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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 quarterly period ended ~~September 30~~ March 31, 2024 ~~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 No. 001-41003

ONYX ACQUISITION CO. I

(Exact name of registrant as specified in its charter)

Cayman Islands		98-1584432
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

104 5th Avenue

New York, New York 10011

(Address of Principal Executive Offices, including zip code)

(212) 974-2844

(Registrant’s telephone number, including area code)

N/A

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant	ONYXU	The Nasdaq Stock Market LLC
Class A Ordinary Shares	ONYX	The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50	ONYXW	The Nasdaq Stock Market LLC

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 ~~November 20~~May 16, ~~2023~~2024, 8 7,~~624~~945,~~326~~461 Class A ordinary shares and no Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares”) issued and outstanding.

ONYX ACQUISITION CO. I Form 10-Q For the Quarter Ended ~~September~~March 3031, ~~2023~~2024

Table of Contents

		Page
Part I. Financial Information		1
Item 1.	Financial Statements	1
	Condensed Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022	1
	Condensed Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023	1
	Unaudited Condensed Statements of Operations for the three and nine months ended September 30, 2023 and 2022	2
	Unaudited Condensed Statements of Operations for the three months ended March 31, 2024 and 2023	2
	Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the three and nine months ended September 30, 2023 and 2022	3
	Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the three months ended March 31, 2024 and 2023	3
	Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2023 and 2022	4
	Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023	4
	Notes to Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures Regarding Market Risk	25
Item 4.	Controls and Procedures	25
Part II. Other Information		26
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
Part III. Signatures		29

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

ONYX ACQUISITION CO. I

CONDENSED BALANCE SHEETS

	September 30, 2023			December 31, 2022
	March 31, 2024			December 31, 2023
	(Unaudited)
ASSETS
Current assets
Cash	$	495,~~663~~744		$	~~377~~44,~~526~~165
Prepaid expenses		5827,~~327~~057			~~400~~95,~~400~~950
Total Current Assets		~~107~~32,~~990~~801			~~777~~140,~~926~~115
Cash and marketable securities held in Trust Account		2214,~~062~~954,~~003~~547			~~273~~22,~~539~~316,~~825~~346
TOTAL ASSETS	$	2214,~~169~~987,~~993~~348		$	~~274~~22,~~317~~456,~~751~~461
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accrued offering costs and expenses	$	2,~~309~~633,~~764~~843		$	12,~~419~~368,~~410~~974
Promissory note - related party		~~785~~1,435,000			—1,385,000
Total Current Liabilities		34,~~094~~068,~~764~~843			13,~~419~~753,~~410~~974
Deferred underwriting commissions		11,270,000			11,270,000
TOTAL LIABILITIES		1415,~~364~~338,~~764~~843			1215,~~689~~023,~~410~~974
COMMITMENTS AND CONTINGENCIES
Class A ordinary shares subject to possible redemption, 2,011,826 and 26,450,000 shares at $10.97 and $10.34 redemption value at September 30, 2023 and December 31, 2022, respectively		22,062,003			273,539,825
Class A ordinary shares subject to possible redemption, 1,332,961 and 2,011,826 shares at $11.22 and $11.09 redemption value at March 31, 2024 and December 31, 2023, respectively		14,954,547			22,316,346
SHAREHOLDERS’ DEFICIT
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no issued and outstanding		—			—
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 6,612,500 and 0 shares issued and outstanding (excluding 2,011,826 and 26,450,000 shares subject to possible redemption) at September 30, 2023 and December 31, 2022, respectively		—			—
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 6,612,500 shares issued and outstanding (excluding 1,332,961 and 2,011,826 shares subject to possible redemption) at March 31, 2024 and December 31, 2023, respectively		661			661
Class A ordinary shares (non-redeemable), $0.0001 par value; 50,000,000 shares authorized; 6,612,500 and 0 shares issued and outstanding at September 30, 2023 and December 31, 2022		661			—
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		—			—
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 0 and 6,612,500 shares issued and outstanding at September 30, 2023 and December 31, 2022		—			661
Additional paid-in capital		—			—
Accumulated deficit		(1415,~~257~~306,~~435~~703	)		(1114,~~912~~884,~~145~~520	)
TOTAL SHAREHOLDERS’ DEFICIT		(1415,~~256~~306,~~774~~042	)		(1114,~~911~~883,~~484~~859	)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	2214,~~169~~987,~~993~~348		$	~~274~~22,~~317~~456,~~751~~461

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

ONYX ACQUISITION CO. I

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
	2023			2022			2023			2022
	2024			2023
Formation and operating costs	$	268,147		$	236,088		$	1,625,290		$	507,120
Operating costs	$	422,183		$	1,040,836
Loss from operations		(~~268~~422,~~147~~183	)		(~~236~~1,~~088~~040,836	)		~~(1,625,290~~	)		~~(507,120~~	)
Other income:
Interest earned on cash and marketable securities held in Trust Account		~~372~~191,~~697~~242			1,~~308~~299,~~366~~066			~~2,216,149~~			~~1,438,705~~
Unrealized gain (loss) on marketable securities		6,729			—			(46	)		—
Unrealized gain on marketable securities		—			32,876
Total other income, net		379,426			1,308,366			2,216,103			1,438,705
Total other income		191,242			1,331,942
Net income	$	111,279		$	1,072,278		$	590,813		$	931,585
Net (loss) income	$	(230,941	)	$	291,106
Basic and diluted weighted average shares outstanding, Class A ordinary shares		51,~~631~~541,~~427~~843			2610,~~450~~634,~~000~~909			~~5,804,739~~			~~26,450,000~~
Basic and diluted net income per share, Class A ordinary shares	$	0.01		$	0.03		$	0.05		$	0.03
Basic and diluted net (loss) income per share, Class A ordinary shares	$	(0.03	)	$	0.02
Basic and diluted weighted average shares outstanding, Class A ordinary shares (non-redeemable)		6,612,500			—4,702,222			~~5,982,738~~			—
Basic and diluted net income per share, Class A ordinary shares (non-redeemable)	$	0.01		$	—		$	0.05		$	—
Basic and diluted net (loss) income per share, Class A ordinary shares (non-redeemable)	$	(0.03	)	$	0.02
Basic and diluted weighted average shares outstanding, Class B ordinary shares		—			61,~~612~~910,~~500~~278			~~629,762~~			~~6,612,500~~
Basic and diluted net income per share, Class B ordinary shares	$	—		$	0.0302		$	~~0.05~~		$	~~0.03~~

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

ONYX ACQUISITION CO. I

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~SEPTEMBER~~ 30 MARCH 31, ~~2023~~2024

	Class A Ordinary Shares (non-redeemable)				Class A Ordinary Share				Class B Ordinary Share						Additional Paid-in		Accumulated			Total Shareholders’
	Shares		Amount		Shares		Amount		Shares			Amount			Capital		Deficit			Deficit
Balance as of January 1, 2023		—	$	—		—	$	—		6,612,500		$	661		$	—	$	(11,912,145	)	$	(11,911,484	)
Balance as of January 1, 2024		6,612,500	$	661		—	$	—		—		$	—		$	—	$	(14,884,520	)	$	(14,883,859	)
Accretion of Class A ordinary shares subject to possible redemption		—		—		—		—		—			—			—		(1191,~~571,942~~242	)		(1191,~~571,942~~242	)
Conversion of Class B shares to Class A shares		6,612,500		661		—		—		(6,612,500	)		(661	)		—		—			—
Net loss		—		—		—		—		—			—			—		(230,941	)		(230,941	)
Net income		—		—		—		—		—			—			—		291,106			291,106
Balance as of March 31, 2024		6,612,500	$	661		—	$	—		—		$	—		$	—	$	(15,306,703	)	$	(15,306,042	)
Balance as of March 31, 2023		6,612,500		661		—		—		—			—			—		(13,192,981	)		(13,192,320	)
Accretion of Class A ordinary shares subject to possible redemption		—		—		—		—		—			—			—		(864,735	)		(864,735	)
Net income		—		—		—		—		—			—			—		188,428			188,428
Balance as of June 30, 2023		6,612,500		661		—		—		—			—			—		(13,869,288	)		(13,868,627	)
Accretion of Class A ordinary shares subject to possible redemption		—		—		—		—		—			—			—		(499,426	)		(499,426	)
Net income		—		—		—		—		—			—			—		111,279			111,279
Balance as of September 30, 2023		6,612,500	$	661		—	$	—		—		$	—		$	—	$	(14,257,435	)	$	(14,256,774	)

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~SEPTEMBER~~ 30 MARCH 31, ~~2022~~2023

	Class A Ordinary Share				Class B Ordinary Share				Additional Paid-in			Accumulated			Total Shareholders’
	Class A Ordinary Shares (non-redeemable)				Class A Ordinary Share				Class B Ordinary Share						Additional Paid-in			Accumulated			Total Shareholders’
	Shares		Amount		Shares		Amount		~~Capital~~Shares			~~Deficit~~Amount			~~Deficit~~Capital			Deficit			Deficit
Balance as of January 1, 2022		—	$	—		6,612,500	$	661	$	—		$	(10,211,968	)	$	(10,211,307	)
Balance as of January 1, 2023		—	$	—		—	$	—		6,612,500		$	661		$	—		$	(11,912,145	)	$	(11,911,484	)
Net loss		—		—		—		—		—			(43,743	)		(43,743	)
Accretion of Class A ordinary shares subject to possible redemption		—		—		—		—		—			—			—			(1,571,942	)		(1,571,942	)
Balance as of March 31, 2022		—		—		6,612,500		661		—			(10,255,711	)		(10,255,050	)
Conversion of Class B shares to Class A shares		6,612,500		661		—		—		(6,612,500	)		(661	)		—			—			—
Net loss		—		—		—		—		—			(96,950	)		(96,950	)
Net income		—		—		—		—		—			—			—			291,106			291,106
Accretion of Class A ordinary shares subject to possible redemption		—		—		—		—		—			(130,339	)		(130,339	)
Balance as of March 31, 2023		6,612,500	$	661		—	$	—		—		$	—		$	—		$	(13,192,981	)	$	(13,192,320	)
Balance as of June 30, 2022		—		—		6,612,500		661		—			(10,483,000	)		(10,482,339	)
Net income		—		—		—		—		—			1,072,278			1,072,278
Accretion of Class A ordinary shares subject to possible redemption		—		—		—		—		—			(1,308,366	)		(1,308,366	)
Balance as of September 30, 2022		—	$	—		6,612,500	$	661	$	—		$	(10,719,088	)	$	(10,718,427	)

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

ONYX ACQUISITION CO. I

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

	For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
	2023			2022
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	590,813		$	931,585
Net (loss) income	$	(230,941	)	$	291,106
Adjustments to reconcile net income to net cash used in operating activities:
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust Account		(2191,~~216,149~~242	)		(1,~~438~~299,~~705~~066	)
Unrealized loss on marketable securities		46—			—(32,876	)
Changes in operating assets and liabilities:
Prepaid expenses		~~342~~68,~~073~~893			~~340~~73,~~300~~388
Accounts payable and accrued expenses		~~890~~264,~~354~~869			~~(148~~730,~~800~~597	)
Net cash flows used in operating activities		(~~392~~88,~~863~~421	)		(~~315~~236,~~620~~851	)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash withdrawn from Trust Account in connection with redemption		~~254~~7,~~413~~553,~~925~~041			—230,611,860
Purchases of investments held in Trust Account		~~(720,000~~—	)		—(240,000	)
Net cash flows provided by investing activities		~~253~~7,~~693~~553,~~925~~041			—230,371,860
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from note payable-related party		~~785~~50,000			—300,000
Redemption of ordinary shares		(~~254~~7,~~413~~553,~~925~~041	)		—(230,611,860	)
Net cash flows used in financing activities		(~~253~~7,~~628~~503,~~925~~041	)		—(230,311,860	)
Net Change in Cash		(~~327~~38,~~863~~421	)		(~~315~~176,~~620~~851	)
Cash – Beginning of period		~~377~~44,~~526~~165			~~781~~377,~~709~~526
Cash – End of period	$	495,~~663~~744		$	~~466~~200,~~089~~675
Non-Cash investing and financing activities:
Accretion of Class A ordinary shares subject to possible redemption	$	2191,~~936,103~~242		$	1,~~438~~571,~~705~~942

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

ONYX ACQUISITION CO. I

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~ MARCH 3031, ~~2023~~2024

NOTE 1 — ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

Onyx Acquisition Co. I (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on February 2, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of ~~September~~March 3031, ~~2023~~2024, the Company had not commenced any operations. All activity for the period from February 2, 2021 (inception) through ~~September~~March 3031, ~~2023~~2024 relates to the Company’s formation, initial public offering (“IPO”), which is described below, and the search for a target with which to consummate a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on ~~marketable~~a ~~securities~~demand deposit held in the Trust Account (as defined below). The Company has selected December 31 as its fiscal year end.

