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the
discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Special Note Regarding Forward-Looking Statements
This Quarterly Report includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical
facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All
statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the completion of the Proposed Business Combination
(as defined below), the Company’s financial position, business strategy and the plans and objectives of management for future operations,
are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,”
“estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs,
based on information currently available. A number of factors could cause actual events, performance or results to differ materially
from the events, performance and results discussed in the forward-looking statements, including that the conditions of the Proposed Business
Combination are not satisfied. For information identifying important factors that could cause actual results to differ materially from
those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus
for its Initial Public Offering filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities
filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities
law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
Overview
We are a blank check company formed under the
laws of the State of Delaware on November 17, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses or entities. We intend to effectuate our Business
Combination using cash from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our capital stock,
debt or a combination of cash, stock and debt.
We expect to continue to incur significant costs
in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.
Results of Operations
We have neither engaged in any operations nor
generated any revenues to date. Our only activities from November 17, 2021 (inception) through June 30, 2023 were organizational activities,
those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating
income in the form of interest income on investments held in the Trust Account. We incur expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
For the three months ended June 30, 2023, we
had a net income of $14,896, which consists of interest income on investments held in the Trust Account of $177,067, offset by operating
costs of $40,003, provision for income taxes of $19,229, and franchise tax expense of $102,939.
For the six months ended June 30, 2023, we had
a net income of $12,029, which consists of interest income on investments held in the Trust Account of $177,067, offset by operating
costs of $42,870, provision for income taxes of $19,229, and franchise tax expense of $102,939
For the three months ended June 30, 2022, we had
net loss $11,831, which consisted of formation and operating costs of $11,331 and franchise expense of $500.
For the six months ended June 30, 2022, we had
net loss $12,415, which consisted of formation and operating costs of $11,365 and franchise expense of $1,050.
Liquidity and Capital Resources
On June 16, 2023, we consummated the Initial
Public Offering of 11,500,000 Units at $10.00 per Unit, which includes the full exercise by the underwriters of their over-allotment
option in the amount of 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000. Simultaneously with the closing
of the Initial Public Offering, we consummated the sale of 7,470,000 private placement warrants at a price of $1.00 per warrant, in a
private placement to the Sponsor and I-Bankers Securities, Inc. and Dawson James, generating gross proceeds of $7,470,000.
Following the Initial Public Offering, the full
exercise of the over-allotment option, and the sale of the private placement warrants, a total of $116,725,000 ($10.15 per Unit) was
placed in the Trust Account. We incurred $5,368,092 in Initial Public Offering related costs, consisting of $2,300,000 of cash underwriting
discount, $2,239,466 fair value of representative shares, and $828,626 of other offering costs.
For the six months ended June 30, 2023, cash
used in operating activities was $315,899. Net income of $12,029 was affected by interest earned on investments held in the Trust Account
of $177,067. Changes in operating assets and liabilities used $150,861 of cash for operating activities.
For the six months ended June 30, 2022, cash
used in operating activities was $36,365. Net loss of $12,415 was affected by changes in operating assets and liabilities which used
$23,950 of cash for operating activities.
As of June 30, 2023, we had investments held
in the Trust Account of $116,902,067 (including approximately $177,067 of interest income) consisting of U.S. Treasury securities. Interest
income on the balance in the Trust Account may be used by us to pay taxes. Through June 30, 2023, we have not withdrawn any interest
earned from the Trust Account.
We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete
our Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our
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 June 30, 2023, we had cash of $2,359,908.
We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due
diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses
or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure,
negotiate and complete a Business Combination.
In order to fund working capital deficiencies
or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors or their
affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such
loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the
Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000
of such loans may be convertible into warrants at a price of $1.00 per warrant, at the option of the lender. The warrants would be identical
to the Private Placement Warrants.
We do not believe we will need to raise additional
funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target
business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so,
we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional
financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares
upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such
Business Combination.
Off-Balance Sheet Arrangements
We have no obligations, assets or liabilities,
which would be considered off-balance sheet arrangements as of June 30, 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 an agreement to pay an affiliate of one of our officers
a monthly fee of $5,000 for office space, utilities, secretarial support and other administrative and consulting services. We began incurring
these fees on June 13, 2023 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination
and our liquidation.
In addition, the Sponsor, executive officers
and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on the Company’s behalf such as identifying potential partner businesses and performing due diligence on suitable Business Combinations.
Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.
The underwriters are entitled to an underwriting
discount of $0.20 per unit, or $2.3 million in the aggregate, which was paid upon the closing of the Initial Public Offering.
We entered into a business combination marketing
agreement (the “Business Combination Marketing Agreement”) with the underwriters, I-Bankers and Dawson James, to assist us
in holding meetings with the stockholders to discuss the potential Business Combination and the target business’ attributes, introduce
us to potential investors that are interested in purchasing our securities in connection with the initial Business Combination, assist
us in obtaining stockholder approval for the Business Combination and assist us with its press releases and public filings in connection
with the Business Combination. Pursuant to the Business Combination Marketing Agreement, we will pay I-Bankers and Dawson James, collectively,
3.5% of the gross proceeds of the Initial Public Offering, or $4.03 million in the aggregate (the “Marketing Fee”). The Marketing
Fee will become payable to I-Bankers and Dawson James from the amounts held in the Trust Account solely in the event that we complete
an initial Business Combination with a target introduced to us by I-Bankers.
Critical Accounting Estimates
The preparation of unaudited 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 estimates:
Class A Common Stock Subject to Possible Redemption
We account for our Class A common stock subject
to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing
Liabilities from Equity.” Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured
at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified in temporary
equity. At all other times, common stock is classified as stockholders’ equity. Our Class A common stock features certain redemption
rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, at June 30,
2023, 11,500,000 shares of Class A common stock are presented at redemption value as temporary equity, outside of the stockholders’
equity section of our balance sheets.
Net Income (Loss) Per Common Share
We have two classes of shares, which are referred
to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes of shares. We have
not considered the effect of the rights and warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate
of 8,620,000 shares of our Class A common stock in the calculation of diluted net income (loss) per share, since their exercise is contingent
upon future events. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share.
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 our unaudited condensed financial
statements.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk
Not required for smaller reporting companies.
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 officer or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure.
Under the supervision and with the participation
of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation
of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended June 30, 2023, as such term
is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal
financial and accounting officer have concluded that during the period covered by this report, our disclosure controls and procedures
were effective at a reasonable assurance level and, accordingly, provided reasonable assurance that the information required to be disclosed
by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms.
Changes in Internal Control over Financial
Reporting
There was no change in our internal control over
financial reporting that occurred during the fiscal quarter of 2023 covered by this Quarterly Report on Form 10-Q that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 1A. Risk Factors
Factors that could cause our actual results to
differ materially from those in this report include the risk factors described in our final prospectus for its Initial Public Offering
filed with the SEC. As of the date of this Report, there have been no material changes to the risk factors disclosed in our final prospectus
for its Initial Public Offering filed with the SEC.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.
On June 16, 2023, we consummated the Initial
Public Offering of 11,500,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount
of 1,500,000 Units, at $10.00 per Unit, generating total gross proceeds of $115,000,000. I-Bankers Securities, Inc and IB Capital LLC
acted as joint book-running managers, with Dawson James Securities, Inc. acting as co-manager of the Initial Public Offering. The securities
in the offering were registered under the Securities Act on registration statement on Form S-1 (No. 333-265226). The Securities and Exchange
Commission declared the registration statements effective on June 13, 2023.
Simultaneous with the consummation of the Initial
Public Offering, the Sponsor, I-Bankers Securities, Inc. and Dawson James, consummated the private placement warrants of an aggregate
of 7,470,000 warrants at a price of $1.00 per warrant, generating total proceeds of $7,470,000. Each Unit consists of one share of Class
A common stock and one right. Each whole Private Placement Warrant is exercisable for one whole share of Class A common stock at a price
of $11.50 per share. The issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act.
Of the gross proceeds received from the Initial
Public Offering, the full exercise of the over-allotment option and the Private Placement Warrants, an aggregate of $116,725,000 was
placed in the Trust Account.
We incurred transaction costs amounting to $5,368,092
consisting of $2,300,000 of cash underwriting discount, $2,239,466 fair value of representative shares, and $828,626 of other offering
costs.
For a description of the use of the proceeds
generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
None
Item 5. Other Information
During the three months ended June 30, 2023,
no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements
(in each case, as defined in Item 408(a) of Regulation-S-K).
Item 6. Exhibits
The following exhibits are filed as part of,
or incorporated by reference into, this Quarterly Report on Form 10-Q.
No. |
|
Description
of Exhibit |
1.1 |
|
Underwriting Agreement, dated June 13, 2023, by and among the Company, I-Bankers and Dawson James.(1) |
1.2 |
|
Business Combination Marketing
Agreement, dated June 13, 2023, by and among the Company, I-Bankers and Dawson James Securities, Inc. (1) |
3.1 |
|
Amended and Restated Certificate of Incorporation(1) |
3.2* |
|
By-Laws of ESH Acquisition Corp. |
4.1 |
|
Rights Agreement, dated June 13, 2023, by and between the Company and CST(1) |
4.2 |
|
Warrant Agreement, dated June 13, 2023, by and between CST and the Company. (1) |
10.1 |
|
Investment Management Trust Agreement, dated June 13, 2023, by and between CST and the Company. (1) |
10.2 |
|
Registration and Rights Agreement, dated June 13, 2023, by and among the Company, the Sponsor, I-Bankers and Dawson James. (1) |
10.3 |
|
Private Placement Warrants Purchase Agreement, dated June 13, 2023, by and among the Company, the Sponsor, I-Bankers and Dawson James. (1) |
10.4 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and James Franics. (1) |
10.5 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and Jonathan Morris. (1) |
10.6 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and Thomas Wolber. (1) |
10.7 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and Jonathan Gordon. (1) |
10.8 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and Christina Francis. (1) |
10.9 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and Christopher Ackerley. (1) |
10.10 |
|
Indemnity Agreement, dated June 13, 2023, by and between the Company and Allen Weiss. (1) |
10.11 |
|
Administrative Services Agreement, dated June 13, 2023, between the Company and the Sponsor. (1) |
10.12 |
|
Letter Agreement, dated June 13, 2023, by and among the Company, the Sponsor, I-Bankers, Dawson James and the Company’s officers and directors. (1) |
31.1* |
|
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* |
|
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* |
|
Certification of 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 Principal Financial 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 |
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 Labels Linkbase Document |
101.PRE* |
|
Inline XBRL Taxonomy
Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive
Data File |
(1) | Previously
filed as an exhibit to our Current Report on Form 8-K filed on June 20, 2023 and incorporated by reference herein. |
SIGNATURES
In accordance with the requirements
of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
ESH
Acquisition Corp. |
|
|
|
Date: August 18,
2023 |
By: |
/s/
James Francis |
|
Name: |
James Francis |
|
Title: |
Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
Date: August 18,
2023 |
By: |
/s/
Jonathan Morris |
|
Name: |
Jonathan Morris |
|
Title: |
Chief Financial Officer |
|
|
(Principal Financial and
Accounting Officer) |
23
1813462
916806
0.00
0.00
The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of common stock:
At June 30, 2023, the Class A common stock subject to possible redemption reflected on the balance sheet are reconciled in the following table:
P5Y
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Exhibit 3.2
ESH
ACQUISITION CORP.
