美国
证券和交易委员会
华盛顿特区 20549
表格
1934年交易法
截至季度结束日期的财务报告
1934年交易法
用于从 到 的过渡期
委托文件号码：
(根据其章程规定的注册人准确名称) |
| ||
（国家或其他管辖区的 |
| （IRS雇主 |
公司成立或组织） |
| 唯一识别号码） |
(主要行政办公室地址)
(注册人电话号码，包括区号)
根据证券法第12(b)条注册的证券：
每个类别的标题 | 交易标的 | 在其上注册的交易所的名称 | ||
该 | ||||
该 | ||||
该 |
请通过复选标记指示，注册人在过去的12个月内（或注册人需要提交此类报告的较短期间内）已提交证券交易法案第13或15（d）节要求提交的所有报告，并且已经在过去的90天内受到此类提交要求的规定。
请在以下方框内打勾：公司是否已电子提交了在过去的12个月内（或者在公司需要提交此类文件的较短时期内）根据规则405 of Regulation S-T(232.405章节)所要求提交的每一个互动数据文件。
请使用复选标记指示注册机构是大型速通存款人、速通存款人、非速通存款人、或较小的报告公司，或新兴增长公司。请参阅《交易所法》第120亿.2条中“大型速通存款人”、“速通存款人”、“较小的报告公司”和“新兴增长公司”的定义。
大型加速报告人 | ☐ | 加速文件提交人 | ☐ |
☒ | 较小的报告公司 | ||
|
| 新兴成长公司 |
如果申请人是新兴成长公司，请用复选标记表示申请人是否选择不使用根据交易所法案第13(a)条提供的遵守任何新的或修订的财务会计准则的扩展过渡期。
股票，每股面值0.0001美元
截至今日，公司发行并流通的普通股有
2
第I部分-财务信息
项目1. 基本报表（未经审计）
全球灯光收购公司
未经审计的资产负债表
九月30日 | 12月31日， | |||||
2024 | 2023 | |||||
| (未经审计) |
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资产 |
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流动资产： | ||||||
现金 | $ | | $ | | ||
预付费用 |
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流动资产合计 | | | ||||
信托账户中持有的投资 |
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总资产 | $ | | $ | | ||
负债、临时股权和股东权益 |
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流动负债: |
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$ | | $ | | |||
| — | |||||
应计费用 |
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总流动负债 |
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递延承销费应付款 | | | ||||
总负债 |
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附注6：承诺和事项（Note 6） |
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普通股，可能面临赎回，$495,000,000赎回价值，截至2023年和2022年，没有股份发行和流通 |
| |
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股东赤字 | ||||||
A类普通股，授权股数为5亿股 | ||||||
普通股，$ | | | ||||
追加实收资本 | — | — | ||||
股份认购应收款项 | — | ( | ||||
累积赤字 | ( | ( | ||||
股东赤字总额 | ( | ( | ||||
负债、暂时性股本和股东赤字总额 | $ | | $ | | ||
附注是这些未经审计的基本财务报表的一部分。
3
全球灯光收购公司
未经审计的经营利润简表
| 截至九月三十日的三个月 |
| 截至九月三十日的九个月 |
| |||||||||
2024 |
| 2023 | 2024 |
| 2023 |
| |||||||
成立成本和运营成本 | $ | | $ | | $ | | $ | | |||||
营业损失 | ( | ( | ( | ( | |||||||||
其他收入： | |||||||||||||
在信托账户中持有的投资所赚取的利息 | | — | | — | |||||||||
净收入（损失） | $ | | $ | ( | $ | | $ | ( | |||||
基本和摊薄的加权平均普通股份，在可能赎回的普通股份下 | | — | | — | |||||||||
基本和摊薄后每股净收益，普通股可能面临赎回 | | — | | — | |||||||||
每股普通股基本和稀释加权平均股数，不可赎回普通股 | | | (1) (2) | | | (1) (2) | |||||||
每股普通股基本和稀释净亏损，不可赎回普通股 | $ | ( | $ | ( | $ | ( | $ | ( | |||||
| (1) |
| (2) |
附注是这些未经审计的基本财务报表的一部分。
4
全球灯光收购公司