Sponsor and Financing

The Company’s sponsor is Onyx Acquisition Sponsor Co. LLC, a Cayman Islands limited liability company (the “Sponsor”).

~~The registration statement for the Company’s~~ ~~IPO was declared effective on November 2, 2021 (the “Effective Date”).~~ On November 5, 2021, the Company consummated its IPO of 26,450,000 units (the “Units”)~~, which includes the exercise of the underwriters’ option to purchase up to an additional 3,450,000 Units at the IPO price to cover over-allotments~~. Each Unit consists of one Class A ordinary share, $0.0001 par value per share (the “ Class A ordinary shares” and, shares thereof sold in the IPO, the “Public Shares”), and one-half of one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $264,500,000 ~~(see Note 3)~~.

Simultaneous with the consummation of the IPO and the issuance and sale of the Units, the Company consummated the private placement of 12,190,000 private placement warrants (the “Private Placement Warrants”) ~~(including 690,000 Private Placement Warrants purchased in connection with the exercise of the underwriters’ over-allotment option)~~ at a price of $1.00 per Private Placement Warrant, generating total proceeds of $12,190,000. The Private Placement Warrants, which were purchased by the Sponsor and BTIG, LLC (“BTIG”), ~~and~~ are identical to the Public Warrants, except that if held by the Sponsor or BTIG or their permitted transferees, they are, subject to certain limited exceptions, subject to transfer restrictions until 30 days following the consummation of the Company’s initial Business Combination. Additionally, the Private Placement Warrants held by BTIG are subject to the lock-up and registration rights limitations imposed by Financial Industry Regulatory Authority Rule 5110 and may not be exercised after five years from November 2, 2021.

Offering costs amounted to $16,608,500, which consisted of $4,600,000 of underwriting commissions, $11,270,000 of deferred underwriting commissions, and $738,500 of other offering costs, all of which was charged to shareholders’ deficit.

Upon the closing of the IPO and the private placement, $269,790,000 has been placed in a trust account (the “Trust Account”), representing the redemption value of the Class A ordinary shares sold in the IPO, at their redemption value of $10.20 per share.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the value of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

Upon the closing of the IPO and the simultaneous private placement, a total of $269,790,000, consisting of $10.20 per Unit sold in the IPO and a portion of the proceeds from the sale of the Private Placement Warrants, was placed in the Trust Account located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to an investment management trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), the Company intends to avoid being deemed an “investment company” within the meaning of the Investment Company Act. The IPO was not intended for persons seeking a return on investments in government securities or investment securities. The Trust Account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to provide holders of the Class A ordinary shares (the “Public Shareholders”) the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete the initial Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares; or (iii) absent the completing an initial Business Combination within the Combination Period, the return of the funds held in the Trust Account to the Public Shareholders as part of the redemption of the Public Shares. If the Company does not invest the proceeds as discussed above, the Company may be deemed to be subject to the Investment Company Act. If the Company is deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which the Company has not allotted funds and may hinder the ability to complete a Business Combination. If the Company has not consummated the initial Business Combination within the required time period, the Public Shareholders may receive only approximately $10.20 per Public Share, or less than such amount in certain circumstances, on the liquidation of the Trust Account, and the warrants will expire worthless. To avoid being considered an Investment Company, in November 2023, funds in the Trust Account were placed in a demand deposit account.

The Company will provide its Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or stock exchange listing requirement. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ~~(initially anticipated to be $10~~.~~20 per Public~~ ~~Share).~~

The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 54). These Public Shares were classified as temporary equity upon the completion of the IPO in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

Recent Developments

On January 18, 2023, the Company issued a press release announcing that it is in advanced discussions with Helios Investment Partners about a potential business combination which would result in the creation of a new publicly listed energy transition infrastructure platform, Helios Energy Transition Infrastructure (“HETI”), focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa (the “Proposed Transaction”).

The Proposed Transaction is expected to be valued at an Enterprise Value of approximately $1 billion, and the Company is targeting completion of the merger in the ~~first~~second half of 2024. There is no binding agreement with respect to the Proposed Transaction, and negotiations remain subject to significant contingencies, including the completion of due diligence, the negotiation and execution of a mutually acceptable definitive agreement, confirmation and documentation of fully committed financing, and requisite shareholder approvals. There can be no assurances that the Company will successfully negotiate a definitive agreement, or that the Proposed Transaction will be consummated.

The Company will have only until November 5, 2024 to consummate an initial Business Combination (the “Combination Period”). If the Company fails to consummate an initial Business Combination during the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to 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 its initial Business Combination within the Combination Period.

~~The~~ On ~~Company~~January ~~will~~26, ~~have~~2023, ~~only~~the ~~until~~Company ~~February~~held 7,an ~~2024 to~~extraordinary ~~consummate~~general anmeeting ~~initial~~of ~~Business~~shareholders ~~Combination~~ (the “~~Combination~~First ~~Period~~Extension Meeting”), asat ~~noted~~which ~~per~~ the ~~extension~~Company’s onshareholders ~~July~~approved ~~21,~~two ~~2023.~~proposals ~~If the Company fails~~ to ~~consummate~~amend ~~an initial Business Combination during~~ the ~~Combination Period, the~~ Company’s ~~will~~amended ~~(i)~~and ~~cease~~restated ~~all~~memorandum ~~operations except~~and ~~for~~articles ~~the purpose~~ of ~~winding~~association ~~up,~~ (iithe “Articles”). asThe ~~promptly~~first asproposal ~~reasonably~~extended ~~possible~~the ~~but~~date ~~not~~by ~~more~~which ~~than~~the ~~ten~~Company ~~business~~has ~~days~~to ~~thereafter,~~consummate ~~redeem the Public Shares, at~~ a ~~per-share~~Business ~~price,~~Combination ~~payable~~from inFebruary ~~cash~~5, ~~equal~~2023 to ~~the~~August ~~aggregate~~7, ~~amount~~2023 ~~then on deposit in~~ (the ~~Trust~~“First ~~Account,~~Extension ~~including~~Amendment ~~interest earned~~Proposal”). onThe ~~the~~second ~~funds~~proposal ~~held~~removed in the ~~Trust~~limitation ~~Account~~that ~~and not previously released to~~ the Company toshall ~~pay~~not ~~income~~redeem ~~taxes,~~Class ifA ~~any~~ordinary ~~(less~~shares upincluded toas ~~$100,000~~ part of ~~interest to pay dissolution expenses), divided by~~ the ~~number~~units ofsold ~~then~~in ~~outstanding~~its ~~Public~~initial ~~Shares,~~public ~~which~~offering ~~redemption will completely extinguish Public Shareholders’ rights as shareholders~~ (including ~~the~~any ~~right~~shares toissued ~~receive~~in ~~further~~exchange ~~liquidation distributions, if any~~thereof) ~~and~~to ~~(iii) as~~the ~~promptly~~extent asthat ~~reasonably possible following~~ such redemption, ~~subject~~would tocause the ~~approval~~Company’s ofnet ~~the~~tangible ~~remaining~~assets ~~shareholders~~to ~~and~~be ~~the~~less ~~board~~than ~~of directors~~$5, ~~liquidate and dissolve~~000, ~~subject, in~~ 001 (the ~~case~~“Redemption ofLimitation ~~clauses~~Amendment ~~(ii~~Proposal”). ~~and~~The ~~(iii),~~Extension toAmendment ~~the~~Proposal ~~Company’s~~and ~~obligations~~Redemption ~~under~~Limitation ~~Cayman~~Amendment ~~Islands~~Proposal ~~law~~are ~~to provide~~described ~~for~~in ~~claims~~more ofdetail ~~creditors and~~ in ~~all~~the ~~cases~~definitive ~~subject~~proxy tostatement ~~the requirements~~ of ~~other~~the ~~applicable~~Company, ~~law.~~which ~~There~~was ~~will~~filed ~~be no redemption rights or liquidating distributions~~ with ~~respect to~~ the ~~warrants,~~U.S. ~~which~~Securities ~~will~~and ~~expire~~Exchange ~~worthless~~Commission if (the ~~Company~~“SEC”) ~~fails~~on toDecember ~~complete~~8, ~~its~~2022 ~~initial~~(the ~~Business Combination~~“Proxy ~~within~~Statement”), ~~the~~as ~~Combination~~supplemented ~~Period~~to date.

On Based ~~January~~on ~~26, 2023,~~ the ~~Company~~results ~~held an extraordinary general meeting~~ of ~~shareholders (~~the ~~“January~~First Extension Meeting”), ~~at which~~ the ~~Company’s~~Sponsor ~~shareholders~~agreed ~~approved two proposals~~ to ~~amend~~ ~~the~~contribute ~~Company’s~~(each ~~amended~~such ~~and~~contribution, ~~restated~~a ~~memorandum and articles of association (the~~ “~~Articles~~Contribution”). ~~The~~into ~~first proposal would extend~~ the ~~date~~trust byaccount ~~which~~of the Company ~~has~~(such totrust ~~consummate a business combination from February 5~~account, ~~2023 to August 7, 2023 (~~the “~~Extension Amendment~~Trust ~~Proposal~~Account”). ~~The second proposal would remove~~ the ~~limitation~~lesser ~~that~~of ~~the~~(x) ~~Company~~an ~~shall~~aggregate ~~not redeem Class A ordinary shares included as part~~ of ~~the~~$120,000 or ~~units~~(y) ~~sold~~$0.035 inper ~~its~~share ~~initial~~for each public ~~offering~~share ~~(including~~that ~~any~~was ~~shares~~not ~~issued~~redeemed inat ~~exchange thereof) to~~ the ~~extent~~First ~~that such~~Extension ~~redemption~~Meeting ~~would~~for ~~cause~~each ~~the~~monthly ~~Company’s~~period ~~net~~until ~~tangible~~August ~~assets~~7, to2023 be(commencing ~~less~~on ~~than~~February $57,~~000,001~~ ~~(the~~2023 ~~“Redemption Limitation Amendment Proposal”). The Extension Amendment Proposal~~ and ~~Redemption~~ending ~~Limitation~~on ~~Amendment Proposal are described in more detail in~~ the ~~definitive proxy~~7th ~~statement~~day of ~~the~~each ~~Company~~subsequent month), ~~which~~or ~~was~~portion ~~filed~~thereof, ~~with~~that ~~the~~is ~~U.S.~~needed ~~Securities~~by ~~and Exchange Commission (~~the ~~“SEC”)~~Company onto ~~December~~complete ~~8, 2022~~its ~~(the~~initial ~~“Proxy~~Business ~~Statement”), as supplemented to date~~Combination.

On January 26, 2023, based on the results of the January Meeting, the holders of the Company’s outstanding Class B ordinary shares (the “founder shares”) converted all of the founder shares into Class A ordinary shares. Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the Trust Account as a result of their ownership of any Class A ordinary shares issued upon conversion of the founder shares.

In connection with the January Meeting, holders of 22,239,972 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.36 per share, for an aggregate redemption amount of $230,611,860. As a result, such amount was removed from the Trust Account on February 1, 2023 to pay the redeeming holders and 4,210,028 Class A ordinary shares remain outstanding (excluding 6,612,500 Class B ordinary shares (the “founder shares”) converted into Class A ordinary shares on January 26, 2023, which do not entitle their holders to any monies held in the Trust Account as a result of their ownership). The remaining amount in the Trust Account immediately following the redemption payments was $42,927,964.

The Sponsor agreed to contribute (each such contribution, a “Contribution”) into the trust account of the Company(such trust account, the “Trust Account”) the lesser of (x) an aggregate of $120,000 or (y) $0.035 per share for each public share that was not redeemed at the extraordinary general meeting of shareholders of the Company held January 26, 2023 (the “Meeting”) for each monthly period until August 7, 2023 (commencing on February 7, 2023 and ending on the 7th day of each subsequent month), or portion thereof, that is needed by the Company to complete its initial Business Combination.

On July 21, 2023, the Company held an extraordinary general meeting of shareholders (the “July Meeting”) at which the Company’s shareholders approved a proposal to amend the Articles. The proposal amended the date by which the Company has to consummate a business combination from August 7, 2023 to February 7, 2024.

In connection with the July Meeting, holders of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate redemption amount of approximately $23,802,065. As a result, such amount was removed from the Trust Account to pay such holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326 Class A ordinary shares outstanding.

The Sponsor and each member of the Company’s management team have agreed to (i) waive their redemption rights with respect to their Founder Shares (as defined below), (ii) waive their redemption rights with respect to their Founder Shares and any Class A ordinary shares in connection with a shareholder vote to approve an amendment to the Company’s Articles (A) that would modify the substance or timing of the Company’s obligation to provide Public Shareholders the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete the initial Business Combination within the Combination Period or (B) with respect to any other provision relating to the rights of Public Shareholders and, (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to consummate an initial Business Combination within the Combination Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fail to complete the initial Business Combination within the prescribed time frame), and (iv) vote any Founder Shares held by them and any Public Shares purchased after the IPO (including in the open market and privately-negotiated transactions) in favor of the initial Business Combination.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third-party (other than the Company’s independent auditor) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.20 per Public Share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay the Company’s tax obligations, provided that such liability will not apply to any claims by a third-party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third-party, the Sponsor will not be responsible to the extent of any liability for such third-party claims.