Incorporated under the laws
of the State of Delaware
BY-LAWS
Dated as of November 17, 2021
TABLE
OF CONTENTS
ARTICLE I OFFICES |
1 |
|
|
|
1.1 |
Registered Office |
1 |
1.2 |
Other Offices |
1 |
1.3 |
General |
1 |
|
|
|
ARTICLE II MEETING OF STOCKHOLDERS; STOCKHOLDERS’ CONSENT IN LIEU OF MEETING |
1 |
|
|
|
2.1 |
Annual Meetings |
1 |
2.2 |
Special Meetings |
1 |
2.3 |
Notice of Meetings |
2 |
2.4 |
Remote Communication |
2 |
2.5 |
Quorum |
3 |
2.6 |
Organization |
3 |
2.7 |
Order of Business |
3 |
2.8 |
Voting |
4 |
2.9 |
Inspection |
4 |
2.10 |
List of Stockholders |
4 |
2.11 |
Stockholders’ Consent in Lieu of Meeting |
5 |
|
|
|
ARTICLE III BOARD OF DIRECTORS |
6 |
|
|
|
3.1 |
General Powers |
6 |
3.2 |
Number and Term of Office |
6 |
3.3 |
Election of Directors |
6 |
3.4 |
Resignation, Removal and Vacancies |
6 |
3.5 |
Meetings |
7 |
3.6 |
Directors’ Consent in Lieu of Meeting |
8 |
3.7 |
Action by Means of Conference Telephone or Similar Communications Equipment |
8 |
3.8 |
Compensation of Directors |
8 |
|
|
|
ARTICLE IV OFFICERS |
8 |
|
|
|
4.1 |
Executive Officers |
8 |
4.2 |
Authority and Duties |
9 |
4.3 |
Other Officers |
9 |
4.4 |
Salaries of Officers |
9 |
4.5 |
Term of Office, Resignation and Removal |
9 |
4.6 |
Vacancies |
9 |
4.7 |
Chairman |
9 |
4.8 |
Chief Executive Officer |
10 |
4.9 |
President |
10 |
4.10 |
Vice President |
10 |
4.11 |
Treasurer or Chief Financial Officer |
10 |
4.12 |
Secretary |
10 |
ARTICLE V CHECKS, DRAFTS, BANK ACCOUNTS, ETC. |
11 |
|
|
|
5.1 |
Deposits |
11 |
5.2 |
Proxies with Respect to Stock or Other Securities of Other Corporations |
11 |
|
|
|
ARTICLE VI SHARES AND THEIR TRANSFER; FIXING RECORD DATE |
11 |
|
|
|
6.1 |
Certificates for Shares |
11 |
6.2 |
Record |
12 |
6.3 |
Transfer of Stock |
12 |
6.4 |
Lost, Destroyed and Mutilated Certificates |
12 |
6.5 |
Fixing Date for Determination of Stockholders of Record |
12 |
|
|
|
ARTICLE VII SEAL |
13 |
|
|
ARTICLE VIII FISCAL YEAR |
13 |
|
|
ARTICLE IX INDEMNIFICATION AND INSURANCE |
13 |
|
|
|
9.1 |
Right to Indemnification of Directors and Officers |
13 |
9.2 |
Prepayment of Expenses of Directors and Officers |
13 |
9.3 |
Claims by Directors and Officers |
13 |
9.4 |
Indemnification of Employees and Agents |
13 |
9.5 |
Advancement of Expenses of Employees and Agents |
13 |
9.6 |
Non-Exclusivity of Rights |
13 |
9.7 |
Other Indemnification |
14 |
9.8 |
Insurance |
14 |
9.9 |
Amendment or Repeal |
14 |
|
|
|
ARTICLE X AMENDMENT |
14 |
BYLAWS
OF
ESH ACQUISITION CORP.
(a Delaware corporation)
ARTICLE
I
OFFICES
1.1
Registered Office.
The
registered office of ESH Acquisition Corp. (the “Corporation”) in the State of Delaware shall be at 251 Little Falls
Drive, Wilmington, New Castle County, Delaware, 19808. The name of the registered agent at such location is Corporation Service Company.
1.2
Other Offices.
The
Corporation may also have an office or offices at any other place or places within or outside the State of Delaware.
1.3
General.
Whenever
the masculine or feminine gender is used in these Bylaws (the “Bylaws”), it shall equally, where the context permits,
include the other, as well as include entities.
ARTICLE
II
MEETING OF STOCKHOLDERS; STOCKHOLDERS’
CONSENT IN LIEU OF MEETING
2.1
Annual Meetings.
The
annual meeting of the stockholders for the election of directors, and for the transaction of such other business as may properly come
before the meeting, shall be held at such place, if any, by such means of remote communication, if any, and at such date and hour as
shall be fixed by the board of directors (the “Board”) and designated in the notice thereof, except that no annual
meeting need be held if all actions, including the election of directors, required by the General Corporation Law of the State of Delaware
(the “DGCL”) to be taken at a stockholders’ annual meeting are taken by unanimous written consent of the stockholders
in lieu of a meeting pursuant to Section 2.11 of this Article II.
2.2
Special Meetings.
A
special meeting of the stockholders for any purpose or purposes may be called by the Board, the Chairman, President or the Chief Executive
Officer, and not by any other person or persons, to be held at such place, if any, by such means of remote communication, if any, and
at such date and hour as shall be designated in the notice thereof.
2.3
Notice of Meetings.
(a)
Except as otherwise required by law, the Certificate of Incorporation of the Corporation (the “Certificate”) or these
Bylaws, notice of each annual or special meeting of the stockholders shall be given not less than 10 nor more than 60 days before the
date of the meeting to each stockholder entitled to note at such meeting, as of the record date for determining the stockholders entitled
to notice of the meeting. If such notice is mailed, it shall be deemed to be given when deposited in the United States Mail, postage
prepaid, directed to the stockholder at his address as it appears in the records of the Corporation. Every such notice shall state the
place, if any, the date and hour of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may
be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the
meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case
of a special meeting, the purpose or purposes for which the meeting is called. Attendance of a stockholder at a meeting shall constitute
a waiver of notice of such meeting, except when a stockholder attends a meeting for the express purpose of objecting at the beginning
of the meeting, to the transaction of any business because the meeting is not lawfully called as convened. Any waiver of notice signed
by the stockholder entitled to notice, or a waiver by electronic transmission by a stockholder entitled to notice, whether before or
after the time stated therein, shall be deemed equivalent to notice. Except as otherwise provided in these Bylaws, neither the business
to be transacted at, nor the purpose of, any meeting of the stockholders need be specified in any such waiver of notice. Notice of any
adjourned meeting of stockholders shall not be required to be given, except when expressly required by law.
(b)
For purposes of these Bylaws, “electronic transmission” means any form of communication, not directly involving the physical
transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly
reproduced in paper form by such a recipient through an automated process.
2.4
Remote Communication.
For
the purposes of these Bylaws, if authorized by the Board in its sole discretion, and subject to such guidelines and procedures as the
Board may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication:
(a)
participate in a meeting of stockholders; and
(b)
be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or
solely by means of remote communication, provided that (i) the Corporation shall implement reasonable measures to verify that each person
deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (ii) the Corporation
shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting
and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially
concurrently with such proceedings, and (iii) if any stockholder or proxyholder votes or takes other action at the meeting by means of
remote communication, a record of such vote or other action shall be maintained by the Corporation.
2.5
Quorum.
At
each meeting of the stockholders, except where otherwise provided by law, the Certificate or these Bylaws, the presence in person or
by proxy of the holders of a majority in voting power of the issued and outstanding shares of stock of the Corporation entitled to vote
at such meeting, shall constitute a quorum for the transaction of business. In the absence of a quorum, a majority in voting power of
the outstanding shares of stock of the Corporation present in person or represented by proxy and entitled to vote, or, any officer entitled
to preside at, or act as secretary of, such meeting, shall have the power to adjourn the meeting from time to time to reconvene at the
same or some other place, until stockholders holding the requisite amount of stock to constitute a quorum shall be present or represented,
and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment
is taken. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record
entitled to vote at the meeting. At any such adjourned meeting at which a quorum shall be present, any business may be transacted which
might have been transacted at the meeting as originally called.
2.6
Organization.
(a)
Unless otherwise determined by the Board, at each meeting of the stockholders, one of the following shall act as chairman of the meeting
and preside thereat, in the following order of precedence:
(i) the Chairman;
(ii)
the Chief Executive Officer;
(iii)
any director, officer or stockholder of the Corporation designated by the Board to act as chairman of such meeting and to preside thereat
if the Chairman or the Chief Executive Officer shall be absent from such meeting;
(iv)
or a stockholder of record who shall be chosen chairman of such meeting by a majority in voting power of the outstanding shares of stock
of the Corporation present in person or by proxy and entitled to vote thereat.
(b)
The Secretary or, if the Secretary shall be presiding over such meeting in accordance with the provisions of this Section 2.6 or
if the Secretary shall be absent from such meeting, the person (who shall be an Assistant Secretary, if an Assistant Secretary has been
appointed and is present) whom the chairman of such meeting shall appoint, shall act as secretary of such meeting and keep the minutes
thereof.
2.7
Order of Business.
The
order of business at each meeting of the stockholders shall be determined by the chairman of such meeting, but such order of business
may be changed by a majority in voting power of the outstanding shares of stock of the Corporation present in person or by proxy at such
meeting and entitled to vote thereat.
2.8
Voting.
Except
as otherwise provided by law, the Certificate or these Bylaws, at each meeting of the stockholders, each stockholder of the Corporation
shall be entitled to one vote in person or by proxy for each share of stock of the Corporation held by him which has voting power upon
the matter in question. Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held.
Shares
of its own stock belonging to the Corporation or to another Corporation, if a majority of the shares entitled to vote in the election
of directors of such other Corporation is held, directly or indirectly, by the Corporation, shall neither be entitled to vote nor counted
for quorum purposes; provided, however, that the foregoing shall not limit the right of the Corporation to vote stock, including but
not limited to its own stock, held by it in a fiduciary capacity. Each stockholder entitled to vote at a meeting of stockholders or to
express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder
by proxy; provided, however, that no proxy shall be voted after three years from its date, unless said proxy provides for a longer period.
At all meetings of the stockholders, all matters (except where other provision is made by law, the Certificate or these Bylaws) shall
be decided by the vote of a majority in voting power of the outstanding shares of stock of the Corporation present in person or by proxy
at such meeting and entitled to vote thereon, a quorum being present. Unless demanded by a stockholder present in person or by proxy
at any meeting and entitled to vote thereon, the vote on any question need not be by ballot.
2.9
Inspection.
The
chairman of the meeting may at any time appoint one or more inspectors to serve at any meeting of the stockholders. Any inspector may
be removed, and a new inspector or inspectors appointed, by the Board at any time. Such inspectors shall (i) ascertain the number of
shares outstanding and the voting power of each, (ii) determine the shares represented at the meeting and the validity of proxies and
ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges
made to any determination by the inspectors, and (v) certify their determination of the number of shares represented at the meeting,
and their count of all votes and ballots. The inspectors need not be stockholders of the Corporation, and any director or officer of
the Corporation may be an inspector on any question other than a vote for or against his election to any position with the Corporation
or on any other matter in which he may be directly interested. Before acting as herein provided, each inspector shall take and sign an
oath faithfully to execute the duties of an inspector with strict impartiality and according to the best of his ability.
2.10
List of Stockholders.
It
shall be the duty of the Secretary or other officer of the Corporation who shall have charge of its stock ledger to prepare and make,
at least 10 days before every meeting of the stockholders, a complete list of the stockholders entitled to vote thereat; provided, however,
if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect
the stockholders entitled to vote as of the 10th day before the meeting date, arranged in alphabetical order, and showing the address
of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of
any stockholder, for any purpose germane to any such meeting for a period of at least 10 days prior to the meeting: (i) on a reasonably
accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the
meeting, or (ii) during ordinary business hours at the principal place of business of the Corporation. If the meeting is held at a place,
then the list shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by
any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall be open to
the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information
required to gain access to such list shall be provided with the notice of the meeting.
2.11
Stockholders’ Consent in Lieu of Meeting.
(a)
Unless otherwise restricted by the Certificate of Incorporation, any action required to be taken at any annual or special meeting of
the stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken
without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall
be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation
by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation
having custody of the book in which minutes of proceedings of the stockholders are recorded. Delivery made to the Corporation’s
registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of corporate
action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders
who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting
if the record date for notice of such meeting had been the date that written consents signed by a sufficient number of holders to take
the action were delivered to the Corporation.