未经审计的股东赤字变动简明报表
截至2024年9月30日的三个月和九个月 | |||||||||||||||||
额外的 | 股份 | 总和 | |||||||||||||||
普通股份 | 实缴 | 认购 | 累计 | 股东的 | |||||||||||||
| 股份 |
| 金额 |
| 资本 |
| 应收款 |
| 亏损 |
| 亏损 | ||||||
期末余额 - 2023年12月31日 |
| | $ | | $ | — | $ | ( | $ | ( | $ | ( | |||||
净利润 | — | — | — | — | | | |||||||||||
普通股份受赎回价值重新计量 | — | — | — | — | ( | ( | |||||||||||
余额 - 2024年3月31日 | | $ | | $ | — | $ | ( | $ | ( | $ | ( | ||||||
净利润 |
| — |
| — |
| — |
| — |
| |
| | |||||
普通股份受赎回价值重新计量 | — | — | — | — | ( | ( | |||||||||||
余额 – 2024年6月30日 | | $ | | $ | — | $ | ( | $ | ( | $ | ( | ||||||
分享认购款的收款 | — | — | — | | — | | |||||||||||
净利润 | — | — | — | — | | | |||||||||||
普通股份受赎回价值重新计量 | — | — | — | — | ( | ( | |||||||||||
余额 - 2024年9月30日 |
| | $ | | $ | — | $ | — | ( | ( | |||||||
截至2023年9月30日的三个月和九个月 | |||||||||||||||||
额外的 | 股份 | 总和 | |||||||||||||||
普通股份 | 实缴 | 认购 | 累计 | 股东的 | |||||||||||||
| 股份 |
| 金额 |
| 资本 |
| 应收款 |
| 亏损 |
| 亏损 | ||||||
余额-2022年12月31日 |
| | $ | | $ | — | $ | ( | $ | ( | $ | ( | |||||
净亏损 | — | — | — | — | ( | ( | |||||||||||
余额 - 2023年3月31日 | | | — | ( | ( | ( | |||||||||||
净亏损 |
| — |
| — |
| — |
| — |
| ( |
| ( | |||||
2023年6月30日的结余(1)(2) | | $ | | $ | — | $ | ( | $ | ( | $ | ( | ||||||
净亏损 | — | — | — | — | ( | ( | |||||||||||
资产负债表 - 2023年9月30日(1)(2) |
| | $ | | $ | — | $ | ( | ( | ( | |||||||
| (1) | 2023年6月7日，公司回购并注销了 |
| (2) |
附注是这些未经审计的基本财务报表的一部分。
5
全球灯光收购公司
未经审计的简明现金流量表
截至九月三十日止九个月 | ||||||
| 2024 |
| 2023 | |||
经营活动产生的现金流量： |
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净利润（损失） | $ | | $ | ( | ||
调整为了将净亏损转换为经营活动中的净现金流量(使用)/提供: |
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在信托账户中持有的投资所赚取的利息 | ( | — | ||||
运营资产和负债的变化： | ||||||
预付费用 | | — | ||||
应计费用 | | — | ||||
应付关联方款项 | | | ||||
用于经营活动的净现金 | ( | — | ||||
筹资活动产生的现金流量： | ||||||
关于期票的关联方 | $ | | — | |||
融资活动所使用的净现金 | | — | ||||
现金净增加额 | ( | — | ||||
现金-期初余额 | | | ||||
现金-期末余额 | $ | | $ | | ||
非现金活动的补充披露: | ||||||
关联方支付的发行成本 | $ | — | $ | | ||
预提配售费用和支出 | $ | — | $ | ( | ||
应可能赎回的普通股进行再度计量 | $ | | $ | — | ||
延迟募资成本 | $ | — | $ | | ||
股份认购应收款项与关联方应付款项之间的净额 | $ | | $ | — | ||
附注是这些未经审计的基本财务报表的一部分。
6
注1—组织和业务操作的描述
Global Lights Acquisition Corp（该公司）是一家空白支票公司，于2021年8月23日在开曼群岛注册成立。公司成立的目的是为了进行合并、股份交易、资产收购、股份购买、资本重组、重组或其他类似业务组合，与一家或多家企业或实体进行（一次“业务组合”）。尽管公司在完成业务组合的目的上并不局限于特定行业或板块，但公司打算重点寻找几个值得投资的领域：（1）清洁能源；（2）绿色金融；（3）循环经济；（4）能源科技；（5）低碳消费；和（6）碳捕获与存储，即CCS。