In connection with the approval of the First Extension Amendment Proposal, holders of 22,239,972 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.36 per share, for an aggregate redemption amount of $230,611,860. As a result, such amount was removed from the Trust Account on February 1, 2023 to pay the redeeming holders and 4,210,028 Class A ordinary shares were not redeemed. The remaining amount in the Trust Account immediately following the redemption payments was $42,927,964.

On January 26, 2023, in connection with the First Extension Meeting, the holders of the Company’s outstanding Class B ordinary shares (the “founder shares”) converted all of the founder shares into Class A ordinary shares. Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the Trust Account as a result of their ownership of any Class A ordinary shares issued upon conversion of the founder shares.

On February 7, 2023, the Company issued a promissory note in the principal amount of up to $720,000 to the Sponsor (the “Extension Note”), evidencing the Company’s indebtedness with respect to the Contributions (the “Extension Loans”). The Extension Loans are unsecured and non-interest bearing, and will be repayable by the Company upon consummation of an initial Business Combination. If the Company does not consummate an initial Business Combination by November 5, 2024, the Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

On July 21, 2023, the Company held an extraordinary general meeting of shareholders (the “Second Extension Meeting”) at which the Company’s shareholders approved a proposal to amend the Articles. The proposal amended the date by which the Company has to consummate a business combination from August 7, 2023 to February 7, 2024 (the “Second Extension Amendment Proposal”).

In connection with the Second Extension Meeting, holders of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate redemption amount of $23,802,065. As a result, such amount was removed from the Trust Account to pay such holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares were left outstanding for a total of 8,624,326 Class A ordinary shares outstanding.

On October 24, 2023, the Company received a written notice (the “Round Lot Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (the “Staff”) notifying the Company that, since the Company’s Form 10-Q for the period ended June 30, 2023 reported total holders below the round lot holder requirement under Nasdaq Listing Rule 5450(a)(2), the Company no longer complies with Nasdaq’s Listing Rules. On December 7, 2023, the Listing Qualifications Department of the Nasdaq granted the Company an extension to regain compliance with Nasdaq Listing Rule 5450(a)(2) on or before April 22, 2024.

On November 3, 2023, the Company amended and restated the Extension Note (hereinafter, the “Restated Note”) increasing the aggregate principal amount to $1,470,000. The Restated Note may be drawn down by the Company from time to time prior to the consummation of an initial Business Combination. The Restated Note does not bear interest, matures on the date of consummation of an initial Business Combination and is subject to customary events of default. As of March 31, 2024, the Company has an outstanding balance of $1,435,000 under the Restated Note. For the three months ended March 31, 2024, the Company purchased an aggregate of $0 in investments in the Trust Account from the monthly Extension Loans.

On January 29, 2024, the Company held an extraordinary general meeting of shareholders (the “Third Extension Meeting”) at which the Company’s shareholders approved a proposal to amend the Articles. The proposal extended the date by which the Company has to consummate a Business Combination from February 7, 2024 to November 5, 2024 (the “Third Extension Amendment Proposal,” and, together with the First Extension Amendment Proposal and Second Extension Amendment Proposal, the “Extension Amendment Proposals”).

In connection with the Third Extension Meeting, holders of 678,865 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $11.13 per share, for an aggregate redemption amount of approximately $7,600,000. As a result, $7,553,041 was removed from the Trust Account to pay such holders and 1,332,961 Class A ordinary shares (excluding 6,612,500 converted founder shares) remained outstanding, for a total of 7,945,461 shares outstanding.

On April 5, 2024, the Company received a written notice (the “MVPHS Notice”) from the Staff notifying the Company that it did not meet the $15,000,000 minimum market value of publicly held shares required to maintain continued listing as set forth in Nasdaq’s Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”) for the 30 -business day period ended April 3, 2024. Under applicable Nasdaq rules, the Company will have 180 calendar days from the date of the MVPHS Notice, or until October 2, 2024, to regain compliance by meeting the continued listing requirements. Specifically, the market value of the Company's publicly held shares must close at $15,000,000 or more for a minimum of 10 consecutive business days. If the Company is unable to regain compliance with the MVPHS Rule by October 2, 2024, the Company will receive written notification from Nasdaq that the Company’s securities are subject to delisting. The Company may, at that time, request a hearing to appeal the delisting determination, which appeal will ordinarily suspend such delisting determination until a decision is issued by Nasdaq subsequent to the hearing. There can be no assurance that any such appeal would be successful.

On April 5, 2024, the Company also received a written notice (the “Public Float Notice”) from the Staff, notifying the Company that it no longer met the minimum 1,100,000 publicly held shares required to maintain continued listing as set forth in Nasdaq’s Listing Rule 5450(b)(2)(B) (the “Public Float Standard”). Under applicable Nasdaq rules, the Company will have 45 calendar days to provide Nasdaq a plan to regain compliance with the continued listing requirements, and then, if the plan is accepted, an additional up to 180 calendar days from the date of the Public Float Notice, or until October 2, 2024, to regain compliance with the Public Float Standard. If the plan is not accepted, under Nasdaq Listing Rule 5815(a), the Company may appeal the decision to a Hearings Panel. There can be no assurance that any such appeal would be successful.

In connection with the foregoing and the previously disclosed Round Lot Notice, the Company submitted an application for a transfer from the Nasdaq Global Market to the Nasdaq Capital Market on April 8, 2024.

On April 26, 2024, the Company received written notice from the Staff stating that the Staff had approved the Company’s application to transfer the listing of its Class A ordinary shares, warrants, and units (the “Company’s Securities”) from the Nasdaq Global Market to the Nasdaq Capital Market. The Class A ordinary shares, warrants, and units will continue to trade under the symbols “ONYX,” “ONYXW,” and “ONYXU,” respectively, and trading of the Company’s Securities will be unaffected by the transfer. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market.

Risks and Uncertainties

~~Management~~ The is continuing tomilitary ~~evaluate~~conflict between the ~~impact of~~Russian Federation and Ukraine, the ~~COVID-19~~military ~~pandemic~~action onbetween ~~its~~Hamas ~~financial~~and ~~statements~~Israel and ~~has~~the ~~concluded~~risk ~~that~~of ~~while~~escalations itof isother ~~reasonably~~military ~~possible~~conflicts ~~that~~have ~~the~~created ~~virus~~and ~~could~~are ~~have a~~expected ~~negative~~to ~~effect~~create global economic consequences. The specific impact on the Company’s financial ~~position~~condition, results of operations, and~~/or~~ ~~search~~cash ~~for~~flows ~~a target company, the specific impact~~ is not ~~readily~~ determinable as of the date of these ~~financial~~unaudited ~~statements.~~condensed ~~The~~ financial statements ~~do not include any adjustments that might result from the outcome of this uncertainty~~.

Liquidity, Capital Resources, and Going Concern

As of ~~September~~March 3031, ~~2023~~2024, the Company had cash of $495,~~663~~ 744 in its operating bank account and a working capital deficit of $24,~~986~~036,~~774~~042.

The Company’s liquidity needs up to November 5, 2021 had been satisfied through a payment from the Sponsor of $25,000 (see Note 54) for the Founder Shares to cover certain offering costs and a loan under an unsecured promissory note from the Sponsor of $104,808, which was paid in full on November 18, 2021 (see Note 5 4). In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, initial shareholders, officers, directors or their affiliates may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 54). As of ~~September~~March 3031, 2024 and December 31, 2023, there were no amounts outstanding under any Working Capital Loans. In February and November 2023, the Company entered into unsecured promissory notes to the Sponsor with an aggregate borrowing capacity of $1,470,000. As of March 31, 2024 and December 31, 2023, the Company has an outstanding balance of $1,435,000 and $1,385,000 under the Restated Note, respectively.

Based on the foregoing, management believes that the Company may not have sufficient working capital to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

8 The Company is within 12 months of its mandatory liquidation as of the date of filing this Quarterly Report on Form 10-Q. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the mandatory liquidation raises substantial doubt about the Company’s ability to continue as a going concern until the earlier of the consummation of the Business Combination or November 5, 2024, the date the Company is required to liquidate.

However, the Company is within 12 months of its mandatory liquidation as of the time of filing this Annual Report on Form 10-K. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the mandatory liquidation raises substantial doubt about the Company’s ability to continue as a going concern until the earlier of the consummation of the Business Combination or February 7, 2024, the date the Company is required to liquidate. On January 26, 2023, a meeting of the Company’s shareholders was held and approval was received to extend the date by which the Company has to consummate a business combination from February 5, 2023 to August 7, 2023. On July 21, 2023, a meeting of the Company’s shareholders was held and approval was received to extend the date by which the Company has to consummate a business combination from August 7, 2023 to February 7, 2024.

These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 2 — 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 Securities and Exchange Commission (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 the Company’s 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 Annual Report on Form 10-K, which contains the initial audited financial statements and notes thereto as filed with the SEC on March 3129, ~~2023~~2024. The interim results for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2023~~2024 are not necessarily indicative of the results to be expected for the year ending December 31, ~~2023~~2024 or for any future interim periods.

Emerging Growth Company Status

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

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies, but any such an election to opt out is irrevocable. 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 the comparison of the Company’s unaudited condensed financial statements with those of another public company that is neither an emerging growth company nor an emerging growth company that 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the 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. ~~One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities.~~ Such estimates may be subject to change as more current information becomes available and 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 $495,~~663~~ 744 and $~~377~~44,~~526~~ 165 of cash as of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, respectively, and no cash equivalents.

Investments Held in Trust Account

As At ofMarch ~~September 30~~31, ~~2023~~2024 and December 31, ~~2022~~2023, ~~the~~ ~~Company’s~~substantially ~~portfolio~~all of ~~investments~~the assets held in the Trust Account ~~was~~were ~~comprised~~held ofin ~~U.S. government securities, within the meaning of Section 2(~~a~~)(16)~~ ofdemand ~~the~~deposit ~~Investment~~account ~~Company~~that ~~Act,~~generally ~~with~~has a ~~maturity~~readily ofdeterminable ~~185~~fair ~~days~~value. orInterest ~~less,~~earned ~~investments~~is inincluded ~~money market funds that invest~~ in ~~U.S.~~interest ~~government~~earned ~~securities,~~on cash, orand amarketable ~~combination thereof. The Company classifies its~~ securities as held~~-to-maturity~~ ~~because~~in ~~it has~~ the ~~ability~~Trust ~~and~~Account ~~intent~~in tothe ~~hold~~accompanying ~~until~~statement ~~maturity~~of operations.

~~The carrying value, gross unrealized holding loss~~ ~~and fair value of held-to-maturity securities on September 30, 2023 and December 31, 2022 are as follows:~~ 9

		Carrying Value		Gross Unrealized Loss		Fair Value
September 30, 2023	Investments held in Trust Account	$	22,062,003	$	—	$	22,062,003
December 31, 2022	Investments held in Trust Account	$	273,539,825	$	—	$	273,539,825

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, the Company had not experienced losses on this account, and management believes the Company was not exposed to significant risks on such account.

Net (Loss) Income per Ordinary Share

Net (loss) income per ordinary share is computed by dividing net (loss) income by the weighted average number of ordinary shares issued and outstanding during the period~~, excluding ordinary shares subject to surrender by the Sponsor~~. The Company has two classes of stock, Class A ordinary shares, which are referred to as redeemable Class A ordinary shares and non-redeemable Class A ordinary shares, and Class B ordinary shares. Income and losses are shared pro rata between the ~~two~~ classes of shares. The calculation of diluted income per share of ordinary shares does not consider the effect of the warrants issued in connection with the (i) IPO, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. As of ~~September~~March 3031, ~~2023~~2024, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net (loss) income per ordinary share (in dollars, except per share amounts):

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
	For the three months ended March 31,
	2023								2022				2023						2022
	2024
	Redeemable Class A			Non-Redeemable Class A			Class B		~~Redeemable Class A~~		~~Class B~~		~~Redeemable Class A~~		~~Non-Redeemable Class A~~		~~Class B~~		~~Redeemable Class A~~		~~Class B~~
Basic and diluted net income per common stock:
Basic and diluted net loss per ordinary share:
Numerator:
Allocation of net income - basic and diluted	$	51,181		$	60,098		$	—	$	857,822	$	214,456	$	276,190	$	284,659	$	29,964	$	745,268	$	186,317
Allocation of net loss - basic and diluted	$	(43,667	)	$	(187,274	)	$	—
Denominator:
Basic and diluted weighted average common stock outstanding		5,631,427			6,612,500			—		26,450,000		6,612,500		5,804,739		5,982,738		629,762		26,450,000		6,612,500
Basic and diluted weighted average ordinary shares outstanding		1,541,843			6,612,500			—
Basic and diluted net income per common stock	$	0.01		$	0.01		$	—	$	0.03	$	0.03	$	0.05	$	0.05	$	0.05	$	0.03	$	0.03
Basic and diluted net loss per ordinary share	$	(0.03	)	$	(0.03	)	$	—


	For the three months ended March 31,
	2023
	Redeemable Class A		Non-Redeemable Class A		Class B
Basic and diluted net income per ordinary share:
Numerator:
Allocation of net income - basic and diluted	$	179,499	$	79,365	$	32,242

Denominator:
Basic and diluted weighted average ordinary shares outstanding		10,634,909		4,702,222		1,910,278

Basic and diluted net income per ordinary share	$	0.02	$	0.02	$	0.02

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 Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

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

Level 1 —Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 —Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

Level 3 —Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Financial Instruments

The Company will account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for its outstanding warrants as equity-classified.

