Class A Ordinary Shares Subject to Possible Redemption

9 Months Ended

Sep. 30, 2023

Class A Ordinary Shares Subject to Possible Redemption [Abstract]

Class A Ordinary Shares Subject to Possible Redemption

Note 7 - Class A Ordinary Shares Subject to Possible Redemption

The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 479,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share at a general meeting of the Company. In connection with the extension meeting held on August 22, 2023, the holders of 19,590,635 ordinary shares of the Company properly exercised their right to redeem their Public Shares (and did not withdraw their redemption) for cash at a redemption price of approximately $10.66 per Public Share, for an aggregate redemption amount of approximately $208,788,481. As of September 30, 2023 and December 31, 2022, there were 8,009,365 and 27,600,000 Class A ordinary shares issued and outstanding and subject to possible redemption, respectively.

The Class A ordinary shares subject to possible redemption reflected on the balance sheet are reconciled on the following table:

Class A ordinary shares subject to possible redemption as of December 31, 2022	$	285,484,352
Increase in redemption value of Class A ordinary shares subject to redemption		3,040,708
Class A ordinary shares subject to possible redemption as of March 31, 2023		288,525,060
Increase in redemption value of Class A ordinary shares subject to redemption		3,364,470
Class A ordinary shares subject to possible redemption as of June 30, 2023		291,889,530
Redemption of ordinary shares		(208,788,481	)
Increase in redemption value of Class A ordinary shares subject to redemption		2,898,438
Class A ordinary shares subject to possible redemption as of September 30, 2023	$	85,999,487

Infinite Acquisition Corp. 10-Q