截至2024年9月30日，公司尚未开展任何业务。从2021年8月23日（成立日）至2024年9月30日的所有活动均与公司的组建、首次公开发行（“IPO”）以及寻找首次业务组合的目标有关。在完成业务组合之后，公司将至早也不会产生任何营业收入。公司已经产生并预计将继续以非经营性收入形式产生来自IPO所得款项的利息收入。公司已将12月31日选定为其财年结束。
公司的发起人是Carbon Neutral Holding Inc.，一家开曼群岛豁免公司（“赞助人”）。
公司的IPO注册声明于2023年11月13日被证券交易委员会（“SEC”）宣布生效（“生效日期”）。“
交易成本为
公司有广泛的决定权，用于IPO及Private Unit销售的净收益特定运用，但资金必须用于信托账户（如下文所定义）的资助，尽管净收益中的绝大部分都打算用于普遍地用于完成业务组合。公司无法保证能成功完成业务组合。
公司必须完成具有至少目标资产市值总额的业务组合在信托账户中持有的资产的百分之（不包括重估承销佣金和应交的信托账户利息税款）在进入初步业务组合的协议时。该公司只有在后交易公司拥有或取得目标公司表决权的相当数量或达到控制目标公司的充分要求，以使其不需要在1940年修改版的《投资公司法案》中登记为投资公司，才会完成业务组合。
在2023年11月16日的IPO和私募发行完成后，共计 $ 的资金被存入位于美国的信托账户（“信托账户”）内，仅投资于美国政府证券，如1940年修改版的《投资公司法案》第2(a)(16)条所规定，到期日为185天或更短或符合公司选定并满足1940年修改版的《投资公司法案》规则2a-7条件的任何开放式投资公司，直至以下两种情况发生较早者:（i）完成业务组合，或（ii）根据以下所述分配信托账户资金。
7
公司将提供给其持有未清算公共股（“公共股东”）在业务组合完成后赎回其全部或部分公共股的机会，方式可以是：（i）与召开以批准业务组合为目的的股东大会有关；或（ii）通过要约收购。公司将自行决定是否寻求股东批准业务组合或进行要约收购。公共股东有权以信托账户中的当时金额的按比例部分赎回其公共股（最初预计为$
公司将在业务组合完成时拥有至少
如果公司寻求股东批准业务组合，且未按照招标要约规则进行赎回，修订后的备忘录和章程规定，公共股东及其任何附属机构或与该股东合作或作为合伙企业、有限合伙企业、辛迪加（根据《1934年证券交易法》第13条的定义）的任何其他人，将受到限制，不能就其所持股份的赎回数量总额超过
初始股东已同意（a）放弃他们在业务组合完成时持有的创始股、私有股和公共股份的赎回权，并且（b）不提议或投票支持修订后的备忘录和章程，该修订后的备忘录和章程会影响公司赎回的实质或时间义务
公司有直到2024年11月16日完成首次业务组合的时间。此外，如果公司无法在2024年11月16日之前完成首次业务组合，赞助商（及/或其关联公司或指定人）可以，但并非有义务，通过额外每次将商业组合的时间延长两次，直到最晚2025年5月16日完成业务组合（“组合期”），前提是根据修订的备忘录和协会章程以及公司和康尼股份转让与信托公司于2023年11月13日签订的信托协议的条款，延长公司完成首次业务组合的时间的惟一方法是由赞助商和/或其指定人存入$
已修订的备忘录和章程要求该修正经过大部分股东以股东权益之下的实际表决同意，在股东大会上亲自投票或在代理允许的情况下通过代理进行表决。公众股东将无法就公司延长完成首次业务组合的时间，超过2024年11月16日至2025年2月16日，或按上述描述延长至2025年5月16日，或在延期期间赎回其股份进行表决。
8
如果公司无法在组合期内完成业务合并，将根据公司修订后的备忘录和章程的条款自动启动清盘、解散和清算程序，公司将：（i）除了清盘目的外，停止所有业务运营；（ii）尽快但不超过 个工作日后，赎回公共股份，以现金支付，每股价格等于存入信托账户的总金额，包括存入信托账户并未先前支付给公司的利息（扣除应付税款，高达美元
如果公司未能在合并期内完成业务组合，赞助商已同意放弃其对创始股和私募股的清算权。承销商已同意在公司未能在合并期内完成业务组合的情况下，放弃其在信托账户中持有的延期承销佣金的权利（见注6），在这种情况下，这些金额将与信托账户中持有的其他基金一起，用于赎回公众股。在这种分配情况下，剩余可分配资产的每股价值可能低于
为了保护托管账户中的资金金额，赞助方已同意承担责任，如果任何供应商对公司提供的服务或销售的产品，或者公司已讨论与之进入交易协议的潜在目标业务方的任何索赔，导致托管账户中的资金金额降至低于$
探讨关注问题 Consideration
截至2024年9月30日，公司拥有现金 $
工作资本贷款将在完成业务组合后无息偿还，或者贷方可以自行决定，将最多美元的工作资本贷款转换为后期业务组合实体的单位，价格为每单位美元(见注5)。
9
公司最初有时间直到2024年11月16日完成初始业务组合。但是，公司可以将完成业务组合的时间延长两次（最迟到2025年5月16日完成业务组合）。如果公司未能在组合期内完成业务组合，公司将根据修订后的《备忘录和章程》的条款触发自动清算、解散和清算流程。因此，股东无需投票即可启动此自愿清算、解散和清算。如果公司无法在组合期内完成公司的初始业务组合，公司将尽可能迅速地但不超过
根据FASB会计准则更新（ASU）2014-15《关于实体继续作为持续经营者的不确定性披露》，公司评估持续经营状况时，管理层确定这些条件对公司继续作为持续经营者存在重大疑虑。此外，如果公司未能在组合期内完成业务合并，公司董事会将继续进行自愿清算，并随之对公司进行正式解散。无法保证公司计划在组合期内完成业务合并将取得成功。因此，管理层确定这种额外条件也对公司继续作为持续经营者存在重大疑虑。未经审计的简明财务报表不包含可能因此不确定性结果而产生的任何调整。
风险和不确定性