Income Taxes

The Company accounts for income taxes under FASB ASC 740, “Income Taxes.” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with federal income tax regulations, income taxes are not levied on the Company, but rather on the individual owners. United States (“U.S.”) taxation would occur on the individual owners if certain tax elections are made by U.S. owners and the Company were treated as a passive foreign investment company. Additionally, U.S. taxation could occur to the Company itself if the Company is engaged in a U.S. trade or business. The Company is not expected to be treated as engaged in a U.S. trade or business at this time.

~~Offering Costs associated with the Initial Public Offering~~ 11

The Company complies with the requirements of ASC 340-10-S99-1. Offering costs consisted of legal, accounting and underwriting fees and other costs incurred through the IPO that were directly related to the IPO.

The Company incurred offering costs amounting to $16,608,500 as a result of the IPO, which consisted of $4,600,000 of underwriting commissions, $11,270,000 of deferred underwriting commissions, and $738,500 of other offering costs, all of which was charged to shareholders’ deficit.

Ordinary Shares Subject to Possible Redemption

All of the 26,450,000 Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Articles. In accordance with the SEC’s and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Public Shares have been classified outside of permanent equity.

In connection with the January Meeting, holders of 22,239,972 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.36 per share, for an aggregate redemption amount of $230,611,860. In connection with the July Meeting, holders of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate redemption amount of $23,802,065. Accordingly, 2,011,826 and 26,450,000 Class A common stock subject to possible redemption at $10.97 and $10.34 redemption value as of September 30, 2023 and December 31, 2022, respectively, are presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets.

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

13 At March 31, 2024 and December 31, 2023, the changes in Class A ordinary shares subject to possible redemption are as follows:

The amount of Class A ordinary shares at September 30, 2023 is reconciled in the following table:

Class A ordinary shares subject to possible redemption
	Shares	Amount
January 1, 2023	26,450,000	$	273,539,825
Less:
Redemptions	(24,438,174)		(254,413,925)
Plus:
Accretion of Class A ordinary shares subject to possible redemption	—		3,190,446
December 31, 2023	2,011,826	$	22,316,346

January 1, 2024	2,011,826	$	22,316,346
Less:
Redemptions	(678,865)		(7,553,041)
Plus:
Accretion of Class A ordinary shares subject to possible redemption	—		191,242
March 31, 2024	1,332,961	$	14,954,547

Class A ordinary shares subject to possible redemption, January 1, 2023	$	273,539,825
Less:
Redemptions		(254,413,925	)
Plus:
Accretion of Class A ordinary shares subject to possible redemption		2,936,103
Class A ordinary shares subject to possible redemption, September 30, 2023	$	22,062,003

Recent Accounting Pronouncements

~~In June 2016, the FASB issued Accounting Standards~~ ~~Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on~~ ~~Financial Instruments (“ASU 2016-13”). This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected.~~ The ~~measurement~~Company’s ofmanagement ~~expected~~does ~~credit~~not ~~losses~~believe ~~is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts~~ that ~~affect~~any ~~the~~recently ~~collectability of the reported amount. Since June 2016~~issued, ~~the~~but ~~FASB~~not ~~issued~~yet ~~clarifying updates to the new standard including changing the~~ effective ~~date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15~~, ~~2022,~~accounting ~~and interim periods within those fiscal years~~pronouncements, ~~with~~if ~~early~~currently ~~adoption permitted. The Company~~ adopted ~~ASU 2016-13 on January 1~~, ~~2023.~~would ~~The adoption of ASU 2016-13 did not~~ have a material ~~impact~~ effect on ~~its~~the Company’s unaudited condensed financial statements.

~~The Company’s management does not believe~~ ~~that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on~~ ~~the Company’s financial statements.~~ 12

NOTE 3 — ~~INITIAL~~PRIVATE ~~PUBLIC OFFERING~~PLACEMENT

On November 5, 2021, simultaneously with the ~~Company~~closing ~~sold~~of 26the IPO,~~450,000 Units~~ atthe aCompany ~~purchase~~completed ~~price~~the ofprivate ~~$10.00~~sale ~~per~~of ~~Unit.~~12,190,000 Private ~~Each~~Placement ~~Unit~~Warrants ~~had~~at ana ~~offering~~purchase price of $101.00 per ~~and~~Private ~~consisted~~Placement ofWarrant ~~one~~to ~~Class~~the ASponsor ~~ordinary~~and ~~share of the Company~~BTIG, ~~par~~generating ~~value~~gross ~~$0.0001~~proceeds ~~per~~to ~~share,~~the ~~and~~Company ~~one-half~~ of ~~one redeemable warrant~~$12,190,000. Each ~~whole~~Private ~~Public~~Placement Warrant entitles the holder thereof to purchase ~~one~~ one Class A ordinary share at ~~a price of~~ $11.50 per share, subject to adjustment. ~~The~~(see ~~warrants~~Note ~~will become exercisable on the later of 30 days after the completion of the initial Business Combination or 12 months from the closing of the IPO~~6).

Following the closing of the IPO on November 5, 2021, $269,790,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was deposited into the Trust Account. The net proceeds deposited into the Trust Account are invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act with 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.

NOTE 4 — PRIVATE PLACEMENT

On November 5, 2021, simultaneously with the closing of the IPO, the Company completed the private sale of 12,190,000 Private Placement Warrants at a purchase price of $1.00 per Private Placement Warrant to the Sponsor and BTIG, generating gross proceeds to the Company of $12,190,000. Each Private Placement Warrant entitles the holder thereof to purchase one Class A ordinary share at $11.50 per share, subject to adjustment (see Note 7).

A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless.

14 NOTE 4 — RELATED PARTY TRANSACTIONS

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On In ~~February 19,~~ 2021, the Sponsor ~~paid~~acquired ~~$25~~6,~~000~~612, ~~or approximately $0.002 per share, to cover certain offering costs in consideration for 10,062,~~500 Class B ordinary shares, par value $0.0001, for $25,000 of consideration (the “Founder Shares”) and transferred 30,000 Founder Shares to each of the Company’s three independent directors.

On In ~~July~~January 22023, ~~2021,~~ the ~~Sponsor surrendered 4,312,500~~ Founder Shares towere ~~the~~converted ~~Company~~into ~~for~~non-redeemable ~~no consideration resulting in 5,750,000~~ Class BA ordinary shares ~~outstanding~~(see Note 6).

On The ~~October~~Sponsor 4,and ~~2021,~~ the ~~Sponsor~~Company’s ~~transferred~~directors 30and officers have agreed not to transfer,~~000~~ assign or sell any of their Founder Shares (including the non-redeemable Class A ordinary shares) until the earliest of (A) one year after the completion of the initial Business Combination and (B) subsequent to ~~each~~the initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company’s ~~three~~complete ~~independent~~a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor and our directors and officers with respect to any Founder Shares.

On November 2, 2021, the Company issued an additional 862,500 Class B ordinary shares to the Sponsor by way of the application of amounts standing to the credit of the share premium account of the Company, resulting in there being an aggregate of 6,612,500 Class B ordinary shares outstanding, so that the initial shareholders collectively own 20% of the Company’s issued and outstanding ordinary shares. All share and per share amounts have been restated.

See Note 7, in January 2023, the founder shares were converted into Class A ordinary shares (non-redeemable).

The Sponsor and the Company’s directors and officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company complete a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and officers with respect to any founder shares.

Promissory Note — Related Party

On February 197, ~~2021~~2023, the ~~Sponsor~~Company ~~agreed~~issued toa ~~loan the~~non-interest ~~Company~~bearing, unsecured promissory note in an aggregate principal amount of up to $~~300~~720,000 to ~~cover expenses related to~~ the ~~IPO~~Sponsor ~~pursuant to a promissory note~~ (the “Extension Note”)~~. This~~ ~~Note~~and ~~was~~the ~~non-interest~~Sponsor ~~bearing~~deposited ~~and~~monthly ~~payable~~principal onamounts ~~the earlier~~ of ~~September 30~~$120,000 into ~~2021 or~~ the ~~completion~~Trust ofAccount ~~the~~from ~~IPO.~~February ~~This~~7, ~~Note~~2023 ~~matured~~through ~~undrawn on~~August ~~June~~7 ~~30, 2021~~2023.

On ~~July~~November 273, ~~2021~~2023, the ~~Sponsor~~Company ~~agreed~~amended toand ~~loan~~ restated the ~~Company~~Extension upNote (hereinafter, the “Restated Note”) increasing the aggregate principal amount to $~~300~~1,470,000. toAmounts ~~cover~~drawn ~~expenses~~down ~~related~~under tothe Restated Note will be repayable by the ~~IPO~~Company ~~pursuant~~upon toconsummation aof ~~promissory~~an ~~note~~initial (Business Combination. If the ~~“New~~Company does not consummate an initial Business Combination by November 5, 2024, the Restated Note”) will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. ~~This~~The ~~New~~ Restated Note ~~was~~may ~~non-interest~~be ~~bearing~~drawn ~~and~~down ~~payable~~by onthe Company from time to time prior to the ~~earlier~~consummation of ~~December~~the 31Company’s initial Business Combination. The Restated Note does not bear interest, ~~2021~~matures oron the ~~completion~~date of consummation the ~~IPO~~Business Combination and is subject to customary events of default. InAs ~~November~~of ~~2021~~March 31, 2024 and December 31, 2023, the ~~remaining~~ Company has an outstanding balance of $~~104~~1,~~808~~435,000 and ~~was~~$1,385,000 under ~~fully~~the ~~repaid~~Restated Note, respectively.

On February 7, 2023, the Company issued the a non-interest bearing, unsecured promissory note in an aggregate principal amount of up to $720,000 to the Sponsor (the “Extension Note”) and the Sponsor deposited monthly principal amounts of $120,000 into the Trust Account from February 7, 2023 through August 2023. On November 3, 2023, the Company amended and restated the Extension Note (hereinafter, the “Restated Note”) increasing the aggregate principal amount to $1,470,000 (see Note 8). Amounts drawn down under the Restated Note will be repayable by the Company upon consummation of an initial business combination. If the Company does not consummate an initial business combination by February 7, 2024, the Restated Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of September 30, 2023, the Company has an outstanding balance of $785,000 under the Restated Note.

Related Party Loans

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. In the event that a Business Combination does not close, the Company may use a portion of the 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. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. The terms of such Working Capital Loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such 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. To date, the Company has no borrowings under the Working Capital Loans.

Administrative Fees

From the date of the IPO, an affiliate of the Sponsor provides members of the management team office space, secretarial and administrative services at no cost.

15 NOTE 5 — COMMITMENTS AND CONTINGENCIES

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights

The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration rights agreement signed prior to the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the Founder Shares, as described in the following paragraph, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares issuable upon exercise of the Private Placement Warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Notwithstanding the foregoing, BTIG or its designees may not exercise their demand and “piggy-back” registration rights after five years after November 2, 2021 and may not exercise their demand rights on more than one occasion.

Except as described herein, the Sponsor and the Company’s directors and officers have agreed not to transfer, assign or sell their Founder Shares until the earliest of (A) one year after the completion of an initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading day period commencing at least 150 days after an initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Sponsor with respect to any Founder Shares. Such transfer restrictions are referred to as the lock-up.

Underwriting Agreement

On The ~~November~~underwriters 5,are ~~2021,~~entitled ~~the~~to ~~Company~~deferred ~~paid a cash~~ underwriting ~~commission~~commissions of $0.2040 per Unit on the 23,000,000 Units issued in the base offering and $0.60 per Unit on the 3,450,000 overallotment Units for a total of $411,~~600~~270,000. The deferred underwriting commissions will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement entered into in connection with the IPO.