(b) An electronic transmission consenting to an action to be taken and transmitted by a stockholder or proxyholder or by a person
or persons authorized to act for a stockholder or proxyholder, shall be deemed to be written, signed and dated for the purposes of this
Section 2.11, provided that any such electronic transmission sets forth or is delivered with information from which the Corporation
can determine (i) that the electronic transmission was transmitted by the stockholder or proxyholder or a person or persons authorized
to act for the stockholder or proxyholder, and (ii) the date on which such stockholder or proxyholder or authorized person or persons
transmitted such electronic transmission. The date on which such electronic transmission is transmitted shall be deemed to be the date
on which such consent was signed. No consent given by electronic transmission shall be deemed to have been delivered until such consent
is reproduced in paper form and until such paper form shall be delivered to the Corporation by delivery to its registered office in the
State of Delaware, its principal place of business or an officer or agent of the Corporation having custody of the book in which proceeds
or meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be made by hand or by certified
or registered mail, return receipt requested. Notwithstanding the foregoing limitations on delivery, consents given by electronic transmission
may be otherwise delivered to the principal place of business of the Corporation or to an officer or agent of the Corporation having
custody of the book in which proceedings of meetings of stockholders are recorded if, to the extent and in the manner provided by resolution
of the Board.
ARTICLE
III
BOARD OF DIRECTORS
3.1
General Powers.
The
business and affairs of the Corporation shall be managed by or under the direction of the Board, which may exercise all such powers of
the Corporation and do all such lawful acts and things as are not by law or by the Certificate of Incorporation directed or required
to be exercised or done by the stockholders.
3.2
Number and Term of Office.
The
Board shall consist of one or more members, the number thereof to be determined from time to time by the resolution of the Board or the
stockholders. Each director shall hold office until his or her successor is elected and qualified, or until his or her earlier death
or resignation or removal in the manner hereinafter provided.
3.3
Election of Directors.
At
each meeting of the stockholders for the election of directors at which a quorum is present, a plurality of the votes cast shall be sufficient
to elect a director; provided, however, that for purposes of such vote no stockholder shall be allowed to cumulate his votes.
3.4
Resignation, Removal and Vacancies.
(a)
Any director may resign at any time from the Board by delivering notice in writing or by electronic transmission to the Corporation.
Any such resignation shall be effective upon delivery thereof unless it is specified to be effective at some later time or upon the occurrence
of some other event or events. The Board’s acceptance of a resignation shall not be necessary to make it effective.
(b)
Any director or the entire Board may be removed, with or without cause, at any time by vote of the holders of a majority of the outstanding
shares of stock of the Corporation then entitled to vote at an election of directors or by written consent of the stockholders pursuant
to Section 2.11 of Article II.
(c)
Unless otherwise required by law or the Certificate of Incorporation, any newly created directorship or any vacancy occurring
on the Board for any cause may be filled by a majority of the remaining members of the Board, although such a majority is less than a
quorum, or by a plurality of the votes cast at a meeting of stockholders, and each director so elected shall hold office until the expiration
of the term of office of the director whom he has replaced and until his successor is elected and qualified.
3.5
Meetings.
(a)
Annual Meetings. As soon as practicable after each annual election of directors, the Board shall meet for the purpose of organization
and the transaction of other business, unless it shall have transacted all such business by written consent pursuant to Section 3.6
of this Article III.
(b)
Other Meetings. In addition to the annual meeting, regular meetings of the Board may be held at such places within or without
the State of Delaware and at such times as the Board may from time to time determine; provided, that, the Board shall meet no less than
four (4) times a year. Special meetings of the Board may be held at any time or place within or without the State of Delaware whenever
called by the Chairman, the Chief Executive Officer, the President, the Secretary or any director.
(c)
Notice of Meetings. Notice of a special meeting of the Board shall be given by the person or persons calling the meeting. Notice
of each such meeting shall be given to each director by mail, addressed to him at his residence or usual place of business, and sent
at least two days before the date on which such meeting is to be held, by facsimile telecommunications or other electronic transmission,
by personal delivery, or by telephone not later than the day before the day on which such meeting is to be held, but notice need not
be given to any director who shall attend such meeting. A waiver of notice in writing or by electronic transmission, signed by the director
entitled thereto, whether before or after the time stated therein, shall be deemed equivalent to notice.
(d)
Place of Meetings. The Board may hold its meetings at such place or places within or outside the State of Delaware as the person
or persons calling the meeting may from time to time determine; provided, however, that the majority of the meetings of the Board each
year shall be held in the United States.
(e)
Quorum and Manner of Acting. Those directors having a majority in voting power (in accordance with the Certificate of Incorporation
and assuming a fully constituted Board) shall be present in person at any meeting of the Board in order to constitute a quorum for the
transaction of business at such meeting, and the vote of a majority in voting power (in accordance with the Certificate of Incorporation)
of those directors present at any such meeting at which a quorum is present shall be necessary for the passage of any resolution or act
of the Board, except as otherwise expressly required the Certificate of Incorporation or these Bylaws. In the absence of a quorum for
any such meeting, a majority of the directors present thereat may adjourn such meeting from time to time until a quorum shall be present.
(f)
Organization. At each meeting of the Board, one of the following shall act as chairman of the meeting and preside thereat, in
the following order of precedence:
(i)
the Chairman;
(ii)
the Chief Executive Officer (if a director);
(iii)
the President; or
(iv)
any director designated by a majority of the directors present.
The
Secretary or, in the case of his absence, an Assistant Secretary, if an Assistant Secretary has been appointed and is present, or any
person whom the chairman of the meeting shall appoint shall act as secretary of such meeting and keep the minutes thereof.
3.6
Directors’ Consent in Lieu of Meeting.
Any
action required or permitted to be taken at any meeting of the Board, or any committee thereof, may be taken without a meeting if all
members of the Board or such committee, as the case may be, consent thereto in writing or by electronic transmission and the writing
or writings or electronic transmission or electronic transmissions are filed with the minutes of proceedings of the Board or such committee.
Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained
in electronic form.
3.7
Action by Means of Conference Telephone or Similar Communications Equipment.
Any
one or more members of the Board, or any committee thereof, may participate in a meeting thereof by means of conference telephone or
other communications equipment by which all persons participating in the meeting can hear each other, and participation in a meeting
by such means shall constitute presence in person at such meeting.
3.8
Compensation of Directors.
Unless
otherwise restricted by the Certificate or these Bylaws, the Board shall have the authority to fix the compensation of directors. The
directors may be paid their expenses, if any, of attendance at each meeting of the Board and may be paid a fixed sum for attendance at
each meeting of the Board or a stated salary as director. No such payment shall preclude any director from serving the Corporation in
any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for
attending committee meetings.
ARTICLE
IV
OFFICERS
4.1
Executive Officers.
The
principal officers of the Corporation shall be a Chairman, if one is appointed (and any references to the Chairman shall not apply if
a Chairman has not been appointed), a Chief Executive Officer, a President, a Vice President, a Secretary and a Treasurer or Chief Financial
Officer, and may include such other officers as the Board may appoint pursuant to Section 4.3 of this Article IV. Any two
or more offices may be held by the same person.
4.2
Authority and Duties.
All
officers, as between themselves and the Corporation, shall have such authority and perform such duties in the management of the Corporation
as may be provided in these Bylaws or, to the extent so provided, by the Board.
4.3
Other Officers.
The
Corporation may have such other officers as the Board may deem necessary, each of whom shall hold office for such period, have such authority,
and perform such duties as the Board may from time to time determine. The Board may delegate to any principal officer the power to appoint
and define the authority and duties of, or remove, any such officers.
4.4
Salaries of Officers.
The
salaries of all officers of the Corporation shall be determined from time to time by the Board.
4.5
Term of Office, Resignation and Removal.
(a)
All officers shall be elected or appointed by the Board and shall hold office for such term as may be prescribed by the Board. Each officer
shall hold office until his successor has been elected or appointed and qualified or until his earlier death or resignation or removal
in the manner hereinafter provided.
(b)
Any officer may resign at any time by giving written notice to the Corporation. Such resignation shall take effect at the time specified
therein or, if the time be not specified, at the time it is accepted by action of the Board. Except as aforesaid, the acceptance of such
resignation shall not be necessary to make it effective.
(c)
All officers elected or appointed by the Board shall be subject to removal at any time by the Board with or without cause.
4.6
Vacancies.
If
the office of Chairman, Chief Executive Officer, President, Vice President, Secretary, Treasurer or Chief Financial Officer becomes vacant
for any reason, the Board shall fill such vacancy, and if any other office becomes vacant, the Board may fill such vacancy. Any officer
so appointed or elected by the Board shall hold office until the expiration of the term of office of the officer whom he has replaced
and until his successor is elected and qualified.
4.7
Chairman.
The
Chairman shall give counsel and advice to the Board and the officers of the Corporation on all subjects concerning the welfare of the
Corporation and the conduct of its business and shall perform such other duties as the Board may from time to time determine. Unless
otherwise determined by the Board, he shall preside at meetings of the Board and of the stockholders at which he is present.
4.8
Chief Executive Officer.
The
Chief Executive Officer shall have general and active management and control of the business and affairs of the Corporation subject to
the control of the Board and shall see that all orders and resolutions of the Board are carried into effect. The Chief Executive Officer
shall from time to time make such reports of the affairs of the Corporation as the Board may require and shall perform such other duties
as the Board may from time to time determine.
4.9
President.
In
the absence of the Chairman of the Board and the Chief Executive Officer, or if there be none, the President shall preside at all meetings
of the stockholders and the Board. The President shall have power to call special meetings of the stockholders or of the Board or of
the Executive Committee at any time. The President shall have the general direction of the business, affairs and property of the Corporation,
and of its several officers, and shall have and exercise all such powers and discharge such duties as usually pertain to the office of
President.
4.10
Vice President.
Each
Vice President shall have such powers and shall perform such duties as may be assigned to him or her by the Chairman of the Board, or
by the President or by the Board. In the absence or in the case of the inability of the Chairman and the President to act, the Board
may designate which one of the Vice Presidents shall be the acting Chief Executive Officer of the Company during such absence or inability,
whereupon such acting Chief Executive Officer shall have all the powers and perform all of the duties incident to the office of Chairman
during the absence or inability of the Chairman and President to act.
4.11
Treasurer or Chief Financial Officer.
The
Treasurer or Chief Financial Officer shall have the care and custody of the corporate funds and other valuable effects, including securities,
shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys
and other valuable effects in the name and to the credit of the Corporation in such depositories as may be selected in accordance with
Section 5 of Article V. The Treasurer or Chief Financial Officer shall disburse the funds of the Corporation as may be
ordered by the Board, taking proper vouchers for such disbursements, shall render to the Chairman, Chief Executive Officer and directors,
at the regular meetings of the Board, or whenever they may require it, an account of all his transactions as Treasurer or Chief Financial
Officer and of the financial condition of the Corporation and shall perform all other duties incident to the office of Treasurer or Chief
Financial Officer and such other duties as from time to time may be assigned to him by the Board, the Chairman or the Chief Executive
Officer.
4.12
Secretary.
The
Secretary shall, to the extent practicable, attend all meetings of the Board and all meetings of the stockholders and shall record all
votes and the minutes of all proceedings in a book to be kept for that purpose. He may give, or cause to be given, notice of all meetings
of the stockholders and of the Board, and shall perform such other duties as may be prescribed by the Board, the Chairman or the Chief
Executive Officer, under whose supervision he shall act. He shall keep in safe custody the seal of the Corporation and affix the same
to any duly authorized instrument requiring it. He shall keep in safe custody the certificate books and stockholder records and such
other books and records as the Board may direct, and shall perform all other duties incident to the office of Secretary and such other
duties as from time to time may be assigned to him by the Board, the Chairman or the Chief Executive Officer.
ARTICLE
V
CHECKS, DRAFTS, BANK ACCOUNTS, ETC.
5.1
Deposits.
All
funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation or otherwise as
the Board or Treasurer, or any other officer of the Corporation to whom power in this respect shall have been given by the Board, shall
select.
5.2
Proxies with Respect to Stock or Other Securities of Other Corporations.