此外，由于俄罗斯联邦和白俄罗斯于2022年2月在乌克兰发起的军事行动以及相关经济制裁，公司完成业务组合的能力，或者公司最终完成业务组合的目标业务的运营，可能会受到重大和不利影响。
2023年10月，哈马斯恐怖分子从加沙地带潜入以色列南部边境，并对平民和军事目标进行了一系列袭击。哈马斯还向以色列人口密集地区以及位于以色列与加沙地带边界以及以色列国内其他地区的工业中心发动了大规模火箭袭击。这些袭击导致数千人死亡和受伤，哈马斯还绑架了许多以色列平民和士兵。袭击后，以色列安全内阁宣布对哈马斯宣战，并展开了针对哈马斯和其他恐怖组织的军事行动，与他们持续的火箭和恐怖袭击相互呼应。公司目前无法预测以色列对哈马斯的战争的强度或持续时间，也无法预测这场战争最终将如何影响公司完成业务组合的能力。
此外，公司完成业务组合的能力可能取决于筹集股本和债务融资的能力，这可能会受到这些事件的影响，包括市场波动加剧，或第三方资金市场流动性下降，导致无法按公司接受的条款或根本无法获得贷款。这些行动及相关制裁对世界经济的影响以及对公司财务状况、经营业绩和/或完成业务组合的具体影响尚不明确。未经审计的简明财务报表不包括可能因此不确定性结果而导致的任何调整。
10
附注2 — 重要会计政策摘要
呈现基础
附带的不进行审核的财务报表是根据美国通用会计原则（“GAAP”）为中期财务信息所编制的，并遵循SEC的10-Q表格指南和S-X规章第8条的规定。根据SEC关于中期财务报告的规则和规定，通常在根据GAAP编制的财务报表中包含的某些信息或附注披露已被压缩或省略。因而，它们并未包含所有必要的信息和附注以完整呈现财务状况、经营成果或现金流。因此，这些财务报表中包含的信息应与截至2023年12月31日的经审计财务报表一起阅读，该报表已于2024年4月15日提交给SEC的10-K年报中列出。根据公司管理层的意见，这些压缩的财务报表包括了所有必要的调整，仅属于正常和经常性的性质，以公允地表述截至2024年9月30日的公司财务状况以及所呈现期间的经营成果和现金流量。截止2024年9月30日的三个月和九个月的经营结果未必能代表截至2024年12月31日的全年结果。
新兴成长公司
公司是一家“新兴增长型公司”，根据《证券法》第2条(a)款的定义，由2012年《启动我们的创业法案》（“JOBS法案”）修改，可以利用适用于其他非新兴增长型公司的各种汇报要求的豁免，包括但不限于，无需遵守Sarbanes-Oxley法案第404条的独立注册会计师验证要求，减少有关其定期报告和代理声明中执行薪金的披露义务，以及不需遵守对执行薪金进行不具约束力咨询表决和股东批准未经先前批准的任何黄金降落伞支付要求的规定。
此外，JOBS法案第102(b)(1)条规定，新兴增长型企业可以免于遵守新或修订的财务会计准则的要求，直到私人公司（即，那些没有生效的证券法登记声明或没有在交易所法案下注册类别证券的公司）被要求遵守新或修订的财务会计准则。
JOBS法案规定公司可以选择退出延长过渡期，并遵守适用于非新兴增长型公司的要求，但任何此类选择退出的选择都是不可撤销的。公司已选择不退出这种延长过渡期，这意味着当一个标准颁布或修订，并且对于公共公司或私人公司有不同的适用日期时，作为新兴增长型公司的该公司可以在私人公司采用新或修订标准的同时采用新或修订标准。这可能会使该公司的财务报表与另一家既不是新兴增长型公司也没有选择退出使用延长过渡期的公共公司的财务报表之间的比较变得困难或不可能，因为可能会出现会计准则的差异。
使用估计
按照GAAP的规定编制符合标准的未经审计简明财务报表，需要公司管理层进行影响未经审计简明财务报表的资产和负债报告金额以及在未经审计简明财务报表日期披露的待定资产和负债的估计和假设，并影响报告期间收入和费用的金额。
进行估计需要管理层进行重大判断。由于未来的确认事件中的条件、情况或一组情况的影响的估计可能会发生变化，因此很可能估计影响在未经审计的简明财务报表的日期存在的条件、情况或一组情况的效果的估计在将来的短期内进行变更。因此，实际结果可能与这些估计差异很大。
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现金及现金等价物
与首次公开发行相关的发行费用：
首次公开募股相关的发行费用
公司遵守财务会计准则委员会（FASB）会计准则编码（“ASC”）340-10-S99-1以及SEC工作人员会计公告主题5A - “招股费用”的要求。发行费用为$
可能收回的普通股的会计处理按照 ASC Topic 480 的指导意见进行，“区分负债和所有权益”。必需收回的普通股股份（如果有）被分类为负债工具，并按公允价值计量。设有条件收回的普通股份（包括具有在持有者控制范围内或仅在发生不完全由公司控制的不确定事件时进行收回准备权的普通股份）被分类为临时所有权。在其他时间，普通股被分类为股东权益。公司的普通股包括某些收回权，这些权利要考虑到不受公司控制的不确定事件的发生。因此，在 2023 年 3 月 31 日和 2022 年 6 月 30 日，可能收回的普通股股份分别以临时所有权的形式呈现，超出了公司的简明合并资产负债表的股东权益部分。
公司根据ASC第480号指南来核算其可能赎回的普通股。 可能赎回的普通股被分类为负债工具，并按公允价值计量。 有条件可赎回的普通股（包括具有赎回权的普通股，这些赎回权或者由持有人控制，或者在发生不完全在公司控制范围内的不确定事件后才能赎回）按照临时权益分类。 在其他所有时间，普通股被分类为股东权益。 公司的普通股具有某些被认为在公司控制范围之外且取决于不确定未来事件发生的赎回权。 因此，可能赎回的普通股按照可赎回价值作为临时权益，呈现在公司资产负债表股东权益部分之外。