~~The~~ On ~~underwriters~~March ~~are~~1, ~~entitled~~2023, the Company entered into an amendment to ~~deferred~~the underwriting ~~commissions~~ ofagreement ~~$0.40~~relating ~~per~~to ~~Unit~~its onIPO where the 23underwriters have agreed to reduce the commission payable from $11,270,000 to $5,640,000 upon ~~Units~~the ~~issued~~closing inof the ~~base~~proposed ~~offering~~Business Combination and $0the forfeiture of 3,306,250 Founder Shares to the Company.60 ~~per~~Upon ~~Unit~~the Closing, the deferred underwriting commissions will be paid to the underwriters as follows based on the percentage of redemptions of Class A ordinary shares by public shareholders: (1) 80% or more redemptions: $3,~~450~~000,000 in ~~overallotment~~cash ~~Units for~~and a$2,640,000 in ~~total~~Class ofA ordinary shares (at $1110 per share),~~270~~ (2) 70% or more, but less than 80% redemptions: $3,880,000. in ~~The~~cash ~~deferred~~and ~~fee~~$1,760,000 in ~~will~~Class ~~become~~A ~~payable~~ordinary toshares ~~the~~(at ~~underwriters~~$10 per ~~from~~share), ~~the~~(3) ~~amounts~~60% ~~held~~or inmore, ~~the~~but ~~Trust~~less ~~Account~~than ~~solely~~ 70% redemptions: $4,760,000 in ~~the~~cash ~~event~~and ~~that~~$880,000 in ~~the~~Class ~~Company~~A ~~completes~~ordinary anshares ~~initial~~(at ~~Business~~$10 per ~~Combination~~share), ~~subject~~and to(4) ~~the~~less ~~terms~~than of60% ~~the~~redemptions: ~~underwriting~~$5,640,000 in ~~agreement~~cash ~~entered~~and ~~into~~ $0 in ~~connection~~Class ~~with~~A ~~the~~ordinary ~~IPO~~shares.

~~On March 1, 2023, the Company entered into an~~ ~~amendment to the underwriting agreement relating to its IPO where the underwriters have agreed to reduce the commission payable from~~ ~~$11,270,000 to $5,640,000 upon the closing of the proposed business combination and the forfeiture of 3,306,250 Founder Shares to the~~ ~~Company. Upon the Closing, the deferred fee will be paid to the underwriters as follows based on the percentage of redemptions of Class~~ A NOTE ~~Ordinary~~6 ~~Shares~~— bySHAREHOLDERS’ ~~public shareholders: (1) 80% or more redemptions: $3,000,000 in cash and $2,640,000 in Class A Ordinary Shares (at~~DEFICIT ~~$10 per share), (2) 70% or more, but less than 80% redemptions: $3,880,000 in cash and $1,760,000 in Class A Ordinary Shares (at $10~~ ~~per share), (3) 60% or more, but less than 70% redemptions: $4,760,000 in cash and $880,000 in Class A Ordinary Shares (at $10 per share),~~ ~~and (4) less than 60% redemptions: $5,640,000 in cash and $0 in Class A Ordinary Shares.~~

~~NOTE~~ Preference 7 shares — ~~SHAREHOLDERS~~The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s ~~DEFICIT~~board of directors. At March 31, 2024 and December 31, 2023, there were no preference shares issued and outstanding.

~~Preference~~ Class ~~shares~~A ordinary shares — The Company is authorized to issue 5500,000,000 Class ~~preference~~A ordinary shares, with a par value of $0.0001 per share~~, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors~~. At ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, there were no1,332,961 and ~~preference~~ 2,011,826 shares subject to possible redemption issued and outstanding, respectively.

~~Class A ordinary shares (redeemable)—~~ ~~The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. At September 30, 2023 and~~ ~~December 31, 2022, there no Class A ordinary shares issued and outstanding, excluding 2,011,826 and 26,450,000 shares subject to possible~~ 14 ~~redemption, respectively.~~

~~Class A ordinary shares (non-redeemable)—~~ On January 26, 2023, the holders of the Company’s outstanding ~~founder~~Founder ~~shares~~Shares converted all of the ~~founder~~Founder ~~shares~~Shares into Class A ordinary shares. Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the Trust Account as a result of their ownership of any Class A ordinary shares issued upon conversion of the ~~founder~~Founder ~~shares~~Shares. ~~The Company is authorized to issue 50,000,000 Class A non-redeemable ordinary shares with a par value of $0.0001 per share.~~ At ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, there were 6,612,500 non-redeemable ~~and 0~~ Class A ~~non-redeemable~~ ordinary shares issued and outstanding~~, respectively~~.

16 Class B ordinary shares — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of March 31, 2024 and December 31, 2023, there were 0 Class B ordinary shares issued and outstanding.

Class B ordinary shares — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of September 30, 2023 and December 31, 2022, there were 0 and 6,612,500 Class B ordinary shares issued and outstanding, respectively.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders, except as required by law.

The Founder Shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares, which such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions if the Company does not consummate an initial Business Combination, at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the IPO plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash, and the Company will not be obligated to issue any Class A ordinary shares to holders seeking to exercise their warrants, unless the issuance of the Class A ordinary shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.

Once the 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 a minimum of 30 days’ prior written notice of redemption; and

●• if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

~~The Company will not redeem the warrants unless~~ ~~an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants~~ ~~is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period,~~ 15 ~~except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities~~ ~~Act. The Company may not redeem the warrants when a holder may not exercise such warrants.~~

17 The Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30 -day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. The Company may not redeem the warrants when a holder may not exercise such warrants.

If the Company calls the warrants for redemption as described above, management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the 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” means the average reported last sale price of the Class A ordinary shares for the five 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.

The exercise price and number of Class A ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances, including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below their respective exercise prices.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities in connection with the closing of an initial Business Combination at a Newly Issued Price (as defined below) of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial shareholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary ~~share~~shares during the 20 trading day period starting on the trading day after the day on which the Company completes a Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption trigger price of the warrants will be adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

At ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, the Company had 13,225,000 Public Warrants and 12,190,000 Private Placement Warrants outstanding.

NOTE 87 — 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 described ~~below or~~ within these unaudited condensed financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

~~Nasdaq Non-Compliance~~ 16

On October 24, 2023, the Company received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, since the Company’s Form 10-Q for the period ended June 30, 2023 reported total holders below the round lot holder requirement under Nasdaq Listing Rule 5450(a)(2), the Company no longer complies with Nasdaq’s Listing Rules. The Notice does not impact the listing of the Company’s Class A ordinary shares on the Nasdaq Global Market at this time.

Promissory Note — Related Party

As described in Note 5, on November 3, 2023, the Company issued the Restated Note in an aggregate principal amount of up to $1,470,000 to Onyx Acquisition Sponsor Co. LLC.

The Restated Note amends, restates, replaces and supersedes the Extension Note executed by the Company in favor of the Sponsor. The Restated Note may be drawn down by the Company from time to time prior to the consummation of the Company’s initial merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or initial Business Combination. The Restated Note does not bear interest, matures on the date of consummation the Business Combination and is subject to customary events of default. The Restated Note will be repaid only to the extent that the Company has funds available to it outside of the Trust Account.

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

References in this Quarterly Report on Form 10-Q (the “Quarterly Report”) to “we,” “us,” “our” or the “Company” refer to Onyx Acquisition Co. I. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Onyx Acquisition Sponsor Co. 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.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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 Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations thereof 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 including, but not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Quarterly Report could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. 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 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on ~~April~~March 529, ~~2022~~2024. 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 incorporated as a Cayman Islands exempted company on February 2, 2021 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “~~Business~~business ~~Combination~~combination”). We are an early stage and emerging growth company and, as such, we are subject to all of the risks associated with early stage and emerging growth companies.

The registration statement for our initial public offering (the “IPO”) was declared effective on November 2, 2021 (the “Effective Date”). On November 5, 2021, we consummated our IPO of 26,450,000 ~~units (the “~~Units”), which includes the exercise of the underwriters’ option to purchase up to an additional 3,450,000 Units at the IPO price to cover over-allotments. Each Unit consists of one Class A ordinary share ~~(the~~ ~~“Class A ordinary shares”~~ and, ~~shares thereof sold in the IPO, the “Public Shares”) and~~ one -half of one public warrant ~~(the “Public Warrants”)~~, each whole ~~Public~~public ~~Warrant~~warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $264,500,000.

Simultaneous with the consummation of the IPO and the issuance and sale of the Units, we consummated the private placement of 12,190,000 private placement warrants (the “Private Placement Warrants”) (including 690,000 Private Placement Warrants purchased in connection with the exercise of the underwriter’s over-allotment option) at a price of $1.00 per Private Placement Warrant, generating total proceeds of $12,190,000. The Private Placement Warrants, which were purchased by the Sponsor and BTIG, LLC (“BTIG”), are identical to the Public Warrants, except that if held by the Sponsor or BTIG or their permitted transferees, they are, subject to certain limited exceptions, subject to transfer restrictions until 30 days following the consummation of our initial Business Combination. Additionally, the Private Placement Warrants held by BTIG are subject to the lock-up and registration rights limitations imposed by Financial Industry Regulatory Authority Rule 5110 and may not be exercised after five years from November 2, 2021.

~~Upon~~ Simultaneous with the ~~closing~~consummation of ~~our~~the IPO and the issuance and sale of the Units, we consummated the private placement of 12, ~~$269~~190,~~790~~000 private placement warrants (including 690,000 ~~has~~private ~~been~~placement ~~placed~~warrants purchased in aconnection ~~trust~~with ~~account~~the (exercise of the ~~“Trust~~underwriter’s ~~Account~~over-allotment option) at a price of $1.00 per private placement warrant, generating total proceeds of $12,190,000. The private placement warrants, which were purchased by our sponsor and BTIG, LLC (“BTIG”), ~~representing~~are identical to the ~~redemption~~public ~~value~~warrants, ofexcept that if held by the ~~Class~~sponsor Aor ~~ordinary shares~~BTIG ~~sold~~or intheir ~~the~~permitted ~~initial~~transferees, ~~public~~they ~~offering~~are, atsubject ~~their~~to ~~redemption~~certain ~~value~~limited exceptions, subject to transfer restrictions until 30 days following the consummation of ~~$10~~our initial business combination.20 ~~per~~Additionally, ~~share~~the private placement warrants held by BTIG are subject to the lock-up and registration rights limitations imposed by FINRA Rule 5110 and may not be exercised after five years from November 2, 2021.

~~If we are unable to consummate an initial Business~~ ~~Combination~~ Upon ~~by February 7, 2024 (~~the ~~“Combination~~closing ~~Period”), then we will (i) cease all operations except for the purpose~~ of ~~winding~~our ~~up,~~IPO (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and ~~not previously released to~~ the ~~Company~~private ~~to pay income taxes~~placement, ~~if any (less up to~~ $~~100~~269,790,000 ofhas ~~interest to~~been ~~pay~~placed ~~dissolution~~in ~~expenses), divided by~~ the ~~number~~trust ~~of then outstanding Public Shares~~account, ~~which~~representing ~~redemption will completely extinguish public shareholders’ rights as shareholders (including~~ the ~~right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such~~ redemption, ~~subject~~value ~~to the approval~~ of the ~~remaining~~Class ~~shareholders~~A ~~and~~ordinary ~~the~~shares ~~board~~sold ~~of directors, liquidate and dissolve, subject,~~ in the ~~case~~initial ofpublic ~~clauses (ii) and (iii)~~offering, toat ~~the~~their ~~Company’s~~redemption ~~obligations~~value ~~under Cayman Islands law to provide for claims~~ of ~~creditors and in all cases subject to the requirements of other applicable law~~$10.20 ~~There~~per ~~will be no redemption rights or liquidating~~share. ~~distributions with respect to the warrants, which will expire worthless if the Company fails to complete its initial Business Combination~~ ~~within the Combination Period.~~

On If ~~January~~we 18are unable to consummate an initial business combination by November 5, ~~2023~~2024 (the “Combination Period,” as extended), then we will (i) cease all operations except for the ~~company~~purpose ~~announced~~of ~~that it~~winding isup, in(ii) ~~advanced~~as ~~discussions~~promptly ~~with~~as ~~Helios~~reasonably ~~Investment~~possible ~~Partners~~but ~~about~~not amore ~~potential~~than ten business ~~combination~~days ~~which~~thereafter, ~~would~~redeem ~~result~~the inpublic ~~the~~shares, ~~creation of~~at a ~~new~~per-share ~~publicly~~price, ~~listed~~payable ~~energy~~in ~~transition~~cash, ~~infrastructure~~equal ~~platform,~~to ~~Helios~~the ~~Energy~~aggregate ~~Transition~~amount ~~Infrastructure~~then ~~(“HETI”)~~on deposit in the trust account, ~~focused~~ including interest earned on the ~~development~~funds ofheld ~~natural~~in ~~gas~~the trust account and ~~low-carbon~~not ~~energy~~previously ~~infrastructure~~released ~~businesses~~to ~~and~~the ~~assets~~company into ~~Africa~~pay ~~(the~~income ~~“Proposed~~taxes, ~~Transaction”). The~~if ~~Proposed~~any ~~Transaction~~(less isup ~~expected~~to $100,000 of interest to bepay ~~valued~~dissolution atexpenses), andivided ~~Enterprise~~by ~~Value~~the number of ~~approximately~~then $1outstanding ~~billion~~public shares, ~~and~~which ~~the~~redemption ~~company~~will iscompletely ~~targeting~~extinguish ~~completion of~~public ~~the~~shareholders’ ~~merger~~rights inas shareholders (including the ~~second~~right ~~half~~to ofreceive ~~2023.~~further ~~There~~liquidation isdistributions, noif ~~binding~~any) ~~agreement~~and ~~with~~(iii) ~~respect~~as promptly as reasonably possible following such redemption, subject to the ~~Proposed~~approval ~~Transaction,~~of the remaining shareholders and ~~negotiations~~the ~~remain subject~~board toof ~~significant~~directors, ~~contingencies~~liquidate and dissolve, ~~including~~subject, in the ~~completion~~case of ~~due~~clauses ~~diligence~~(ii) and (iii), to the ~~negotiation~~company’s ~~and~~obligations ~~execution~~under ofCayman aIslands ~~mutually~~law ~~acceptable definitive~~to ~~agreement,~~provide ~~confirmation~~for claims of creditors and ~~documentation~~in ofall ~~fully~~cases ~~committed~~subject ~~financing,~~to ~~and~~the ~~requisite~~requirements ~~shareholder~~of ~~approvals~~other applicable law. There ~~can~~will be no ~~assurances~~redemption ~~that~~rights ~~the~~or ~~company~~liquidating ~~will~~distributions ~~successfully~~with ~~negotiate~~respect ato ~~definitive~~the ~~agreement~~warrants, orwhich ~~that~~will expire worthless if the ~~Proposed~~company ~~Transaction~~fails ~~will~~to becomplete ~~consummated~~its initial business combination within the Combination Period.