The
Board shall designate the officers of the Corporation who shall have authority from time to time to appoint an agent or agents of the
Corporation to exercise in the name and on behalf of the Corporation the powers and rights which the Corporation may have as the holder
of stock or other securities in any other corporation, and to vote or consent with respect to such stock or securities. Such designated
officers may instruct the person or persons so appointed as to the manner of exercising such powers and rights, and such designated officers
may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal or otherwise, such written
proxies, powers of attorney or other instruments as they may deem necessary or proper in order that the Corporation may exercise its
powers and rights.
ARTICLE
VI
SHARES AND THEIR TRANSFER; FIXING RECORD DATE
6.1
Certificates for Shares.
The
shares of the Corporation may be certificated or uncertificated. If the shares are certificated, every holder of stock of the
Corporation represented by certificates shall be entitled to have a certificate certifying the number and class of shares owned by
him in the Corporation, which shall be in such form as shall be prescribed by the Board. Certificates shall be numbered and issued
in consecutive order and shall be signed by, or in the name of, the Corporation by the Chairman, the Chief Executive Officer or any
Vice President, and by the Chief Financial Officer, Treasurer (or an Assistant Treasurer, if appointed) or the Secretary (or an
Assistant Secretary, if appointed). In case any officer or officers who shall have signed any such certificate or certificates shall
cease to be such officer or officers of the Corporation, whether because of death, resignation or otherwise, before such certificate
or certificates shall have been issued by the Corporation, such certificate or certificates may nevertheless be issued by the
Corporation as though the person or persons who signed such certificate had not ceased to be such officer or officers of the
Corporation.
6.2
Record.
A
record in one or more counterparts shall be kept of the name of the person, firm or corporation owning the shares represented by each
certificate for stock of the Corporation issued, the number of shares represented by each such certificate, the date thereof and, in
the case of cancellation, the date of cancellation. Except as otherwise expressly required by law, the person in whose name shares of
stock stand on the stock record of the Corporation shall be deemed the owner thereof for all purposes regarding the Corporation.
6.3
Transfer of Stock.
The
transfer of shares of stock and certificates which represent the shares of stock of the Corporation shall be governed by Article 8 of
Subtitle 1 of Title 6 of the Delaware Code (the Uniform Commercial Code), as amended from time to time.
6.4
Lost, Destroyed and Mutilated Certificates.
The
Corporation may issue a new certificate of stock in the place of any certificate theretofore issued by it, alleged to have been lost,
stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal
representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of
the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
6.5
Fixing Date for Determination of Stockholders of Record.
In
order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof,
or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution
or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose
of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing
the record date is adopted by the Board, and which record date: (1) in the case of determination of stockholders entitled to notice of
any meeting of stockholders or any adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10
days before the date of such meeting and, unless the Board determines, at the time it fixes such record date, that a later date on or
before the date of the meeting shall be the date for determining the stockholders entitled to vote at such meeting, the record date for
determining the stockholders entitled to notice of such meeting shall also be the record date for determining the stockholders entitled
to vote at such meeting; (2) in the case of determination of stockholders entitled to express consent to corporate action in writing
without a meeting, shall not be more than 10 days from the date upon which the resolution fixing the record date is adopted by the Board;
and (3) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (1) the
record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders shall be at the close of business
on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding
the day on which the meeting is held; (2) the record date for determining stockholders entitled to express consent to corporate action
in writing without a meeting, when no prior action of the Board is required by law, shall be the first date on which a signed written
consent setting forth the action taken or proposed to be taken is delivered to the corporation in accordance with applicable law, or,
if prior action by the Board is required by law, shall be at the close of business on the day on which the Board adopts the resolution
taking such prior action; and (3) the record date for determining stockholders for any other purpose shall be at the close of business
on the day on which the Board adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of
or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new
record date for the determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record
date for the stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for the determination
of stockholders entitled to vote in accordance with the foregoing provisions of this Section 6.5 at the adjourned meeting.
ARTICLE
VII
SEAL
The
corporate seal, if any, shall have the name of the Corporation inscribed thereon and shall be in such form as may be approved from time
to time by the Board.
ARTICLE
VIII
FISCAL YEAR
The
fiscal year of the Corporation shall end on December 31 of each year unless otherwise determined by the Board.
ARTICLE
IX
INDEMNIFICATION AND INSURANCE
9.1
Right to Indemnification of Directors and Officers.
The
Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter
be amended, any person (an “Indemnified Person”) who was or is made or is threatened to be made a party or is otherwise
involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”),
by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director or officer
of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director,
officer, employee or agent of another corporation or of a partnership, joint venture, limited liability company, trust, enterprise or
nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including
attorney’s fees) reasonably incurred by such Indemnified Person in such Proceeding. Notwithstanding the preceding sentence, except
as otherwise provided in Section 9.3, the Corporation shall be required to indemnify an Indemnified Person in connection with
a Proceeding (or part thereof) commenced by such Indemnified Person only if the commencement of such Proceeding (or part thereof) by
the Indemnified Person was authorized in advance by the Board.
9.2
Prepayment of Expenses of Directors and Officers.
The
Corporation shall pay the expenses (including attorney’s fees) incurred by an Indemnified Person in defending any Proceeding in
advance of its final disposition, provided, however, that, to the extent required by law, such payment of expenses in advance of the
final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Indemnified Person to repay all amounts
advanced if it should be ultimately determined that the Indemnified Person is not entitled to be indemnified under this Article IX
or otherwise.
9.3
Claims by Directors and Officers.
If
a claim for indemnification or advancement of expenses under this Article IX is not paid in full within 30 days after a written
claim therefor by the Indemnified Person has been received by the Corporation, the Indemnified Person may file suit to recover the unpaid
amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any
such action the Corporation shall have the burden of proving that the Indemnified Person is not entitled to the requested indemnification
or advancement of expenses under applicable law.
9.4
Indemnification of Employees and Agents.
The
Corporation may (but shall not be required to) indemnify and advance expenses to any person who was or is made or is threatened to be
made or is otherwise involved in any Proceeding by reason of the fact that such person, or a person for whom such person is the legal
representative, is or was an employee or agent of the Corporation or, while an employee or agent of the Corporation, is or was serving
at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture,
limited liability company, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all
liability and loss suffered and expenses (including attorney’s fees) reasonably incurred by such person in connection with such
Proceeding. The ultimate determination of entitlement to indemnification of persons who are employees or agents of the Corporation shall
be made in such manner as is determined by the Board in its sole discretion.
9.5
Advancement of Expenses of Employees and Agents.
The
Corporation may (but shall not be required to) pay the expenses (including attorney’s fees) incurred by an employee or agent of
the Corporation in defending any Proceeding in advance of its final disposition on such terms and conditions as may be determined by
the Board.
9.6
Non-Exclusivity of Rights.
The
rights conferred on any person by this Article IX shall not be exclusive of any other rights which such person may have or hereafter
acquire under any statute, provision of the Certificate of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested
directors or otherwise.
9.7
Other Indemnification.
The
Corporation’s obligation, if any, to indemnify any person who was or is serving at its request as a director, officer or employee
of another corporation, partnership, joint venture, limited liability company, trust, enterprise or nonprofit entity shall be reduced
by any amount such person may collect as indemnification from such other corporation, partnership, joint venture, limited liability company,
trust, enterprise or nonprofit entity.
9.8
Insurance.
The
Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership,
joint venture, limited liability company, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans,
against any liability asserted against such person and incurred by such person in any such capacity, whether or not the Corporation would
have the power to indemnify such person against such liability under this Article IX or the DGCL.
9.9
Amendment or Repeal. Any repeal or modification of the foregoing provisions of this Article IX shall not adversely affect any
right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification.
The rights provided by this Article IX shall inure to the benefit of any Indemnified Person and such person’s heirs, executors
and administrators.
ARTICLE
X
AMENDMENT
Any
bylaw (including these Bylaws) may be adopted, amended or repealed by the vote of the holders of a majority of the outstanding shares
of the Corporation then entitled to vote or by the stockholders’ written consent pursuant to Section 2.11 of Article
II, or by the vote of the Board or by the directors’ written consent pursuant to Section 3.6 of Article III.
*
* * * * *
-14-
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES
EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, James Francis, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of ESH Acquisition Corp.; |
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; and |
|
b) |
(Paragraph
omitted pursuant to Exchange Act Rules 13a-14(a) and 15d-15(a); |
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: August 18, 2023
|
/s/
James Francis |
|
James
Francis |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES
EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Jonathan Morris, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of ESH Acquisition Corp.; |
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; and |
|
b) |
(Paragraph
omitted pursuant to Exchange Act Rules 13a-14(a) and 15d-15(a); |
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: August 18, 2023
|
/s/
Jonathan Morris |
|
Jonathan
Morris |
|
Chief
Financial Officer |
|
(Principal
Financial and Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of ESH
Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities
and Exchange Commission (the “Report”), I, James Francis, Chief Executive Officer of the Company, certify, pursuant to 18
U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: August 18, 2023
|
/s/
James Francis |
|
James
Francis |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of ESH
Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities
and Exchange Commission (the “Report”), I, Jonathan Morris, Chief Financial Officer of the Company, certify, pursuant to
18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: August 18, 2023
|
/s/
Jonathan Morris |
|
Jonathan
Morris |
|
Chief
Financial Officer |
|
(Principal
Financial and Accounting Officer) |
v3.23.2
Document And Entity Information - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 18, 2023 |
Document Information Line Items |
|
|
Entity Registrant Name |
ESH ACQUISITION CORP.
