Quarterly report pursuant to Section 13 or 15(d)

Due to Third Party

v3.23.3
Due to Third Party
9 Months Ended
Sep. 30, 2023
Due to Third Party.  
Due to Third Party

Note 6 — Due to Third Party

DiaCarta agreed to loan the Company 50% of each Contribution in advance of its deposit into the Trust Account. The loans to the Company for the Contributions will not bear interest and will be repayable by the Company to DiaCarta upon consummation of an initial Business Combination. The loans will be forgiven if the Company is unable to consummate an initial Business Combination except to

the extent of any funds held outside of the Trust Account. If the Company terminates an extension period at any time up to the applicable Extended Date, the Company will liquidate and dissolve in accordance with the Second MAA, provided that the Company shall have deposited the applicable Contribution for such extension period.

On February 16, 2023, March 16, 2023 and April 18, 2023, the Company received three tranches of $190,000, for an aggregate of $570,000 from DiaCarta. On May 18, 2023 and June 21, 2023, the Company received two tranches of $162,500, for an aggregate of $325,000. As of September 30, 2023, the Company received $895,000 in total from DiaCarta. The total amount of $895,000 from DiaCarta were deposited into Trust Account for the extension as described above. Subsequent to the Termination of the Business Combination Agreement with DiaCarta (as described in Note 1), the Company reclassified the amounts received from DiaCarta as due to third party as of September 30, 2023.