~~At the extraordinary general meeting of shareholders~~ ~~held~~ On on January 2618, 2023 ~~(the “January Meeting”)~~, the company’s ~~shareholders~~announced ~~approved~~that ~~proposals~~it tois ~~amend~~in ~~the~~advanced ~~company’s amended~~discussions ~~and~~with ~~restated~~Helios ~~memorandum~~Investment ~~and~~Partners ~~articles~~about ofa ~~association~~potential ~~(the~~business ~~“Articles”)~~combination towhich ~~extend~~would ~~the~~result ~~date~~in ~~by which~~ the ~~Company~~creation ~~has to~~of ~~consummate~~ a ~~business~~new ~~combination~~publicly ~~from~~listed ~~February~~energy 5,transition ~~2023~~infrastructure ~~to August 7~~platform, ~~2023~~Helios ~~and~~Energy ~~remove~~Transition ~~the~~Infrastructure ~~limitation~~(“HETI”), ~~that~~focused on the ~~company~~development ~~shall~~of ~~not~~natural ~~redeem Class~~gas Aand ~~ordinary~~low-carbon ~~shares~~energy ~~included~~infrastructure asbusinesses ~~part~~and ofassets ~~the units sold~~ in ~~its~~Africa ~~initial public offering~~ (~~including~~the ~~any~~“Proposed ~~shares issued in exchange thereof~~Transaction”) to. ~~the~~The ~~extent~~Proposed ~~that~~Transaction ~~such~~is ~~redemption~~expected ~~would cause the company’s net tangible assets~~ to be ~~less~~valued ~~than~~at ~~$5,000,001.~~an ~~Based~~Enterprise onValue ~~the results~~ of ~~the~~approximately ~~January~~$1 ~~Meeting~~billion, ~~our~~and ~~Sponsor~~the ~~agreed~~company tois ~~contribute~~targeting ~~into~~completion of the ~~trust~~merger ~~account~~in the ~~lesser~~second ofhalf ~~(x) an aggregate~~ of ~~$120,000 or (y) $0~~2024.~~035 per~~ ~~share~~There ~~for~~is ~~each~~no ~~public~~binding ~~share~~agreement ~~that~~with ~~was~~respect ~~not~~to ~~redeemed at~~ the ~~Meeting~~Proposed ~~for~~Transaction, ~~each~~and ~~monthly~~negotiations ~~period~~remain ~~until~~subject ~~August~~to 7,significant ~~2023 (commencing on February 7~~contingencies, ~~2023~~including ~~and ending on~~ the ~~7th~~completion ~~day~~ of ~~each~~due ~~subsequent month)~~diligence, ~~or portion thereof, that is needed by~~ the ~~company~~negotiation toand ~~complete~~execution ~~its~~of ~~initial business~~a ~~combination~~mutually ~~(each~~acceptable ~~such~~definitive ~~payment~~agreement, aconfirmation ~~“Contribution”).~~and Indocumentation ~~connection~~of ~~with~~fully ~~the~~committed ~~January Meeting~~financing, ~~22,239,972~~and ~~Class~~requisite Ashareholder ~~ordinary shares~~approvals. ~~were~~There ~~redeemed~~can ~~and~~be ~~4,210,028~~no ~~Class~~assurances Athat ~~ordinary~~the ~~shares~~company ~~were~~will ~~not~~successfully ~~redeemed.~~negotiate As a ~~result~~definitive agreement, ~~the~~or ~~aggregate~~that ~~monthly Contribution payable by~~ the ~~Sponsor~~Proposed toTransaction uswill ~~was~~be ~~$120,000~~consummated.

On At the First Extension Meeting on January 26, 2023, inthe ~~connection~~company’s ~~with~~shareholders approved the ~~January~~ First Extension Amendment Proposal and the Redemption Limitation Amendment Proposal. Based on the results of the First Extension Meeting, our sponsor agreed to contribute into the ~~holders~~trust ofaccount the ~~company’s~~lesser ~~founder~~of ~~shares~~(x) ~~converted~~an ~~all~~aggregate of ~~their~~$120,000 ~~Class~~or B(y) ~~ordinary~~$0.035 ~~shares~~per ~~into~~share ~~Class~~for Aeach ~~ordinary~~public ~~shares. Notwithstanding~~share that was not redeemed at the ~~conversions~~First Extension Meeting for each monthly period until August 7, ~~such~~2023 ~~holders~~(commencing ~~will~~on ~~not~~February be7, ~~entitled~~2023 toand ~~receive~~ending ~~any~~on ~~monies~~the ~~held~~7th inday of each subsequent month), or portion thereof, that is needed by the ~~trust~~company ~~account~~to ascomplete aits ~~result~~initial ofbusiness ~~their ownership~~combination. In connection with the approval of ~~any~~the First Extension Amendment Proposal, 22,239,972 Class A ordinary shares ~~issued~~were ~~upon~~redeemed ~~conversion~~and of4,210,028 ~~the~~Class ~~founder~~A ordinary shares were not redeemed. As a result, the aggregate monthly Contribution payable by the sponsor to us is $120,000.

On February 7, 2023, we issued a promissory note in the principal amount of up to $720,000 to our Sponsor (the “Extension Note”), with respect to the Contributions (the “Extension Loans”). The Extension Loans are unsecured and non-interest bearing and will be repayable by the company upon consummation of an initial business combination. If the company does not consummate an initial business combination, the Extension Note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. On November 3, 2023, we amended and restated the Extension Note (hereinafter, the “Restated Note”) increasing the aggregate principal amount to $1,470,000. For the nine months ended September 30, 2023, we purchased an aggregate of $720,000 in investments in the Trust Account from the monthly extension Contributions.

On July 21, 2023, the company held an extraordinary general meeting of shareholders (the “July Meeting”) at which the company’s shareholders approved a proposal to amend the company’s Articles. The proposal amended the date by which the company has to consummate a business combination from August 7, 2023 to February 7, 2024.

In connection with the July Meeting, holders of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate redemption amount of $23,802,065. As a result, such amount was removed from the Trust Account to pay such holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326 Class A ordinary shares outstanding.

~~The company is in advanced discussions with Helios~~ ~~Investment Partners about a potential business combination which would result in the creation of a new publicly listed energy transition~~ ~~infrastructure~~ On ~~platform~~January 26, ~~HETI~~2023, ~~focused on the development of natural gas and low-carbon energy infrastructure businesses and assets~~ in ~~Africa.~~ ~~HETI~~connection ~~currently~~with ~~owns and is developing a portfolio of strategic infrastructure assets and businesses delivering~~ the ~~energy~~First ~~transition in~~Extension ~~Africa. This portfolio spans the natural gas~~Meeting, LNG and power value chain comprising liquefaction, storage, regasification, pipeline infrastructure and power plants, supplying gas and power to over 200 industrial customers and utilities across Africa on a long-term contracted basis. The portfolio supports the ~~displacement~~holders of ~~expensive~~the and polluting coal and liquid fuels with cleaner, more affordable natural gas in its target markets. In addition, HETI is developing a pipeline of low-carbon fuel (blue and green hydrogen) and renewable/low-carbon power projects which will utilize best-in-class partnerships and technology to take advantage of Africacompany’s ~~renewable~~founder ~~resource~~shares ~~advantage and~~converted ~~proximity~~all toof ~~global~~their ~~end~~Class ~~markets~~B toordinary ~~support~~shares ~~the~~into ~~global~~Class ~~Net~~A ~~Zero~~ordinary ~~ambition~~shares. ~~The~~Notwithstanding ~~company intends to announce additional details regarding~~ the ~~potential business combination if and when a definitive agreement is executed. Currently~~conversions, ~~there~~such isholders nowill ~~binding~~not ~~agreement~~be ~~with~~entitled ~~respect~~ to ~~the~~receive ~~Proposed~~any ~~Transaction,~~monies ~~and~~held ~~negotiations~~in ~~remain~~the ~~subject~~trust toaccount ~~significant~~as ~~contingencies,~~a ~~including~~result ~~the completion~~ of ~~due~~their ~~diligence, the~~ownership ~~negotiation and execution~~ of aany ~~mutually~~Class ~~acceptable~~A ~~definitive~~ordinary ~~agreement,~~shares ~~confirmation~~issued ~~and~~upon ~~documentation~~conversion of ~~fully committed financing, and requisite shareholder approvals. There can be no assurances that~~ the ~~company~~founder ~~will successfully negotiate a definitive agreement, or that the Proposed Transaction will be consummated~~shares.

On February 7, 2023, we issued the Extension Note, evidencing the Extension Loans. The Extension Loans are unsecured and non-interest bearing, and will be repayable by the company upon consummation of an initial business combination. If the company does not consummate an initial business combination, the Extension Note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven.

On July 21, 2023, the company held the Second Extension Meeting at which the company’s shareholders approved a proposal to amend the Articles. The Second Extension Amendment Proposal amended the date by which the company has to consummate a business combination from August 7, 2023 to February 7, 2024.

In connection with the Second Extension Meeting, holders of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate redemption amount of approximately $23,802,065. As a result, such amount was removed from the trust account to pay such holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares were left outstanding for a total of 8,624,326 Class A ordinary shares outstanding.

On October 24, 2023, the Company received the Round Lot Notice from the Staff notifying the Company that, since the Company’s Form 10-Q for the period ended June 30, 2023 reported total holders below the round lot holder requirement under Nasdaq Listing Rule 5450(a)(2), the Company no longer complies with Nasdaq’s Listing Rules. On December 7, 2023, the Staff granted the Company an extension to regain compliance with Nasdaq Listing Rule 5450(a)(2) on or before April 22, 2024.

On November 3, 2023, we entered into the Restated Note increasing the aggregate principal amount of the Extension Note to $1,470,000. The Restated Note may be drawn down by us from time to time prior to the consummation of our initial business combination. The Restated Note does not bear interest, matures on the date of consummation of the initial business combination and is subject to customary events of default. As of March 31, 2024, the company has an outstanding balance of $1,435,000 under the Restated Note.

On January 29, 2024, the company held the Third Extension Meeting at which the company’s shareholders approved a proposal to amend the Articles. The Third Extension Amendment Proposal amended the date by which the company has to consummate a business combination from February 7, 2024 to November 5, 2024.

In connection with the vote to approve the Third Extension Amendment Proposal, holders of 678,865 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $11.13 per share, for an aggregate redemption amount of approximately $7.6 million. As a result, $7,553,041 was removed from the Trust Account to pay such holders and 1,332,961 Class A ordinary shares (excluding 6,612,500 converted founder shares) remained outstanding, for a total of 7,945,461 shares outstanding.

On April 5, 2024, the Company received the MVPHS Notice from the Staff notifying the Company that it did not meet the $15,000,000 minimum market value of publicly held shares required to maintain continued listing as set forth in the MVPHS Rule for the 30-business day period ended April 3, 2024. Under applicable Nasdaq rules, the Company will have 180 calendar days from the date of the MVPHS Notice, or until October 2, 2024, to regain compliance by meeting the continued listing requirements. Specifically, the market value of the Company's publicly held shares must close at $15,000,000 or more for a minimum of 10 consecutive business days. If the Company is unable to regain compliance with the MVPHS Rule by October 2, 2024, the Company will receive written notification from Nasdaq that the Company’s securities are subject to delisting. The Company may, at that time, request a hearing to appeal the delisting determination, which appeal will ordinarily suspend such delisting determination until a decision is issued by Nasdaq subsequent to the hearing. There can be no assurance that any such appeal would be successful.

