Class A Common Stock Subject to Possible Redemption |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||
| Class A Common Stock Subject to Possible Redemption [Abstract] | ||||||||||||||||||||||||||||||||||||
| Class A Common Stock Subject to Possible Redemption |
Note 7 - Class A Common Stock Subject to Possible Redemption
The Company’s Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 300,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share.
In connection with the Special Meeting held on April 20, 2023, holders of 25,845,428 shares of the Company’s Class A common stock exercised their right to redeem their Class A common stock.
In connection with the Special Meeting held on November 17, 2023, holders of 2,170,004 shares of the Company’s Class A common stock exercised their right to redeem their Class A common stock.
In connection with the Special Meeting held on May 17, 2024, holders of 1,125,154 shares of the Company’s Class A common stock exercised their right to redeem their Class A common stock.
In connection with the Special Meeting held on November 19, 2024, holders of 349,505 shares of the Company’s Class A common stock exercised their right to redeem their Class A common stock. In connection with the Special Meeting held on December 30, 2024, holders of 1,080 shares of the Company’s Class A common stock exercised their right to redeem their Class A common stock.
As of December 31, 2024 and 2023, there were respectively 12,308,829 and 3,334,568 shares of Class A common stock outstanding, of which 508,829 and 1,984,568 shares were subject to possible redemption and are classified outside of permanent deficit in the accompanying Consolidated balance sheets, respectively.
The Company recognizes changes in redemption value of the Class A common stock subject to possible redemption immediately as changes occur and adjusts the carrying value of the Class A common stock subject to possible redemption to equal the redemption value as if liquidation were to occur at the end of the reporting period.
The Class A common stock subject to possible redemption reflected on the accompanying Consolidated balance sheets is reconciled on the following table:
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