|
|
Document Type |
10-Q
|
|
Current Fiscal Year End Date |
--12-31
|
|
Amendment Flag |
false
|
|
Entity Central Index Key |
0001918661
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Entity Shell Company |
true
|
|
Entity Ex Transition Period |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-41718
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
87-4000684
|
|
Entity Address, Address Line One |
228 Park Ave S
|
|
Entity Address, Address Line Two |
Suite 89898
|
|
Entity Address, City or Town |
New York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10003
|
|
City Area Code |
212
|
|
Local Phone Number |
212-287-5022
|
|
Entity Interactive Data Current |
Yes
|
|
Units |
|
|
Document Information Line Items |
|
|
Trading Symbol |
ESHAU
|
|
Title of 12(b) Security |
Units
|
|
Security Exchange Name |
NASDAQ
|
|
Class A shares |
|
|
Document Information Line Items |
|
|
Trading Symbol |
ESHA
|
|
Title of 12(b) Security |
Class A shares
|
|
Security Exchange Name |
NASDAQ
|
|
Rights |
|
|
Document Information Line Items |
|
|
Trading Symbol |
ESHAR
|
|
Title of 12(b) Security |
Rights
|
|
Security Exchange Name |
NASDAQ
|
|
Class A Common Stock |
|
|
Document Information Line Items |
|
|
Entity Common Stock, Shares Outstanding |
|
11,787,500
|
Class B Common Stock |
|
|
Document Information Line Items |
|
|
Entity Common Stock, Shares Outstanding |
|
2,875,000
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v3.23.2
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
|
|
Cash |
|
$ 2,359,908
|
$ 44,963
|
|
Due from Sponsor |
|
15,148
|
|
|
Prepaid expenses |
|
48,549
|
|
|
Short-term prepaid insurance |
|
127,500
|
|
|
Total Current Assets |
|
2,551,105
|
44,963
|
|
Deferred offering costs |
|
|
414,030
|
|
Long-term prepaid insurance |
|
121,479
|
|
|
Investments held in Trust Account |
|
116,902,067
|
|
|
TOTAL ASSETS |
|
119,574,651
|
458,993
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
97,351
|
203,265
|
|
Franchise Tax Payable |
|
100,000
|
1,500
|
|
Income taxes payable |
|
19,229
|
|
|
Promissory note – related party |
|
|
249,560
|
|
TOTAL LIABILITIES |
|
216,580
|
454,325
|
|
Commitments and Contingencies |
|
|
|
|
COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION |
|
|
|
|
Class A common stock subject to possible redemption, 11,500,000 shares at redemption value of $10.16 per share at June 30, 2023 and none at December 31, 2022 |
|
116,782,838
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding |
|
|
|
|
Class A common stock, $0.0001 par value; 100,000,000 shares authorized: 287,500 and 0 issued and outstanding (excluding 11,500,000 and 0 shares subject to possible redemption) at June 30, 2023 and December 31, 2022, respectively (1) |
[1] |
28
|
|
|
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,875,000 issued and outstanding at June 30, 2023 and December 31, 2022(1) |
[1] |
288
|
288
|
|
Additional paid-in capital |
|
2,583,220
|
24,712
|
|
Accumulated deficit |
|
(8,303)
|
(20,332)
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
2,575,233
|
4,668
|
[2] |
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY |
|
$ 119,574,651
|
$ 458,993
|
|
|
|
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v3.23.2
Condensed Balance Sheets (Parentheticals) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Common stock subject to possible redemption, shares |
11,500,000
|
11,500,000
|
Common stock subject to possible redemption per shares (in Dollars per share) |
$ 10.16
|
$ 10.16
|
Preferred stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
|
|
Preferred stock, shares outstanding |
|
|
Class A Common Stock |
|
|
Common stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
287,500
|
|
Common stock, shares outstanding |
287,500
|
|
Class B Common Stock |
|
|
Common stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares issued |
2,875,000
|
2,875,000
|
Common stock, shares outstanding |
2,875,000
|
2,875,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
General and administrative expenses |
|
$ 40,003
|
$ 11,331
|
$ 42,870
|
$ 11,365
|
Franchise tax expense |
|
102,939
|
500
|
102,939
|
1,050
|
Loss from operations |
|
(142,942)
|
(11,831)
|
(145,809)
|
(12,415)
|
Other income: |
|
|
|
|
|
Interest earned on investments held in Trust Account |
|
177,067
|
|
177,067
|
|
Total other income |
|
177,067
|
|
177,067
|
|
Income (loss) before provision for income taxes |
|
34,125
|
(11,831)
|
31,258
|
(12,415)
|
Provision for income taxes |
|
(19,229)
|
|
(19,229)
|
|
Net income (loss) |
|
$ 14,896
|
$ (11,831)
|
$ 12,029
|
$ (12,415)
|
Class A Common Stock |
|
|
|
|
|
Other income: |
|
|
|
|
|
Basic and diluted weighted average shares outstanding (in Shares) |
|
1,813,462
|
|
916,806
|
|
Basic net income (loss) per share (in Dollars per share) |
|
$ 0
|
|
$ 0
|
|
Diluted weighted average shares outstanding (in Shares) |
|
1,813,462
|
|
916,806
|
|
Diluted net income (loss) per share (in Dollars per share) |
|
$ 0
|
|
$ 0
|
|
Class B Common Stock |
|
|
|
|
|
Other income: |
|
|
|
|
|
Basic and diluted weighted average shares outstanding (in Shares) |
[1] |
2,557,692
|
2,500,000
|
2,529,167
|
2,500,000
|
Basic net income (loss) per share (in Dollars per share) |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Diluted weighted average shares outstanding (in Shares) |
[1] |
2,875,000
|
2,500,000
|
2,875,000
|
2,500,000
|
Diluted net income (loss) per share (in Dollars per share) |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
Condensed Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional Paid-in Capital |
Accumulated Deficit |
Stock subscription receivable |
Total |
Balance at Dec. 31, 2021 |
[1] |
|
$ 288
|
$ 24,712
|
$ (864)
|
$ (25,000)
|
$ (864)
|
Balance (in Shares) at Dec. 31, 2021 |
[1] |
|
2,875,000
|
|
|
|
|
Collection of subscription receivable |
|
|
|
|
|
25,000
|
25,000
|
Net Income (Loss) |
|
|
|
|
(584)
|
|
(584)
|
Balance at Mar. 31, 2022 |
[1] |
|
$ 288
|
24,712
|
(1,488)
|
|
23,552
|
Balance (in Shares) at Mar. 31, 2022 |
[1] |
|
2,875,000
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
(11,831)
|
|
(11,831)
|
Balance at Jun. 30, 2022 |
[1] |
|
$ 288
|
24,712
|
(13,279)
|
|
11,721
|
Balance (in Shares) at Jun. 30, 2022 |
[1] |
|
2,875,000
|
|
|
|
|
Balance at Dec. 31, 2022 |
[1] |
|
$ 288
|
24,712
|
(20,332)
|
|
4,668
|
Balance (in Shares) at Dec. 31, 2022 |
[1] |
|
2,875,000
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
(2,867)
|
|
(2,867)
|
Balance at Mar. 31, 2023 |
[1] |
|
$ 288
|
24,712
|
(23,199)
|
|
1,801
|
Balance (in Shares) at Mar. 31, 2023 |
[1] |
|
2,875,000
|
|
|
|
|
Balance at Dec. 31, 2022 |
[1] |
|
$ 288
|
24,712
|
(20,332)
|
|
4,668
|
Balance (in Shares) at Dec. 31, 2022 |
[1] |
|
2,875,000
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 28
|
$ 288
|
2,583,220
|
(8,303)
|
|
2,575,233
|
Balance (in Shares) at Jun. 30, 2023 |
|
287,500
|
2,875,000
|
|
|
|
|
Balance at Mar. 31, 2023 |
[1] |
|
$ 288
|
24,712
|
(23,199)
|
|
1,801
|
Balance (in Shares) at Mar. 31, 2023 |
[1] |
|
2,875,000
|
|
|
|
|
Sale of 7,470,000 Private Placement Warrants |
|
|
|
7,470,000
|
|
|
7,470,000
|
Sale of 7,470,000 Private Placement Warrants (in Shares) |
|
|
|
|
|
|
|
Fair value of rights included in Public units |
|
|
|
1,398,400
|
|
|
1,398,400
|
Fair value of rights included in Public units (in Shares) |
|
|
|
|
|
|
|
Allocated value of transaction costs to Class A shares |
|
|
|
(115,203)
|
|
|
(115,203)
|
Allocated value of transaction costs to Class A shares (in Shares) |
|
|
|
|
|
|
|
Issuance of Representative Shares |
|
$ 28
|
|
2,239,438
|
|
|
2,239,466
|
Issuance of Representative Shares (in Shares) |
|
287,500
|
|
|
|
|
|
Remeasurement of Class A common stock subject to possible redemption |
|
|
|
(8,434,127)
|
|
|
(8,434,127)
|
Remeasurement of Class A common stock subject to possible redemption (in Shares) |
|
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
14,896
|
|
14,896
|
Balance at Jun. 30, 2023 |
|
$ 28
|
$ 288
|
$ 2,583,220
|
$ (8,303)
|
|
$ 2,575,233
|
Balance (in Shares) at Jun. 30, 2023 |
|
287,500
|
2,875,000
|
|
|
|
|
|
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v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net income (loss) |
$ 12,029
|
$ (12,415)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Interest earned on investments held in Trust Account |
(177,067)
|
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other current assets |
(23,549)
|
|
Short-term prepaid insurance |
(127,500)
|
|
Long term prepaid insurance |
(121,479)
|
|
Due from Sponsor |
(15,148)
|
|
Accounts payable and accrued expenses |
19,086
|
(25,000)
|
Franchise tax payable |
98,500
|
1,050
|
Income taxes payable |
19,229
|
|
Net cash used in operating activities |
(315,899)
|
(36,365)
|
Cash Flows from Investing Activities: |
|
|
Investment of cash into Trust Account |
(116,725,000)
|
|
Net cash used in investing activities |
(116,725,000)
|
|
Cash Flows from Financing Activities: |
|
|
Proceeds from sale of Units, net of underwriting discounts paid |
112,700,000
|
|
Proceeds from sale of Private Placements Warrants |
7,470,000
|
|
Repayment of promissory note - related party |
(249,560)
|
|
Proceeds received for stock subscription receivable |
|
25,000
|
Proceeds from promissory note - related party |
|
222,000
|
Payment of offering costs |
(564,596)
|
(153,619)
|
Net cash provided by financing activities |
119,355,844
|
93,381
|
Net Change in Cash |
2,314,945
|
57,016
|
Cash – Beginning of period |
44,963
|
|
Cash – End of period |
2,359,908
|
57,016
|
Non-Cash investing and financing activities: |
|
|
Offering costs included in accrued expenses |
75,000
|
120,000
|
Offering costs paid via promissory notes |
|
27,560
|
Fair value of Representative Shares issued at IPO |
$ 2,239,466
|
|
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v3.23.2
Description of Organization and Business Operations
|
6 Months Ended |
Jun. 30, 2023 |
Description of Organization and Business Operations [Abstract] |
|
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS |
NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
ESH Acquisition Corp. (the
“Company”) was incorporated as a Delaware corporation on November 17, 2021. The Company was incorporated for the purpose of
effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one
or more businesses or entities that the Company has not yet identified (“Business Combination”).
As of June 30, 2023, the
Company had not commenced any operations. All activity for the period from November 17, 2021 (inception) through June 30, 2023 relates
to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below,
and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate
any operating revenues until after the completion of a 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.
The registration statement
for the Company’s Initial Public Offering was declared effective on June 13, 2023. On June 16, 2023, the Company consummated the
Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of Class A common stock included
in the Units being offered, the “Public Shares”), which includes the full exercise by the underwriters of their over-allotment
option in the amount of 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000 which is described in Note 3.
Simultaneously with the closing
of the Initial Public Offering, the Company consummated the sale of 7,470,000 warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant, in a private placement to the Company’s sponsor, ESH Sponsor LLC, a limited liability
company, which is an affiliate of members of the board of directors and management team (the “Sponsor”), and I-Bankers Securities,
Inc. (“I-Bankers”) and Dawson James (“Dawson James”), the representative of the underwriters of the initial Public
Offering, generating gross proceeds of $7,470,000, which is described in Note 4.
Transaction costs amounted
to $5,368,092, consisting of $2,300,000 of cash underwriting discount, $2,239,466 fair value of representative shares, and $828,626 of
other offering costs.
The Company’s management
has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private
Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business
Combination. The Company’s initial Business Combination must be 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 (as defined below) (net of amounts disbursed to management for
working capital purposes and excluding the amount of any Marketing Fee, as defined in Note 6, held in Trust Account) at the time the Company
signs a definitive agreement in connection with the initial Business Combination. However, 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 is not required
to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”).
Following the closing of
the Initial Public Offering on June 16, 2023, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the sale of the Units
in the Initial Public Offering and the sale of the Private Placement Warrants was placed in the trust account (“Trust Account”)
with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting
certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations,
as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the Trust
Account as described below. The Company will provide
holders of the Company’s outstanding Public Shares sold in the Initial Public Offering (the “Public Stockholders”) with
the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection
with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the
Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its
discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the
Trust Account (initially anticipated to be $10.15 per Public Share). The per-share amount to be distributed to Public Stockholders who
redeem their Public Shares will not be reduced by the Marketing Fee the Company will pay to the underwriters (as discussed in Note 6).
The Public Shares will be
recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”).
In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon
such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder
vote is not required by applicable law or stock exchange requirements and the Company does not decide to hold a stockholder vote for business
or other reasons, the Company will, pursuant to the amended and restated certificate of incorporation adopted by the Company upon the
consummation of the Initial Public Offering (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions
pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents
with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transactions is required by law, or
the Company decides to obtain stockholder 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. Additionally, each Public Stockholder
may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks
stockholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this Initial Public Offering
(the “Initial Stockholders”) agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during
or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Stockholders agreed to waive their redemption
rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition,
the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the
Sponsor.
Notwithstanding the foregoing,
the Amended and Restated Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior
consent of the Company.
The Initial Stockholders
will agree not to propose an amendment to the Certificate of Incorporation (A) in a manner that would affect the substance or timing of
the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the
time frame described below or (B) with respect to any other material provision relating to the rights of holders of Public Shares or pre-initial
Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares
upon approval of any such amendment.
The Company will have only
18 months from the closing of the Initial Public Offering, or until December 16, 2024, to complete the initial Business Combination.