On April 5, 2024, the Company also received the Public Float Notice from the Staff, notifying the Company that it no longer met the minimum 1,100,000 publicly held shares required to maintain continued listing as set forth in the Public Float Standard. Under applicable Nasdaq rules, the Company will have 45 calendar days to provide Nasdaq a plan to regain compliance with the continued listing requirements, and then, if the plan is accepted, an additional up to 180 calendar days from the date of the Public Float Notice, or until October 2, 2024, to regain compliance with the Public Float Standard. If the plan is not accepted, under Nasdaq Listing Rule 5815(a), the Company may appeal the decision to a Hearings Panel. There can be no assurance that any such appeal would be successful.

Results of Operations

As of ~~September~~March 3031, ~~2023~~2024, we have not commenced any operations. All activity for the period from February 2, 2021 (inception) through ~~September~~March 3031, ~~2023~~2024, relates to our formation and IPO, and, since the completion of our IPO, searching for a target to consummate an initial ~~Business~~business ~~Combination~~combination. We will not generate any operating revenues until after the completion of our initial ~~Business~~business ~~Combination~~combination, at the earliest. We generate non-operating income in the form of interest income from the proceeds derived from our IPO and placed in the ~~Trust~~trust ~~Account~~account.

For the three months ended ~~September~~March 3031, ~~2023~~2024, we had a net ~~income~~ loss of $~~111~~230,~~279~~941, which consisted of ~~interest~~operating ~~earned~~costs ~~on cash and marketable securities held in the Trust Account~~ of $~~372~~422,~~697~~183, ~~and~~offset anby ~~unearned gain~~interest earned on ~~marketable~~cash ~~securities~~held ofin ~~$6,729,~~the ~~offset~~trust byaccount ~~formation and operating costs~~ of $~~268~~191,~~147~~242.

For the ~~nine~~three months ended ~~September~~March 3031, 2023, we had a net income of $~~590~~291,~~813~~106, which consisted of interest earned on cash and marketable securities held in the Trust Account of $21,~~216~~299,~~149,~~066 ~~offset~~and byunearned ~~formation and~~gain ~~operating~~on ~~costs~~marketable securities of $132,~~625~~876,~~290~~ ~~and~~offset anby ~~unrealized~~formation ~~loss~~and onoperating ~~marketable~~costs ~~securities~~ of $461,040,836.

For the three months ended September 30, 2022, we had a net income of $1,072,278, which consisted of interest earned on cash and marketable securities held in the Trust Account of $1,308,366 offset by formation and operating costs of $236,088.

For the nine months ended September 30, 2022, we had a net income of $931,585, which consisted of interest earned on cash and marketable securities held in the Trust Account of $1,438,705 offset by formation and operating costs of $507,120.

Liquidity, Capital Resources and Going Concern

For the nine months ended September 30, 2023, net cash used in operating activities was $392,863. Net income of $590,813 was affected by interest earned on marketable securities held in the Trust Account of $2,216,149 and an unrealized loss on marketable securities of $46. Changes in operating assets and liabilities provided $1,232,427 in cash for operating activities.

For the nine months ended September 30, 2022, cash used in operating activities was $315,620. Net income of $931,585 was affected by interest earned on marketable securities held in the Trust Account of $1,438,705. Changes in operating assets and liabilities provided $191,500 in cash for operating activities.

As of September 30, 2023, we had cash outside our Trust Account of $49,663, available for working capital needs. All remaining cash was held in the Trust Account and is generally unavailable for our use, prior to an initial Business Combination.

~~The Company’s liquidity needs up to November~~ ~~5, 2021 had been satisfied through a payment from the Sponsor of $25,000 for the founder shares to cover certain offering costs and a~~ ~~loan under an unsecured promissory note from the Sponsor of $104,808, which was paid in full on November 18, 2021. In addition, in order~~ ~~to finance transaction costs in connection with a Business Combination, the Sponsor, initial shareholders, officers, directors or their~~ ~~affiliates may~~ Liquidity, ~~but are not obligated to, provide the company Working~~ Capital ~~Loans~~Resources ~~(as~~and ~~defined~~Going ~~below). As of September 30, 2023, there~~Concern ~~were no amounts outstanding under any Working Capital Loans.~~

~~In order to fund working capital deficiencies~~ or For ~~finance~~the ~~transaction~~three ~~costs~~months inended ~~connection~~March ~~with a Business Combination~~31, ~~our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may~~2024, ~~but~~net ~~are~~cash ~~not~~used ~~obligated~~in ~~to,~~operating ~~loan~~activities uswas ~~funds as may be required (“Working Capital Loans”)~~$88,421. IfNet weloss ~~complete a Business Combination, we may repay such Working Capital Loans out~~ of ~~the proceeds of the Trust Account released to us. In the event that a Business Combination does not close~~$230,941 wewas ~~may~~affected ~~use~~by ainterest ~~portion~~earned ofon ~~the~~cash ~~working capital~~ held ~~outside~~in the ~~Trust~~trust ~~Account~~account toof ~~repay such Working Capital Loans~~$191, ~~but no proceeds from our Trust Account would be used for such repayment~~242. UpChanges toin ~~$1,500,000~~operating ofassets ~~such~~and ~~Working~~liabilities ~~Capital Loans~~provided ~~may be convertible into warrants, at a price of~~ $~~1.00 per warrant~~333,762 atin ~~the~~cash ~~option~~for ofoperating ~~the lender~~activities. ~~The warrants would be identical~~ ~~to the Private Placement Warrants.~~

~~We do not believe we will need to raise additional~~ ~~funds~~ For ~~in order to meet~~ the ~~expenditures~~three ~~required~~months ~~for~~ended ~~operating~~March ~~our business. However~~31, ~~if our estimate of the costs of identifying a target business~~2023, ~~undertaking~~cash used in~~-depth~~ ~~due~~operating ~~diligence~~activities ~~and~~was ~~negotiating a Business Combination are less than the actual amount necessary to do so~~$236, ~~we may have insufficient funds available to operate our business prior to our Business Combination~~851. ~~Moreover,~~Net weincome ~~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~~$291,106 inwas ~~which~~affected ~~case~~by weinterest ~~may~~earned ~~issue~~on ~~additional~~marketable securities orheld ~~incur debt~~ in ~~connection~~the ~~with~~Trust ~~such Business~~Account ~~Combination.~~of ~~Subject to compliance with applicable securities laws~~$1,299,066 weand ~~would~~unearned ~~only~~gain ~~complete~~on ~~such~~marketable ~~financing~~securities ~~simultaneously with the completion~~ of ~~our Business Combination~~$32,876. IfChanges wein ~~are~~operating ~~unable~~assets ~~to complete our Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations~~ and ~~liquidate~~liabilities ~~the~~provided ~~Trust Account. In addition~~$803,985 ~~following~~of ~~our Business Combination, if~~ cash onfor ~~hand~~operating ~~is insufficient, we may need to obtain additional financing in order to meet our obligations~~activities.

~~However, the company is within 12 months of its~~ ~~mandatory~~ As ~~liquidation as~~ of ~~the~~March ~~time~~31, of2024, ~~filing~~we ~~this~~had ~~Annual~~cash ~~Report.~~outside Inour ~~connection~~trust ~~with~~account ~~the company’s assessment~~ of ~~going~~$5,744, ~~concern considerations~~available infor ~~accordance~~working ~~with~~capital ~~Accounting~~needs. ~~Standards~~All ~~Update~~remaining ~~(“ASU”)~~cash ~~2014-15,~~was ~~“Disclosures~~held ofin ~~Uncertainties~~the ~~about an~~trust ~~Entity’s~~account ~~Ability~~and tois ~~Continue~~generally asunavailable afor ~~Going~~our ~~Concern~~use,” ~~the~~prior ~~mandatory liquidation raises substantial doubt about the company’s ability~~ to ~~continue~~an asinitial ~~a going concern until the earlier of the consummation of the~~ business combination ~~or the date the company is required to liquidate~~.

~~At the January Meeting the company’s shareholders~~ ~~approved~~ In ~~proposals~~order to ~~amend~~fund ~~the~~working ~~company’s~~capital ~~Articles~~deficiencies toor ~~extend~~finance ~~the~~transaction ~~date~~costs byin ~~which~~connection ~~the~~with ~~Company has to consummate~~ a business combination ~~from February 5~~, ~~2023~~our tosponsor ~~August~~or 7,an ~~2023~~affiliate ~~and~~of ~~remove~~our ~~the~~sponsor ~~limitation~~or ~~that~~certain ~~the~~of ~~Company~~our ~~shall~~officers ~~not~~and ~~redeem~~directors ~~Class~~may, Abut ~~ordinary~~are ~~shares~~not ~~included as~~obligated ~~part~~to, ofloan ~~the~~us ~~units~~funds ~~sold~~as inmay ~~its~~be ~~initial~~required ~~public offering~~ (~~including~~“Working ~~any~~Capital ~~shares issued in exchange thereof~~Loans”). toIf ~~the~~we ~~extent~~complete ~~that~~a ~~such~~business ~~redemption would~~combination, ~~cause~~we ~~the~~may ~~Company’s~~repay ~~net~~such ~~tangible~~Working ~~assets~~Capital toLoans beout ~~less~~of ~~than $5,000,001. Based on~~ the ~~results~~proceeds of the ~~January~~trust ~~Meeting,~~account ~~our~~released ~~Sponsor agreed~~ to ~~contribute~~us. ~~into~~In the ~~trust~~event ~~account~~that ~~the~~a ~~lesser~~business ofcombination ~~(x)~~does annot ~~aggregate of $120~~close,~~000~~ orwe ~~(y)~~may ~~$0.035~~use ~~per~~a ~~share~~portion ~~for~~of ~~each~~the ~~public~~working ~~share that~~capital ~~was~~held ~~not~~outside ~~redeemed at~~ the ~~January~~trust ~~Meeting~~account ~~for~~to ~~each~~repay ~~monthly~~such ~~period~~Working ~~until~~Capital ~~August 7~~Loans, ~~2023~~but ~~(commencing~~no onproceeds ~~February~~from 7,our ~~2023~~trust ~~and~~account ~~ending on~~would ~~the~~be ~~7th~~used ~~day~~for ofsuch ~~each~~repayment. ~~subsequent~~Up ~~month)~~to $1,500,000 orof ~~portion~~such ~~thereof,~~Working ~~that~~Capital isLoans ~~needed~~may bybe ~~the~~convertible ~~company~~into towarrants, ~~complete~~at ~~its~~a ~~initial~~price ~~business~~of ~~combination~~$1. In00 ~~connection~~per ~~with~~warrant, at the ~~extraordinary~~option ~~general~~of ~~meeting,~~the ~~22,239,972~~lender. ~~Class~~The Awarrants ~~ordinary~~would ~~shares~~be ~~were~~identical ~~redeemed~~to ~~and~~the ~~4,210,028~~private ~~Class~~placement Awarrants. As ~~ordinary shares~~of ~~were~~March ~~not~~31, ~~redeemed.~~2024 Asand aDecember ~~result~~31, ~~the~~2023, ~~aggregate~~there ~~monthly~~were ~~Contribution~~no ~~payable~~amounts byoutstanding ~~the~~under ~~Sponsor~~any toWorking usCapital ~~was $120,000~~Loans.

On February 7, 2023, we issued the Extension Note, evidencing the ~~Extension Loans.~~Extensions ~~The Extension~~ Loans ~~are unsecured and non-interest bearing and will be repayable by the company upon consummation of an initial business combination. If the company does not consummate an initial business combination~~, ~~the~~pursuant ~~Extension~~to ~~Note~~which ~~will be repaid only from funds held outside of~~ the ~~trust~~sponsor ~~account~~deposited ormonthly ~~will be forfeited, eliminated or otherwise forgiven. On November 3, 2023, we issued the Restated Note, increasing the aggregate~~ principal ~~amount~~amounts toof $1120,~~470,~~000. ~~For~~into the ~~nine~~trust ~~months~~account ~~ended~~from ~~September~~February 307, 2023, weuntil ~~purchased~~August ~~an aggregate of $720~~7,~~000~~ ~~in investments in the Trust Account from the monthly extension Contributions~~2023.

On November 3, 2023, we entered into the Restated Note to increase the aggregate principal amount of the Extension Note to $1,470,000. Amounts drawn down under the Restated Note will be repayable by the company upon consummation of an initial business combination. If we do not consummate an initial business combination by November 5, 2024, the Restated Note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. The Restated Note may be drawn down by us from time to time prior to the consummation of our initial business combination. The Restated Note does not bear interest, matures on the date of consummation the business combination and is subject to customary events of default. As of March 31, 2024, the company has an outstanding balance of $1,435,000 under the Restated Note.

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. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

The company is within 12 months of its mandatory liquidation as of the date of filing this Annual Report. In connection with the company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the mandatory liquidation raises substantial doubt about the company’s ability to continue as a going concern until the earlier of the consummation of the business combination or the date the company is required to liquidate.