公司赎回的普通股受SEC及其工作人员有关可赎回权益工具的指导的影响，该指导已编入ASC 480-10-S99。如果有可能该权益工具将变为可赎回，公司可以选择在发行日期（或自可能发生该工具将变为可赎回的日期起，如果较晚）到该工具的最早赎回日期的期间内，对赎回价值的变动进行累积或立即承认赎回价值的变动，并在每个报告期结束时调整该工具的带数金额以等于赎回价值。公司已选 择立即承认这些变动。增加的带数或重新计量将被视作股息（即，对保留收益的减少，或者在没有保留收益的情况下，附加支付的资本）。
截至2024年9月30日，资产负债表中可能赎回的普通股数量在以下表格中进行了对账：
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总收益 | $ | | |
减少 |
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分配给公开认购的权益 |
| ( | |
与赎回股份相关的发行费用分配 |
| ( | |
加 |
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| |
带数载入赎回价值重新计量 |
| | |
普通股可能被赎回，截止日期为2023年12月31日 | $ | | |
加 |
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| |
带数载入赎回价值重新计量 |
| | |
可能赎回的普通股，截止日期为2024年9月30日 | $ | | |
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权利
除非公司在业务组合中不是生存公司，否则每个权利持有人将自动收到 （1/6）的普通股份。即使持有权利的人已经赎回了与业务组合或公司修订的备忘录和章程的前业务组合活动相关的所有股份，当业务组合完成时，每个权利持有人都将被要求积极赎回他、她或其权利，以便在业务组合完成时接收 普通股权益的六分之一。不需要额外支付给公共股东权利持有人，以便在业务组合完成时接收他、她或其额外的普通股份。在交换权利后发行的股份将自由交易（除了公司的关联方持有的部分）。如果公司与一项业务组合达成最终协议，而公司将不是生存实体，则最终协议将规定权利持有人按照每股计算的方式接收与交易中普通股股东相同的每股对价。
公司在与权益和责任工具相关的评估考虑特定条款和FASB ASC 480和ASC 815的适用权威指南后，将权益或负债类别工具进行会计处理。评估考虑该工具是否是根据ASC 480具有自由的金融工具，是否符合ASC 480中的负债定义，以及该权益证券是否符合ASC815的权益分类的所有要求，包括权益分类是否会受到公司自己的普通股的影响，以及权利持有人是否在公司控制范围之外的情况下，可能需要要求“净现金结算”，以及其他权益分类条件。这种需要专业判断的评估在发行权益时进行，并在每个后续季度期末时进行。
公司根据FASB ASC 480《区分负债和权益》和ASC 815《衍生工具与避险》的适用权限令，将权利视为权益或负债类别工具。该评估考虑权利是否是在ASC 480下的独立金融工具，是否符合ASC 480中负债的定义，并且权利是否符合ASC 815中全部权益分类的所有要求，包括权益是否以公司自己的普通股为基础，以及是否存在权利持有人可能需要在公司控制范围之外的情况下需要实现“净现金结算”的条件，以及其他权益分类。此一评估需要专业判断，于发行权益时进行，以及在所有权益未清除期末日进行。
对于符合全部权益分类条件的发行或修改的权利，该权利在发行时必须记录为股本的组成部分。对于不符合全部分类条件的发行或修改的权利，该权利需要按其发行日期的公允价值记录为负债，并在记录之日起定期进行调整。权利的估计公允价值的变化将在操作表的非现金收益中承认。
由于在IPO和私募发行中发行的权益符合ASC480的权益分类条件，因此，权益被归类为股本。
所得税
公司遵循ASC 740的资产和负债计税方法，“所得税”。递延所得税资产和负债是基于既有资产和负债的财务报表账面金额与其相应税基之间的差异所归因的估计未来税收后果而确认的。递延所得税资产和负债是使用预计适用于那些预计会收回或结算临时差异的年份中的应纳税所得的实施税率来衡量的。税率变化对递延所得税资产和负债的影响在包括颁布日期的期间内确认在收入中。如果必要，设立估值准备金以将递延所得税资产减少至预期实现的金额。
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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 recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were
The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was
Net Income (Loss) per Ordinary Share
The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable ordinary shares and non-redeemable ordinary shares and the undistributed income (loss) is calculated using the total net income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable ordinary shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders.