If the Company is unable
to complete a Business Combination within 18 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 (which interest shall be net of taxes payable, and 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
Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable
law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and
the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware 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 warrants, which will expire worthless if the Company fails to complete the initial Business Combination within the
Combination Period. The Initial Stockholders
will not be entitled to liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering,
they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete
a Business Combination within the Combination Period. The underwriters will agree to waive their rights to the Marketing Fee (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 residual assets remaining available for
distribution (including Trust Account assets) will be only $10.15. 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 (except for 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 entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”),
reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public
Share held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account,
in each case including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise
and income taxes, less franchise and income taxes payable. This liability will not apply with respect to any claims by a third party or
Target that executed an agreement waiving any and all rights to seek access to the Trust Account (whether or not such agreement is enforceable)
or 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”). 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
(other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which
the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies
held in the Trust Account.
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited
condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP
have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do
not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of
a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for
the periods presented.
The accompanying unaudited
condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed
with the SEC on June 15, 2023, as well as the Company’s Current Report on Form 8-K, as filed with the SEC on June 23, 2023. The
interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the
year ending December 31, 2023 or for any future periods.
Emerging Growth Company
The Company is an “emerging
growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
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 stockholder 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 statement 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 the unaudited
condensed financial statements in conformity with 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 unaudited
condensed financial statements and the reported amounts of revenues and expenses during the reporting period.
Making estimates requires
management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash and Cash Equivalents
The Company considers all
short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $2,359,908
and $44,963 of cash as of June 30, 2023 and December 31, 2022, respectively, and no cash equivalents.
Investments Held in Trust Account
At June 30, 2023, all of
the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. treasury securities.
Fair Value of Financial Instruments
The fair value of the Company’s
assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement,” approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature.
Fair value is defined as
the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants
at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either
Level 1, Level 2, or Level 3. These tiers include:
|
● |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
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● |
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
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Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Offering Costs
Offering costs consisted
of legal, accounting, and other costs incurred through the balance sheet date that were directly related to the Initial Public Offering.
Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued in the Initial
Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to the warrants were
charged to equity. Offering costs allocated to the Class A common stock were charged against the carrying value of Class A common
stock subject to possible redemption upon the completion of the Initial Public Offering. Class A Common Stock Subject to Possible Redemption
The Public Shares contain
a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there
is a stockholder vote or tender offer in connection with the Company’s initial business combination. In accordance with ASC 480-10-S99,
the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within
the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding
instruments (i.e., Public Rights) and as such, the initial carrying value of Public Shares classified as temporary equity are the allocated
proceeds determined in accordance with ASC 470-20. The Company recognizes changes in redemption value immediately as it occurs and will
adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the
closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change
in the carrying value of redeemable shares will result in charges against additional paid-in capital and accumulated deficit. Accordingly,
at June 30, 2023, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of
the stockholders’ equity section of the Company’s balance sheet.
The Company’s Class
A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. Accordingly, as of June 30, 2023, 11,500,000 Class A common stock subject to possible redemption are presented
as temporary equity, outside of the shareholders’ equity section of the accompanying condensed balance sheets. There were none outstanding
at December 31, 2022.
Gross proceeds | |
$ | 115,000,000 | |
Less: | |
| | |
Proceeds allocated to Public Rights | |
| (1,398,400 | ) |
Class A common stock issuance costs | |
| (5,252,889 | ) |
Plus: | |
| | |
Remeasurement of carrying value to redemption value | |
| 8,434,127 | |
Class A Common Stock subject to possible redemption, June 30, 2023 | |
$ | 116,782,838 | |
Derivative Financial Instruments
The Company evaluates its equity-linked financial
instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with
ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are classified as liabilities, the derivative
instrument is initially recognized at fair value with subsequent changes in fair value recognized in the statements of operations each
reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities
or as equity, is evaluated at the end of each reporting period. The Company accounted for the rights issued in connection with the Initial
Public Offering and the warrants issued in connection with the Private Placement as equity-classified instruments in accordance with ASC
815 as they did not meet the liability criteria (i.e. cashless exercises).
Income Taxes
The Company follows the asset
and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed 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.
Deferred tax assets were deemed de minimis as of June 30, 2023. The Company’s effective tax rate was 56.35% and 0.00% for the three
months ended June 30, 2023 and 2022, respectively, and 61.52% and 0.00% for the six months ended June 30, 2023 and 2022, respectively.
The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2023 and 2022, due to the valuation allowance on the deferred tax assets. ASC 740 also clarifies the
accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position 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.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and
transition.
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 June 30, 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.
The Company has identified
the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities
since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax
jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of
unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) Per Share of Common Stock
The Company has two classes
of shares, which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the
two classes of shares. The Company has not considered the effect of the rights and warrants sold in the Initial Public Offering and the
Private Placement to purchase an aggregate of 8,620,000 shares of its Class A common stock in the calculation of diluted net income (loss)
per share, since their exercise is contingent upon future events. As a result, diluted net income (loss) per share is the same as basic
net income (loss) per share. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted
net income (loss) per share for each class of common stock:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 6,180 | | |
$ | 8,716 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 3,200 | | |
$ | 8,829 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding | |
| 1,813,462 | | |
| 2,557,692 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,529,167 | | |
| — | | |
| 2,500,000 | |
Basic net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Diluted net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 5,762 | | |
$ | 9,134 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 2,908 | | |
$ | 9,121 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted weighted average shares outstanding | |
| 1,813,462 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | |
Diluted net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
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
unaudited condensed financial statements.
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v3.23.2
Initial Public Offering
|
6 Months Ended |
Jun. 30, 2023 |
Initial Public Offering [Abstract] |
|
INITIAL PUBLIC OFFERING |
NOTE 3. INITIAL PUBLIC OFFERING
Pursuant to the Initial Public
Offering, the Company sold 11,500,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the
amount of 1,500,000 Units, at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one right. Each
Public Right entitles the holder thereof to receive one-tenth (1/10) of one shares of Class A common stock upon the consummation of the
initial business combination.
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- DefinitionThe entire disclosure for public utilities.
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v3.23.2
Private Placement
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement [Abstract] |
|
PRIVATE PLACEMENT |
NOTE 4. PRIVATE PLACEMENT
Simultaneously with the closing
of the Initial Public Offering, the Sponsor, I-Bankers and Dawson James purchased an aggregate of 7,470,000 Private Placement Warrants,
at a price of $1.00 per Private Placement Warrant, or $7,470,000 in the aggregate, in a private placement.
Each whole Private Placement
Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the
sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account
so that the Trust Account holds $10.15 per unit sold. If the Company does not complete a Business Combination within the Combination Period,
the Private Placement Warrants will expire worthless. The Private Placement Warrants will be redeemable and exercisable on a cashless
basis.
The Sponsor and the Company’s
officers and directors will agree, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants
until 30 days after the completion of the initial Business Combination.
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 5. RELATED PARTY TRANSACTIONS
Founder Shares
On December 17, 2021, the
Sponsor subscribed to purchase 8,625,000 shares of the Company’s Class B common stock, par value $0.0001 per share (the “Founder
Shares”) for a subscription price of $25,000. Such subscription receivable was paid in full on March 9, 2022. On May 8, 2023, the
Sponsor surrendered an aggregate of 5,750,000 shares of its Class B common stock for no consideration, which were cancelled, resulting
in the initial stockholders holding an aggregate of 2,875,000 founder shares. The Initial Stockholders agreed to forfeit up to 375,000
Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The forfeiture was to be adjusted
to the extent that the over-allotment option was not exercised in full by the underwriters so that the Founder Shares would represent
20.0% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding the Representative Shares). If
the Company increased or decreased the size of the offering, the Company would effect a stock dividend or share contribution back to capital,
as applicable, immediately prior to the consummation of the Initial Public Offering in such amount as to maintain the Founder Share ownership
of the Company’s stockholders prior to the Initial Public Offering at 20.0% of the Company’s issued and outstanding common
stock upon the consummation of the Initial Public Offering (excluding the Representative Shares, as defined below). On June 16, 2023,
the underwriters exercised their over-allotment option in full as part of the initial closing of the Initial Public Offering. As such,
the 375,000 Founder Shares are no longer subject to forfeiture. The Initial Stockholders
will agree not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion
of the initial Business Combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or other similar
transaction after the initial Business Combination that results in all of the Public Stockholders having the right to exchange their
shares of common stock for cash, securities or other property (the “lock-up”).
Notwithstanding the foregoing,
if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the initial Business Combination, the Founder Shares will be released from the lock-up.
Related Party Loans
Promissory Note to Sponsor
On December 17, 2021 and
as amended on May 9, 2023, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”).
The Note is non-interest bearing, unsecured and due upon the earlier of (x) June 30, 2023 (as amended), and (y) the closing of the Initial
Public Offering. The outstanding balance of $249,560 was repaid at the closing of the Initial Public Offering on June 16, 2023. As of
June 30, 2023, this facility is no longer available.
Due from Sponsor
At the closing of the Initial
Public Offering on June 16, 2023, a portion of the proceeds from the sale of the Private Placement Warrants in the amount of $45,440
was due to the Company to be held outside of the Trust Account for working capital purposes. On June 21, 2023, the Sponsor paid the Company
an amount of $30,292 to partially settle the outstanding balance. As of June 30, 2023, the Sponsor owes the Company an outstanding amount
of $15,148.
Working Capital Loan
In addition, in order to
finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).
If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account
released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing,
the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.
The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s
discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity
at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of June 30, 2023 and December
31, 2022, the Company had no borrowings under the Working Capital Loans.
Administrative Services Agreement
The Company entered into
an agreement, commencing on June 13, 2023 through the earlier of consummation of the initial Business Combination and the Company’s
liquidation, to reimburse an affiliate of the Company’s officers $5,000 per month for office space, utilities, secretarial support
and other administrative and consulting services.
In addition, the Sponsor,
executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in
connection with activities on the Company’s behalf such as identifying potential partner businesses and performing due diligence
on suitable Business Combinations. Any such payments prior to an initial Business Combination will be made using funds held outside the
Trust Account.
For the three and six months
ended June 30, 2023, the Company incurred and paid $2,795 in fees for these services. For the three and six months ended June 30, 2022,
the Company did not incur any such fees for these services.
|
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 6. COMMITMENTS AND CONTINGENCIES
Registration and Stockholder Rights
The holders of Founder Shares,
Private Placement Warrants (and underlying securities) and private placement warrants that may be issued upon conversion of Working Capital
Loans (and any underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed
prior to the consummation of the Initial Public Offering. These holders will be entitled to certain demand and “piggyback”
registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
On June 16, 2023, the Company
issued to I-Bankers 258,750 shares of Class A common stock and to Dawson James 28,750 shares of Class A common stock at the closing of
the Initial Public Offering (collectively, the “Representative Shares”). The Company determined the fair value of the 287,500
representative shares to be $2,239,466 (or $7.789 per share) using the Probability-Weighted Expected Return Method (PWERM) Model. The
fair value of the shares granted to the underwriters utilized the following assumptions: (1) expected volatility of 5.7%, (2) risk-free
interest rate of 5.15%, (3) expected life of 1.17 years, and (4) implied discount for lack of marketability (DLOM) of 1.4%. Accordingly,
the fair value of $2,239,466 were accounted for as offering costs at the closing of the Initial Public Offering.
The representative shares
have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the commencement
of sales in this offering. Pursuant to FINRA Rule 511I)(1), these securities will not be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the commencement of sales in this offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period
of 180 days immediately following the commencement of sales in this offering, except to any underwriters and selected dealer participating
in the offering and their bona fide officers or partners.
The underwriters were also
entitled to an underwriting discount of $0.20 per unit, or $2.3 million in the aggregate, which was paid upon the closing of the Initial
Public Offering.
Business Combination Marketing Agreement
The Company entered into
a business combination marketing agreement (the “Business Combination Marketing Agreement”) with the underwriters, I-Bankers
and Dawson James, to assist the Company in holding meetings with the stockholders to discuss the potential Business Combination and the
target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s
securities in connection with the initial Business Combination, assist the Company in obtaining stockholder approval for the Business
Combination and assist the Company with its press releases and public filings in connection with the Business Combination. Pursuant to
the Business Combination Marketing Agreement, the Company will pay I-Bankers and Dawson James, collectively, 3.5% of the gross proceeds
of the Initial Public Offering, or $4.03 million in the aggregate (the “Marketing Fee”). The Marketing Fee will become payable
to I-Bankers and Dawson James from the amounts held in the Trust Account solely in the event that the Company completes an initial Business
Combination with a target introduced to the Company by I-Bankers.