On July 21, 2023, the Company held the July Meeting at which the Company’s shareholders approved a proposal to amend the Company’s Articles. The proposal amended the date by which the Company has to consummate a business combination from August 7, 2023 to February 7, 2024.

In connection with the July Meeting, holders of 2,198,202 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.83 per share, for an aggregate redemption amount of $23,802,065. As a result, such amount was removed from the Trust Account to pay such holders and 2,011,826 Class A ordinary shares and 6,612,500 converted founder shares remain outstanding for a total of 8,624,326 Class A ordinary shares outstanding.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of ~~September~~March 3031, ~~2023~~2024.

Contractual Obligations

As of ~~September~~March 3031, ~~2023~~2024, we did not have any long-term debt, capital or operating lease obligations.

The underwriters are entitled to deferred underwriting commissions of $0.40 per Unit on the 23,000,000 Units issued and $0.60 on the 3,450,000 overallotment Units for a total of $11,270,000. The deferred fee will become payable to the underwriters from the amounts held in the trust account solely in the event that the company completes an initial business combination, subject to the terms of the underwriting agreement entered into in connection with the IPO. On March 1, 2023, the company entered into an amendment to the underwriting agreement, pursuant to which the underwriters have agreed to reduce the commission payable from $11,270,000 to $5,640,000 upon the closing of ~~the initial business combination. Upon the closing of~~ an initial business combination, the deferred ~~fee~~underwriting commissions will be paid to the underwriters as follows based on the percentage of redemptions of Class A ordinary shares by public shareholders: (1) 80% or more redemptions: $3,000,000 in cash and $2,640,000 in Class A ordinary shares (at $10 per share), (2) 70% or more, but less than 80% redemptions: $3,880,000 in cash and $1,760,000 in Class A ordinary shares (at $10 per share), (3) 60% or more, but less than 70% redemptions: $4,760,000 in cash and $880,000 in Class A ordinary shares (at $10 per share), and (4) less than 60% redemptions: $5,640,000 in cash and $0 in Class A ordinary shares.

Critical Accounting Estimates ~~and Policies~~

The preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States 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 unaudited condensed financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. ~~We have identified the following as our critical accounting policies:~~

Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary share subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary share subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary share (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares 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 September 30, 2023 and December 31, 2022, 2,011,826 and 26,450,000, respectively, shares of Class A ordinary share subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.

Net Income Per Ordinary Share

As of September 30, 2023, we had two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses were shared pro rata between the two classes of shares. The potential ordinary shares for outstanding warrants to purchase our shares were excluded from diluted earnings per share for the period ended September 30, 2023 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods. On January 26, 2023, the holders of the company’s Class B ordinary shares, including our sponsor, converted all of the Class B ordinary shares into Class A ordinary shares.

Recent Accounting Pronouncements

~~In June 2016, the FASB issued Accounting Standards~~ ~~Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on~~ ~~Financial~~ Management ~~Instruments~~does ~~(“ASU~~not ~~2016-13”).~~believe This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that ~~affect~~any ~~the~~recently ~~collectability of the reported amount. Since June 2016~~issued, ~~the~~but ~~FASB~~not ~~issued clarifying updates to the new standard including changing the~~ effective ~~date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15~~, ~~2022,~~accounting ~~and interim periods within those fiscal years~~standards, ~~with~~if ~~early~~currently ~~adoption permitted. The Company~~ adopted ~~ASU 2016-13 on January 1~~, ~~2023.~~would ~~The adoption of ASU 2016-13 did not~~ have a material ~~impact~~effect on ~~its~~the company’s unaudited condensed financial statements.

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

JOBS Act

On April 5, 2012, the ~~Jumpstart Our Business Startups Act of 2012 (“~~JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS Act are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company”, we choose to rely on such exemptions we may not be required to, among other things, (i) provide an independent registered public accounting firm’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the report of independent registered public accounting firm providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,” whichever is earlier.

24 23

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended ~~September~~March 3031, ~~2023~~2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, outside of the disclosed below, our principal executive officer and principal financial officer have concluded that, as of the evaluation date, our disclosure controls and procedures were not effective. Management previously identified a material weakness in internal controls related to the accounting for accruals that has not yet been remediated. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to continue to enhance our system of evaluating and implementing the accounting standards that apply to our condensed financial statements, including through enhanced analyses by our personnel and third-party professionals with whom we consult regarding the accounting for accruals. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

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.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended ~~September~~March 3031, ~~2023~~2024 covered by this Quarterly Report 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.

As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our ~~Quarterly Report on Form 10-Q, filed with the SEC on May 15, 2023, and our~~ Annual Report on Form 10-K, filed with the SEC on March 3129, ~~2023~~2024, except for the below risk factor. We may disclose changes to such risk factors or disclose additional risk factors from time to time in future filings with the SEC.

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

We cannot assure that our shares will continue to be listed on Nasdaq in the future or prior to our initial Business Combination. On October 24, 2023, the Company received athe ~~written notice~~Round ~~(the~~Lot “Notice”) from the ~~Listing~~Staff ~~Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)~~ notifying the Company that, since the Company’s Form 10-Q for the period ended June 30, 2023 reported total holders below the round lot holder requirement under Nasdaq Listing Rule 5450(a)(2), which requires the Company to maintain a minimum of 400 public holders ~~(the “Minimum Public Holders Rule”)~~, the Company no longer complies with Nasdaq’s Listing Rules. ~~The~~On ~~Notice~~December ~~does~~7, ~~not~~2023, ~~impact~~ the ~~listing of~~Staff granted the Company’s ~~Class~~an Aextension ~~ordinary~~to ~~shares~~regain oncompliance ~~the~~with Nasdaq ~~Global~~Listing ~~Market~~Rule at5450(a)(2) ~~this~~on ~~time~~or before April 22, 2024.

~~The~~ On ~~Notice~~April ~~states~~5, ~~that~~2024, the Company ~~has~~received 45the ~~calendar days~~MVPHS toNotice ~~submit~~from athe ~~plan~~Staff tonotifying ~~regain~~the ~~compliance~~Company ~~with~~that ~~the~~it ~~Minimum~~did ~~Public~~not ~~Holders~~meet ~~Rule.~~the ~~The~~$15,000,000 ~~Company~~minimum ~~intends~~market tovalue ~~submit~~of apublicly ~~plan~~held shares required to ~~regain~~maintain ~~compliance (the~~continued ~~“Plan”)~~listing ~~with~~as ~~the~~set ~~Minimum~~forth ~~Public~~in ~~Holders~~the MVPHS Rule ~~within~~for the ~~required~~30-business ~~timeframe~~day period ended April 3, 2024. ~~Additionally~~Under applicable Nasdaq rules, the Company ~~may~~will ~~consider~~have ~~applying to~~180 ~~transfer~~calendar days from the ~~listing~~date of ~~its~~the ~~securities~~MVPHS toNotice, ~~the~~or ~~Nasdaq~~until ~~Capital~~October ~~Market~~2, ~~(provided~~2024, ~~that~~to itregain ~~then~~compliance ~~satisfies~~by meeting the ~~requirements for~~ continued listing onrequirements. ~~that~~Specifically, the market). Ifvalue ~~Nasdaq~~of ~~accepts~~ the ~~Plan,~~Company's ~~Nasdaq~~publicly ~~may~~held ~~grant~~shares ~~the~~must ~~Company~~close anat ~~extension~~$15,000,000 ofor upmore tofor ~~180~~a ~~calendar~~minimum of 10 consecutive business days. ~~from~~If the ~~date of~~Company ~~the~~is ~~Notice~~unable to ~~evidence~~regain compliance with the ~~Minimum~~MVPHS ~~Public~~Rule ~~Holders~~by ~~Rule.~~October If2, ~~Nasdaq~~2024, ~~does~~the ~~not~~Company ~~accept~~will ~~the~~receive ~~Plan,~~written notification from Nasdaq that the Company’s ~~will~~securities ~~have~~are ~~the opportunity~~subject to delisting. The Company may, at that time, request a hearing to appeal the delisting determination, which appeal will ordinarily suspend such delisting determination until a decision tois issued by Nasdaq subsequent to the hearing. There can be no assurance that any such appeal would be successful.

~~There~~ On ~~can~~April be5, no2024, ~~assurance~~the ~~that~~Company ~~Nasdaq~~also ~~will~~received ~~accept~~ the ~~Plan~~Public Float Notice from the Staff, notifying the Company that ~~any~~it ~~appeal~~no tolonger met the ~~Panel~~minimum ~~would~~1,100,000 bepublicly ~~successful~~held ifshares ~~Nasdaq~~required ~~does~~to ~~not~~maintain ~~accept~~continued listing as set forth in the ~~Plan,~~Public orFloat ~~that~~Standard. Under applicable Nasdaq rules, the Company will behave ~~able~~45 calendar days to provide Nasdaq a plan to regain compliance with the continued listing requirements, and then, if the plan is accepted, an additional up to 180 calendar days from the date of the Public Float Notice, or ~~maintain~~until October 2, 2024, to regain compliance with the ~~Minimum~~ Public ~~Holders~~Float Standard. If the plan is not accepted, under Nasdaq Listing Rule 5815(a), the Company may appeal the decision to a Hearings Panel. There can be no assurance that any such appeal would be successful.

On April 26, 2024, the Company received written notice from the Staff stating that the Staff had approved the Company’s application to transfer the listing of the Company’s Securities from the Nasdaq Global Market to the Nasdaq Capital Market. The Class A ordinary shares, warrants, and units will continue to trade under the symbols “ONYX,” “ONYXW,” and “ONYXU,” respectively, and trading of the Company’s Securities will be unaffected by the transfer. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market.

There can be no assurance that the Company will be able to maintain compliance with the listing requirements of the Nasdaq Capital Market.

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

●• a limited availability of market quotations for our securities;

●• reduced liquidity for our securities;

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

●• a limited amount of news and analyst coverage; and

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

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

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

On ~~July~~January 2129, ~~2023~~2024, we held anthe ~~extraordinary general~~Third ~~meeting~~Extension ofMeeting ~~shareholders,~~ at which the company’s shareholders approved, ~~among other things,~~ a proposal to amend the Articles. toThe ~~extend~~Third Extension Amendment Proposal amended the date by which wethe ~~must~~company has to consummate a business combination from ~~August~~February 7, ~~2023~~2024 to ~~February~~November 75, 2024. In connection with the ~~July~~vote ~~Meeting~~to approve the Third Extension Amendment Proposal, ~~shareholders~~ ~~holding~~holders 2of 678,~~198,202~~865 ~~public~~Class A ordinary shares exercised their right to redeem ~~such~~their shares for acash ~~pro~~at ~~rata~~a ~~portion~~redemption price of ~~the~~approximately ~~Trust Account~~$11. We13 ~~paid~~per ~~cash~~share, infor ~~the~~an aggregate redemption amount of approximately $237.86 million,. orAs ~~approximately~~a result, $~~10.83~~7,553,041 ~~per~~was ~~share~~removed from the Trust Account to ~~redeeming~~pay ~~shareholders~~such onholders ~~August~~and 1,332,961 ~~2023~~Class A ordinary shares (excluding 6,612,500 converted founder shares) remained outstanding, for a total of 7,945,461 shares outstanding.

The following table contains monthly information about the repurchases of our equity securities for the three months ended September 30, 2023:

							(d) Maximum number
					(c) Total number of		(or approximate dollar
	(a) Total				shares (or units)		value) of shares (or
	number of		(b) Average price		purchased as part of		units) that may yet be
	shares (or units)		paid per share (or		publicly announced		purchased under the
Period	purchased		unit)		plans or programs		plans or programs
June 1 – June 30, 2023		—	$	—		—		—
July 1 – July 31, 2023		—	$	—		—		—
August 1 – August 30, 2023		2,198,202	$	10.83		—		—

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit Number		Description
3.1		Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K (File No. 001-41003), filed with the SEC on November 8, 2021)
3.2		Amendment to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K (File No. 001-41003), filed with the SEC on January 27, 2023).
3.3		Amendment to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K (File No. 001-41003), filed with the SEC on July 24, 2023).
3.4		Amendment to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K (File No. 001-41003), filed with the SEC on January 31, 2024).
4.1		Warrant Agreement between Continental Stock Transfer & Trust Company and the Company (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K (File No. 001-41003), filed with the SEC on November 8, 2021)
31.1*		Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Chief Financial Officer 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 Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)

*	Filed herewith.
**	Furnished.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this ~~20th~~23rd day of ~~November~~May, ~~2023~~2024.

	ONYX ACQUISITION CO. I
Date: November 20, 2023	By:	/s/ Michael Stern
Date: May 23, 2024	By:	/s/ Michael Stern
	Name:	Michael Stern
	Title:	Director, Chairman and Chief Executive Officer

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Filing Compare · Onyx Acquisition Co. I