For the three and nine months ended September 30, 2024 and 2023, the Company did not have any dilutive securities and 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 income (loss) per share was the same as basic income (loss) per share for the period presented. The net income (loss) per share presented in the unaudited condensed statements of operations is based on the following:
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net income (loss) |
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| $ | ( |
| $ | |
| $ | ( |
Remeasurement for ordinary shares subject to possible redemption |
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| — |
| ( |
| — | ||||
Net loss including accretion of ordinary shares to redemption value | $ | ( | $ | ( | $ | ( | $ | ( | ||||
For the three months ended September 30, | ||||||||||||
| 2024 | 2023 | ||||||||||
| Non- |
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Redeemable | Redeemable | Redeemable | Redeemable | |||||||||
Ordinary | Ordinary | Ordinary | Ordinary | |||||||||
Shares | Shares | Shares | Shares | |||||||||
Basic and diluted net income (loss) per share: |
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Numerators: |
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Net loss | $ | ( | $ | ( | $ | — | $ | ( | ||||
Remeasurement for ordinary shares subject to possible redemption |
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Allocation of net income (loss) | $ | | $ | ( | $ | — | $ | ( | ||||
Denominators: |
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Weighted-average shares outstanding |
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Basic and diluted net income (loss) per share | $ | | $ | ( | $ | — | $ | ( | ||||
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For the nine months ended September 30, | ||||||||||||
| 2024 | 2023 | ||||||||||
| Non- |
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Redeemable | Redeemable | Redeemable | Redeemable | |||||||||
Ordinary | Ordinary | Ordinary | Ordinary | |||||||||
Shares | Shares | Shares | Shares | |||||||||
Basic and diluted net income (loss) per share: |
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Numerators: | ||||||||||||
Net loss | $ | ( | $ | ( | $ | — | $ | ( | ||||
Remeasurement for ordinary shares subject to possible redemption |
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Allocation of net income (loss) | $ | | $ | ( | $ | — | $ | ( | ||||
Denominators: |
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Weighted-average shares outstanding |
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Basic and diluted net income (loss) per share | $ | | $ | ( | $ | — | $ | ( | ||||
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. As of September 30, 2024 and December 31, 2023, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments
ASC Topic 820 “Fair Value Measurements and Disclosures” defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair value. ASC Topic 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer and seller would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:
| ● | 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. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.
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Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its unaudited condensed financial statements and disclosures.
Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.
Note 3 — Initial Public Offering
On November 16, 2023, the Company consummated the IPO of
Note 4 — Private Placement
Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of
Note 5 — Related Parties Transactions
Founder Shares
On November 11, 2022, December 2, 2021 and August 23, 2021, the Company issued an aggregate of
The registration statement for the Company’s IPO became effective on November 13, 2023. As a result of the underwriters’ full exercise of their over-allotment option on November 16, 2023, no Founder Shares are currently subject to forfeiture.
The Initial Shareholder has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of its Founder Shares, (A) with respect to 50% of the Founder Shares, until the earlier of (i)
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Promissory Note — Related Party
On December 23, 2021, the Company’s Sponsor issued an unsecured promissory note (“Promissory Note”) to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $
On August 6, 2024, the Company issued an unsecured promissory note in the principal amount of up to $
Each of the Notes bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s Business Combination or (ii) the date of expiry of the term of the Company (the “Maturity Date”). The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of the Company’s obligations thereunder; (iv) any cross defaults; (v) an enforcement proceedings against the Company; and (vi) any unlawfulness and invalidity in connection with the performance of the obligations thereunder, in which case each Note may be accelerated.