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v3.23.2
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Stockholders’ Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 7. STOCKHOLDERS’ EQUITY
Preferred Stock —
The Company is authorized to issue 1,000,000 shares of preferred stock, par value $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. At June 30,
2023 and December 31, 2022, there were no shares of preferred stock issued or outstanding.
Class A Common Stock
— The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share.
At June 30, 2023, there were 287,500 shares of Class A common stock issued and outstanding, excluding 11,500,000 shares of Class A common
stock subject to possible redemption. At December 31, 2022, there were no shares of Class A common stock issued or outstanding. Class B Common Stock
— The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. At
June 30, 2023 and December 31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. At December 31, 2022,
the issued and outstanding Class B common stock included up to 375,000 shares subject to forfeiture to the extent that the over-allotment
option was not exercised in full or in part by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s
issued and outstanding shares after the Initial Public Offering (excluding the Representative Shares). As a result of the underwriters’
election to fully exercise their over-allotment option on June 16, 2023, 375,000 founder shares are no longer subject to forfeiture.
Holders of the Class B common
stock will have the right to appoint all of the Company’s directors prior to an initial Business Combination. On any other matter
submitted to a vote of the Company’s stockholders, holders of the Class A common stock and holders of the Class B common stock
will vote together as a single class, except as required by law or stock exchange rule; provided, that the holders of Class B common
stock will be entitled to vote as a separate class to increase the authorized number of shares of Class B common stock. Each share of
common stock will have one vote on all such matters.
The shares of Class B common
stock will automatically convert into shares of the Company’s Class A common stock at the time of the Company’s initial Business
Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the
like, and subject to further adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are
issued or deemed issued in excess of the amounts offered and related to the closing of the initial Business Combination, the ratio at
which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority
of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance)
so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the
aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion
of the Initial Public Offering (excluding the Representative Shares) plus all shares of Class A common stock and equity-linked securities
issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial Business Combination, any private placement-equivalent warrants issued to the Sponsor or
its affiliates upon conversion of loans made to the Company).
Rights —
At June 30, 2023 and December 31, 2022, there were 11,500,000 and 0 rights outstanding, respectively. Each holder of a right will receive
one-tenth (1/10) of a share of Class A common stock upon consummation of the initial Business Combination. In the event the Company will
not be the survivor upon completion of the initial Business Combination, each holder of a right will be required to convert his, her
or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration) upon consummation
of the Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and
it liquidates the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights
will expire worthless. No fractional shares will be issued upon conversion of any rights. As a result, a holder must have 10 rights to
receive one share of common stock at the closing of the Business Combination.
Warrants — At
June 30, 2023 and December 31, 2022, there were 7,470,000 and 0 warrants outstanding, respectively. No public warrants were sold in the
Initial Public Offering. The Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement
Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination.
Each Private Placement Warrant
entitles the registered holder to purchase one share of the Class A common stock at a price of $11.50 per share, at any time commencing
on the later of 12 months from the closing of the Initial Public Offering or 30 days after the completion of the initial Business Combination.
The Private Placement Warrants will expire five years after the completion of the initial Business Combination, at 5:00 p.m., New
York City time, or earlier upon redemption or liquidation. The Company has agreed that
as soon as practicable, but in no event later than 15 business days after the closing of the Initial Business Combination, the Company
will use its reasonable best efforts to file, and within 60 business days after the closing the Initial Business Combination, to have
declared effective, a registration statement relating to the shares of Class A common stock issuable upon exercise of the Private
Placement Warrants and to maintain the effectiveness of such registration statement, and a current prospectus relating to those shares
of Class A common stock until the Private Placement Warrants expire. Notwithstanding the above, if the Company’s shares of
Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy
the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option,
require holders of the Private Placement 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, it will not be required to file or maintain
in effect a registration statement, but the Company will be required to use its best efforts to qualify the shares under applicable blue
sky laws to the extent an exemption is not available.
Redemption of warrants. Once
the Private Placement Warrants become exercisable, the Company may redeem the outstanding warrants:
| ● | in
whole and not in part; |
| ● | at
a price of $0.01 per warrant; |
| ● | upon
not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant
holder; and |
| ● | if,
and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, 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 the warrant holders. |
The Company may not redeem
the Private Placement Warrants when a holder may not exercise such warrants. The Company has established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Private Placement Warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
common stock may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price (for whole shares) after
the redemption notice is issued.
If the Company calls the
Private Placement Warrants for redemption as described above, the management will have the option to require any holder that wishes to
exercise their warrant to do so on a “cashless basis”. In determining whether to require all holders to exercise their Private
Placement Warrants on a “cashless basis,” the Company will consider, among other factors, the cash position, the number of
Private Placement Warrants that are outstanding and the dilutive effect on the stockholders of issuing the maximum number of shares of
Class A common stock issuable upon the exercise of the Private Placement Warrants. If the Company takes advantage of this option,
all holders of the Private Placement Warrants would pay the exercise price by surrendering their warrants for that number of shares of
Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock
underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”
(defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of
the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants.
|
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- DefinitionThe entire disclosure for equity.
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v3.23.2
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Measurements [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE 8. FAIR VALUE MEASUREMENTS
The fair value of the Company’s
financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with
the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants
at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the
use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and
liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
|
Level 1: |
Quoted prices
in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions
for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
|
Level 2: |
Observable
inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities
and quoted prices for identical assets or liabilities in markets that are not active. |
|
Level 3: |
Unobservable
inputs based on an assessment of the assumptions that market participants would use in pricing the asset or liability. |
At June 30, 2023, assets
held in the Trust Account were comprised of $116,902,067 in money market funds which are invested primarily in U.S. Treasury Securities. Through
June 30, 2023, the Company has not withdrawn any income earned from the Trust Account to pay certain tax obligations.
The following table presents
information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and indicates the
fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description | |
Level | | |
June 30,
2023 | |
Assets: | |
| | |
| |
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | |
| 1 | | |
$ | 116,902,067 | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 9. SUBSEQUENT EVENTS
The Company evaluated subsequent
events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were
issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the unaudited condensed financial statements.
On July 20, 2023, the Company
issued a press release announcing that, on July 21, 2023, the Units will no longer trade, and that the Company’s common stock and
rights, which together comprise the units will commence trading separately. The common stock and rights will be listed on the Nasdaq
Global Market and trade with the ticker symbols “ESHA,” and “ESHAR,” respectively. This is a mandatory and automatic
separation, and no action is required by the holders of Units.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying unaudited
condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP
have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do
not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of
a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for
the periods presented. The accompanying unaudited
condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed
with the SEC on June 15, 2023, as well as the Company’s Current Report on Form 8-K, as filed with the SEC on June 23, 2023. The
interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the
year ending December 31, 2023 or for any future periods.
|
Emerging Growth Company |
Emerging Growth Company The Company is an “emerging
growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
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 stockholder 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 statement 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 |
Use of Estimates The preparation of the unaudited
condensed financial statements in conformity with 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 unaudited
condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires
management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
|
Cash and Cash Equivalents |
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 $2,359,908
and $44,963 of cash as of June 30, 2023 and December 31, 2022, respectively, and no cash equivalents.
|
Investments Held in Trust Account |
Investments Held in Trust Account At June 30, 2023, all of
the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. treasury securities.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments The fair value of the Company’s
assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement,” approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature. Fair value is defined as
the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants
at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The Company’s financial instruments are classified as either
Level 1, Level 2, or Level 3. These tiers include:
|
● |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
|
Offering Costs |
Offering Costs Offering costs consisted
of legal, accounting, and other costs incurred through the balance sheet date that were directly related to the Initial Public Offering.
Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued in the Initial
Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to the warrants were
charged to equity. Offering costs allocated to the Class A common stock were charged against the carrying value of Class A common
stock subject to possible redemption upon the completion of the Initial Public Offering.
|
Class A Common Stock Subject to Possible Redemption |
Class A Common Stock Subject to Possible Redemption The Public Shares contain
a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there
is a stockholder vote or tender offer in connection with the Company’s initial business combination. In accordance with ASC 480-10-S99,
the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within
the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding
instruments (i.e., Public Rights) and as such, the initial carrying value of Public Shares classified as temporary equity are the allocated
proceeds determined in accordance with ASC 470-20. The Company recognizes changes in redemption value immediately as it occurs and will
adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the
closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change
in the carrying value of redeemable shares will result in charges against additional paid-in capital and accumulated deficit. Accordingly,
at June 30, 2023, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of
the stockholders’ equity section of the Company’s balance sheet. The Company’s Class
A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. Accordingly, as of June 30, 2023, 11,500,000 Class A common stock subject to possible redemption are presented
as temporary equity, outside of the shareholders’ equity section of the accompanying condensed balance sheets. There were none outstanding
at December 31, 2022.
Gross proceeds | |
$ | 115,000,000 | |
Less: | |
| | |
Proceeds allocated to Public Rights | |
| (1,398,400 | ) |
Class A common stock issuance costs | |
| (5,252,889 | ) |
Plus: | |
| | |
Remeasurement of carrying value to redemption value | |
| 8,434,127 | |
Class A Common Stock subject to possible redemption, June 30, 2023 | |
$ | 116,782,838 | |
|
Derivative Financial Instruments |
Derivative Financial Instruments The Company evaluates its equity-linked financial
instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with
ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are classified as liabilities, the derivative
instrument is initially recognized at fair value with subsequent changes in fair value recognized in the statements of operations each
reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities
or as equity, is evaluated at the end of each reporting period. The Company accounted for the rights issued in connection with the Initial
Public Offering and the warrants issued in connection with the Private Placement as equity-classified instruments in accordance with ASC
815 as they did not meet the liability criteria (i.e. cashless exercises).
|
Income Taxes |
Income Taxes The Company follows the asset
and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed 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.
Deferred tax assets were deemed de minimis as of June 30, 2023. The Company’s effective tax rate was 56.35% and 0.00% for the three
months ended June 30, 2023 and 2022, respectively, and 61.52% and 0.00% for the six months ended June 30, 2023 and 2022, respectively.