The payee of each Note, or its registered assignees or successors in interest (the “Payee”), had the right, but not the obligation, to convert such Note, in whole or in part, respectively, into private units (the “Conversion Units”) of the Company, each consisting of one ordinary share, par value $
The Company and the Payees agreed to apply the Note A and Note B to amount due to related party prior to August 6, 2024, for the amounts of $
Administrative Services Agreement
The Company is obligated, commencing on November 14, 2023, to pay the Sponsor a monthly fee of $
For the three and nine months ended September 30, 2024, the Company has recognized $
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Working Capital Loans
In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $
As of September 30, 2024 and December 31, 2023, the Company had
Extension Loan
In order to extend the period of time to consummate a Business Combination twice by an additional
As of September 30, 2024 and December 31, 2023, the Company had
Amount Due to Related Parties
The following is a list of related parties to which the Company has transactions with:
No. |
| Names of related parties |
| Relationship |
1 |
| Miao Zhizhuang |
| The CEO and Charmain of the Company and the sole director of the Sponsor of the Company |
2 |
| Moore (Dalian) Technology Co., Ltd (“Moore”) |
| |
3 | Beijing Huachuan Xingrun Investment Co., Ltd (“Huachuan”) | |||
4 | Carbon Neutral Holdings Inc. | Sponsor of the Company | ||
5 |
| Silk Road Industry Holdings Limited (“Silk Road”) |
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Amount due to related parties consisted of the following for the periods indicated:
As of | ||||||
September 30, 2024 | December 31, 2023 | |||||
Carbon Neutral Holdings Inc. (1) | $ | | $ | | ||
Silk Road (3) | | — | ||||
Huachuan(2) |
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Amounts due to related parties | $ | | $ | | ||
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Related parties transaction consisted of the following for the periods indicated:
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Carbon Neutral Holdings Inc. (1) |
| $ | |
| $ | — |
| $ | |
| $ | — |
Miao Zhizhuang(2) |
| — |
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| — |
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Silk Road (3) |
| — |
| — |
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| — | ||||
(1) | The Sponsor repaid the amounts due to Moore, Miao Zhizhuang, and Huachuan on behalf of the Company of $ |
(2) | Huachuan and Miao Zhizhuang made several payments on behalf of the Company to pay the offering costs and operating costs in advance. These payments were non-interest bearing and had no due date. |
(3) | Silk Road provide finance support to the Company in the amount of $ |
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Note 6 — Commitments
Registration rights
The holders of the Founder Shares, Private Units (and all underlying securities), and any shares that may be issued upon conversion of Working Capital Loans and the payment for the extension of the Combination Period have been entitled to registration rights pursuant to a registration rights agreement signed on November 13, 2023. The holders of these securities are entitled to make up to
Underwriting Agreement
The Company has granted the underwriters a
Financial Advisory Agreement
On November 20, 2023, the Company entered into a financial advisory agreement with Macforth Industries (N) Ltd. to assist the Company in identifying potential investors by December 31, 2024. The Company has prepaid $
Right of First Refusal
The Company shall give the underwriters the right (but not the obligation) of first refusal to act as the sole provider, from the closing of the Business Combination through the eighteen (
Note 7 — Shareholders’ Deficit
Preference shares — The Company is authorized to issue
Ordinary shares — The Company is authorized to issue
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$
Rights — Each holder of a right will receive one-sixth (1/6) of one ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis and each holder of a right will be required to affirmatively convert its rights in order to receive 1/6 share underlying each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).
If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.
Note 8 - Recurring Fair Value Measurements
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short - term nature.
As of September 30, 2024 and December 31, 2023, the Company held Level 1 financial instruments, which are the Company’s marketable securities held in the Trust Account. The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
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| Significant |
| Significant | |||||
Quoted Prices | Other | Other | ||||||||||
Carrying Value | In Active | Observable | Unobservable | |||||||||
September 30, | Markets | Inputs | Inputs | |||||||||
2024 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account-Money Market Fund | $ | | $ | | $ | — | $ | — | ||||
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| Significant |
| Significant | |||||
Quoted Prices | Other | Other | ||||||||||
Carrying Value | In Active | Observable | Unobservable | |||||||||
December 31, | Markets | Inputs | Inputs | |||||||||
2023 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: |
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Investments held in Trust Account-Money Market Fund | $ | | $ | | $ | — | $ | — | ||||
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Note 9 — Subsequent Events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to November 13, 2024, which is the date that the unaudited condensed financial statements were available to be issued. Based on this review, other than described below, the Company did not identify any subsequent event that would have required adjustment or disclosure in the unaudited condensed financial statements.
On November 12, 2024, the Company entered into amendments with Mr. Zhizhuang Miao and Moore, respectively, pursuant to which, parties agreed to delete the conversion rights, resulting the Notes were not convertible thereafter.
The Company intends to hold an extraordinary general meeting of shareholders (“Extraordinary General Meeting”) on November 14, 2024. In connection with the meeting, shareholders will vote for (i) a proposal to amend the extension fee (the “Extension Fee”) payable by the Sponsor and/or its designee into the Trust Account to extend the Combination Period from $
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward-Looking Statements
This Quarterly Report on Form 10-Q includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to the “Company”, “us”, “our”, or “we” refer to Global Lights Acquisition Corp. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and related notes herein.
Overview
We are a blank check company formed under the laws of Cayman Island on August 23, 2021, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses. We intend to effectuate our initial business combination using cash derived from the proceeds of the initial public offering (the “IPO”), our securities, debt or a combination of cash, securities and debt, in effecting an initial business combination. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic location, while we intend to focus our search on a target that provides solutions promoting sustainable development and focuses on environmentally sound infrastructure and industrial applications that eliminate or mitigate greenhouse gas emissions, and/or enhance resilience to climate change.
We presently have no revenue, have had losses since inception from incurring formation and operating costs and have had no operations other than identifying and evaluating suitable acquisition transaction candidates. We have relied upon the working capital available to us following the consummation of the IPO and the Private Placement (as defined below) to fund our operations, as well as the funds loaned by the Sponsor (as defined below), our officers, directors or their affiliates. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.