The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2023 and 2022, due to the valuation allowance on the deferred tax assets. ASC 740 also clarifies the
accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position 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.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and
transition. 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 June 30, 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. The Company has identified
the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities
since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax
jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of
unrecognized tax benefits will materially change over the next twelve months.
|
Net Income (Loss) Per Common Stock |
Net Income (Loss) Per Share of Common Stock The Company has two classes
of shares, which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the
two classes of shares. The Company has not considered the effect of the rights and warrants sold in the Initial Public Offering and the
Private Placement to purchase an aggregate of 8,620,000 shares of its Class A common stock in the calculation of diluted net income (loss)
per share, since their exercise is contingent upon future events. As a result, diluted net income (loss) per share is the same as basic
net income (loss) per share. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted
net income (loss) per share for each class of common stock:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 6,180 | | |
$ | 8,716 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 3,200 | | |
$ | 8,829 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding | |
| 1,813,462 | | |
| 2,557,692 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,529,167 | | |
| — | | |
| 2,500,000 | |
Basic net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Diluted net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 5,762 | | |
$ | 9,134 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 2,908 | | |
$ | 9,121 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted weighted average shares outstanding | |
| 1,813,462 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | |
Diluted net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
|
Recent Accounting Standards |
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
unaudited condensed financial statements.
|
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Schedule of Class A Common Stock Subject To Possible Redemption |
The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of common stock:
Gross proceeds | |
$ | 115,000,000 | |
Less: | |
| | |
Proceeds allocated to Public Rights | |
| (1,398,400 | ) |
Class A common stock issuance costs | |
| (5,252,889 | ) |
Plus: | |
| | |
Remeasurement of carrying value to redemption value | |
| 8,434,127 | |
Class A Common Stock subject to possible redemption, June 30, 2023 | |
$ | 116,782,838 | |
|
Schedule of Class A Common Stock Subject To Possible Redemption |
At June 30, 2023, the Class A common stock subject to possible redemption reflected on the balance sheet are reconciled in the following table:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 6,180 | | |
$ | 8,716 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 3,200 | | |
$ | 8,829 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding | |
| 1,813,462 | | |
| 2,557,692 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,529,167 | | |
| — | | |
| 2,500,000 | |
Basic net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Diluted net income (loss) per share | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Numerator: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Allocation of net income (loss) | |
$ | 5,762 | | |
$ | 9,134 | | |
$ | — | | |
$ | (11,831 | ) | |
$ | 2,908 | | |
$ | 9,121 | | |
$ | — | | |
$ | (12,415 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted weighted average shares outstanding | |
| 1,813,462 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | | |
| 916,806 | | |
| 2,875,000 | | |
| — | | |
| 2,500,000 | |
Diluted net income (loss) per share | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | — | | |
$ | (0.00 | ) |
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v3.23.2
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Measurements [Abstract] |
|
Schedule of Fair Value Measurements |
The following table presents
information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and indicates the
fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description | |
Level | | |
June 30,
2023 | |
Assets: | |
| | |
| |
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | |
| 1 | | |
$ | 116,902,067 | |
|
X |
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v3.23.2
Description of Organization and Business Operations (Details) - USD ($)
|
|
6 Months Ended |
Jun. 16, 2023 |
Jun. 30, 2023 |
Description of Organization and Business Operations (Details) [Line Items] |
|
|
Price per unit (in Dollars per share) |
$ 10
|
|
Initial public offering gross |
$ 116,725,000
|
|
Offering costs |
|
$ 5,368,092
|
Cash underwritin discount |
|
2,300,000
|
Fair value amount |
|
2,239,466
|
Other offering costs |
|
$ 828,626
|
Fair market value, percentage |
|
80.00%
|
Per unit sold (in Dollars per share) |
|
$ 10.15
|
Public share per unit (in Dollars per share) |
|
$ 10.15
|
Net tangible assets |
|
$ 5,000,001
|
Public shares percentage |
|
15.00%
|
Interest to pay dissolution expenses |
|
$ 100,000
|
Assets per share value (in Dollars per share) |
|
$ 10.15
|
Initial Public Offering [Member] |
|
|
Description of Organization and Business Operations (Details) [Line Items] |
|
|
Units issued during the period shares (in Shares) |
11,500,000
|
|
Shares issued (in Shares) |
|
7,470,000
|
Per unit sold (in Dollars per share) |
|
$ 10
|
Over-Allotment Option [Member] |
|
|
Description of Organization and Business Operations (Details) [Line Items] |
|
|
Units issued during the period shares (in Shares) |
1,500,000
|
|
Initial public offering gross |
$ 115,000,000
|
|
Private Placement [Member] |
|
|
Description of Organization and Business Operations (Details) [Line Items] |
|
|
Purchase of additional units (in Shares) |
|
7,470,000
|
Price per warrant (in Dollars per share) |
|
$ 1
|
Proposed Public Offering [Member] |
|
|
Description of Organization and Business Operations (Details) [Line Items] |
|
|
Per unit sold (in Dollars per share) |
$ 10.15
|
|
Business Combination [Member] |
|
|
Description of Organization and Business Operations (Details) [Line Items] |
|
|
Outstanding voting securities percentage |
|
50.00%
|
Public share per unit (in Dollars per share) |
|
$ 10.15
|
Public shares percentage |
|
100.00%
|
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v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Summary of Significant Accounting Policies [Abstract] |
|
|
|
|
|
Cash (in Dollars) |
$ 2,359,908
|
|
$ 2,359,908
|
|
$ 44,963
|
Common stock subject to possible redemption (in Shares) |
|
|
11,500,000
|
|
|
Effective Income Tax Rate Reconciliation, Percent |
56.35%
|
0.00%
|
61.52%
|
0.00%
|
|
Statutory tax rate percentage |
|
|
21.00%
|
21.00%
|
|
Private placement to purchase (in Shares) |
|
|
8,620,000
|
|
|
X |
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v3.23.2
Summary of Significant Accounting Policies (Details) - Schedule of Class A Common Stock Subject To Possible Redemption - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Schedule of Class A Common Stock Subject To Possible Redemption [Abstract] |
|
|
Gross proceeds |
$ 115,000,000
|
|
Less: |
|
|
Proceeds allocated to Public Rights |
(1,398,400)
|
|
Class A common stock issuance costs |
(5,252,889)
|
|
Plus: |
|
|
Remeasurement of carrying value to redemption value |
8,434,127
|
|
Class A Common Stock subject to possible redemption, June 30, 2023 |
$ 116,782,838
|
|
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v3.23.2
Summary of Significant Accounting Policies (Details) - Schedule of Class A Common Stock Subject To Possible Redemption - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Class A Common Stock [Member] |
|
|
|
|
|
Summary of Significant Accounting Policies (Details) - Schedule of Class A Common Stock Subject To Possible Redemption [Line Items] |
|
|
|
|
|
Allocation of net income (loss) |
|
$ 6,180
|
|
$ 3,200
|
|
Basic weighted average shares outstanding |
|
1,813,462
|
|
916,806
|
|
Basic net income (loss) per share |
|
$ 0
|
|
$ 0
|
|
Allocation of net income (loss) |
|
$ 5,762
|
|
$ 2,908
|
|
Diluted weighted average shares outstanding |
|
1,813,462
|
|
916,806
|
|
Diluted net income (loss) per share |
|
$ 0
|
|
$ 0
|
|
Class B Common Stock [Member] |
|
|
|
|
|
Summary of Significant Accounting Policies (Details) - Schedule of Class A Common Stock Subject To Possible Redemption [Line Items] |
|
|
|
|
|
Allocation of net income (loss) |
|
$ 8,716
|
$ (11,831)
|
$ 8,829
|
$ (12,415)
|
Basic weighted average shares outstanding |
|
2,557,692
|
2,500,000
|
2,529,167
|
2,500,000
|
Basic net income (loss) per share |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Allocation of net income (loss) |
|
$ 9,134
|
$ (11,831)
|
$ 9,121
|
$ (12,415)
|
Diluted weighted average shares outstanding |
[1] |
2,875,000
|
2,500,000
|
2,875,000
|
2,500,000
|
Diluted net income (loss) per share |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
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v3.23.2
Related Party Transactions (Details) - USD ($)
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 16, 2023 |
Jun. 13, 2023 |
May 09, 2023 |
May 08, 2023 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 21, 2023 |
Dec. 31, 2022 |
Dec. 17, 2021 |
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Subscription price |
|
|
|
|
|
|
|
|
|
$ 25,000
|
Sponsor surrendered shares (in Shares) |
|
|
|
5,750,000
|
|
|
|
|
|
|
Founder share (in Shares) |
|
|
|
2,875,000
|
|
|
|
|
|
|
Initial Stockholder forfeit up (in Shares) |
375,000
|
|
|
|
|
|
|
|
|
|
Exceeds per share (in Dollars per share) |
|
|
|
|
|
$ 12
|
|
|
|
|
Sponsor agreed loan amount |
|
|
$ 300,000
|
|
|
|
|
|
|
|
Outstanding balance amount |
$ 249,560
|
|
|
|
$ 15,148
|
$ 15,148
|
|
|
|
|
Warrant amounrt |
|
|
|
|
|
7,470,000
|
|
|
|
|
Working capital loans |
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
Business combination entity price (in Dollars per share) |
|
|
|
|
|
$ 1
|
|
|
|
|
Administrative expanses |
|
$ 5,000
|
|
|
|
|
|
|
|
|
Fees payable |
|
|
|
|
$ 2,795
|
$ 2,795
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Initial Stockholder forfeit up (in Shares) |
|
|
|
375,000
|
|
|
|
|
|
|
Private Placement Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrant amounrt |
$ 45,440
|
|
|
|
|
|
|
|
|
|
Class B Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock, par value (in Dollars per share) |
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
$ 0.0001
|
|
Underwriters [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Founder share, percentage |
|
|
|
20.00%
|
|
|
|
|
|
|
Proposed Public Offering [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Founder share, percentage |
|
|
|
20.00%
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sponsor value |
|
|
|
|
|
|
|
$ 30,292
|
|
|
Founder Shares [Member] | Class B Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares Purchased (in Shares) |
|
|
|
|
|
|
|
|
|
8,625,000
|
Common stock, par value (in Dollars per share) |
|
|
|
|
|
|
|
|
|
$ 0.0001
|
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v3.23.2
Commitments and Contingencies (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 16, 2023 |
Commitments and Contingencies (Details) [Line Items] |
|
|
|
Fair value |
$ 2,239,466
|
|
|
Underwriting commissions per unit |
|
|
$ 10
|
Underwriting commitments, description |
|
The
fair value of the shares granted to the underwriters utilized the following assumptions: (1) expected volatility of 5.7%, (2) risk-free
interest rate of 5.15%, (3) expected life of 1.17 years, and (4) implied discount for lack of marketability (DLOM) of 1.4%. Accordingly,
the fair value of $2,239,466 were accounted for as offering costs at the closing of the Initial Public Offering.
|
|
Underwriting discount per share |
|
$ 0.2
|
|
Gross proceeds percentage |
|
3.50%
|
|
IPO [Member] |
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
Aggregate underwriting discount amount |
|
$ 2,300,000
|
|
Aggregate cost |
$ 4,030,000.00
|
$ 4,030,000.00
|
|
Class A Common Stock [Member] |
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
Underwriting commissions per unit |
$ 7.789
|
$ 7.789
|
|
Probability-Weighted Expected Return Method [Member] | Class A Common Stock [Member] |
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
Representative shares |
|
287,500
|
|
Fair value |
|
$ 2,239,466
|
|
Custom Ibankers [Member] | Class A Common Stock [Member] |
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
Representative shares |
|
|
258,750
|
Dawson James [Member] | Class A Common Stock [Member] |
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
Representative shares |
|
|
28,750
|
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v3.23.2
Stockholders’ Equity (Details) - $ / shares
|
|
6 Months Ended |
|
Dec. 31, 2022 |
Jun. 30, 2023 |
Jul. 16, 2023 |
Stockholders’ Equity (Details) [Line Items] |
|
|
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
|
Preferred stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
|
Founder Shares represent issued and outstanding, percentage |
20.00%
|
|
|
Common stock, voting rights |
|
Each share of
common stock will have one vote on all such matters
|
|
Converted basis, percentage. |
|
20.00%
|
|
Warrant price per hare (in Dollars per share) |
|
$ 11.5
|
|
Expires year |
|
5 years
|
|
Price per warrant (in Dollars per share) |
|
$ 0.01
|
|
Exceeds per share (in Dollars per share) |
|
18
|
|
Redemption trigger price (in Dollars per share) |
|
$ 18
|
|
Warrant [Member] |
|
|
|
Stockholders’ Equity (Details) [Line Items] |
|
|
|
Warrants outstanding |
0
|
7,470,000
|
|
Class A common stock [Member] |
|
|
|
Stockholders’ Equity (Details) [Line Items] |
|
|
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
|
Common stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
|
Common stock, shares issued |
|
287,500
|
|
Common stock, shares outstanding |
|
287,500
|
|
Common Stock Subject to Possible Redemption |
|
11,500,000
|
|
Warrant price per hare (in Dollars per share) |
|
$ 11.5
|
|
Class B common stock [Member] |
|
|
|
Stockholders’ Equity (Details) [Line Items] |
|
|
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
|
Common stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
|
Common stock, shares issued |
2,875,000
|
2,875,000
|
|
Common stock, shares outstanding |
2,875,000
|
2,875,000
|
|
Shares are subject to forfeiture |
375,000
|
|
375,000
|
Rights [Member] |
|
|
|
Stockholders’ Equity (Details) [Line Items] |
|
|
|
Warrants outstanding |
0
|
11,500,000
|
|
X |
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