Initial Public Offering
On August 23, 2021, our sponsor, Carbon Neutral Holdings Inc. (the “Sponsor”), purchased 1,000,000 ordinary shares, par value $0.0001 per share of the Company (the “Ordinary Shares”) for an aggregate purchase price of $100, or approximately $0.0001 per share. On December 2, 2021 and November 11, 2022, our Sponsor purchased 840,000 and 1,035,000 Ordinary Shares, respectively, at $0.0001 per share. On June 7, 2023, we repurchased and canceled 1,150,000 Ordinary Shares from the Sponsor at par value $0.0001 per share for an aggregate price of $115, and off-set the consideration receivable from the Sponsor, following which our Sponsor holds 1,725,000 Ordinary Shares (the “Founder Shares”).
On November 16, 2023, we consummated the IPO of 6,900,000 units (including 900,000 units issued upon the full exercise of the over-allotment option) (the “Units”). Each Unit consists of one Ordinary Share, and one right (the “Right”), with each one Right entitling the holder thereof to exchange for one-sixth (1/6) of one Ordinary Share upon the completion of the Company’s initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $69,000,000.
Substantially concurrently with the closing of the IPO, we completed the private sale (the “Private Placement”) of 350,000 units (the “Private Units”) to the Sponsor, at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $3,500,000.
The proceeds of $69,345,000 (or $10.05 per Unit) from the proceeds of the IPO and the Private Placement were placed in the trust account (the “Trust Account”) established for the benefit of the Company’s public shareholders and the underwriters of the IPO with Continental Stock Transfer & Trust Company acting as trustee.
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Commenced on December 4, 2023, holders of Units may elect to separately trade the Ordinary Shares and Rights in its Units, The Ordinary Shares and Rights trade on the Nasdaq Capital Market (“Nasdaq”) under the symbols “GLAC,” and “GLACR”, respectively. Units not separated continue to trade on Nasdaq under the symbol “GLACU.”
Recent Development
On August 6, 2024, the Company issued an unsecured promissory note in the principal amount of up to $300,000 to Mr. Zhizhuang Miao, the Chief Executive Officer of the Company, (the “Note A”). On August 6, the Company issued an unsecured promissory note in the principal amount of up to $300,000 to Moore (Dalian) Technology Co., Ltd (“Moore”), whose 80% equity interest is owned by Mr. Zhizhuang Miao’s spouse (the “Note B” and, together with the Note A, collectively, the “Notes”). The proceeds of the Notes, which may be drawn down from time to time until the Company consummates its initial business combination, will be used for general working capital purposes, respectively.
Each of the Notes bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company (the “Maturity Date”). The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of the Company’s obligations thereunder; (iv) any cross defaults; (v) an enforcement proceedings against the Company; and (vi) any unlawfulness and invalidity in connection with the performance of the obligations thereunder, in which case each Note may be accelerated.
The payee of each Note, or its registered assignees or successors in interest (the “Payee”), has the right, but not the obligation, to convert such Note, in whole or in part, respectively, into private units (the “Conversion Units”) of the Company, each consisting of Ordinary Share and one right to receive one-sixth (1/6) of one Ordinary Share upon the consummation of a business combination, as described in the prospectus of the Company (File No: 333-274645), by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the business combination. The number of Conversion Units to be received by each Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to the payee under such Note by (y) $10.00. On November 12, 2024, the Company entered into amendments with Mr. Zhizhuang Miao and Moore, respectively, pursuant to which, parties agreed to delete the conversion rights, resulting the Notes were not convertible thereafter.
The Company and the Payees agreed to apply the Note A and Note B to previously amount due to related party prior to August 6, 2024, for the amounts of $200,342, and $24,587 respectively. As of September 30, 2024, the balance of Note A and Note B was $200,342, and $24,587 respectively, for an aggregate of $224,929.
The Company intends to hold an extraordinary general meeting of shareholders (“Extraordinary General Meeting”) on November 14, 2024. In connection with the meeting, shareholders will vote for (i) a proposal to amend the extension fee (the “Extension Fee”) payable by the Sponsor and/or its designee into the Trust Account to extend the Combination Period from $0.10 per unit (for each three-month extension) to an amount equal to the lesser of (a) $350,000 for all outstanding Public Shares and (b) $0.10 for each outstanding Public Share (the “Amended Extension Fee”). The first Extension Fee must be made by November 16, 2024, while the second Extension Fee must be deposited into the Trust Account by February 16, 2025 (“Proposal 1” or “Extension Fee Reduction Proposal”); and (ii) a proposal to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary General Meeting, there are not sufficient votes to approve the foregoing proposal (“Proposal 2” or “Adjournment Proposal”).
Results of Operations and Known Trends or Future Events
We have neither engaged in any operations nor generated any revenues to date. Our activities during the nine months ended September 30, 2024 involved mainly searching for a target for an initial business combination. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. After the IPO, we incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for expenses associated with the search for target opportunities.
For the three months ended September 30, 2024, we had a net income of $783,784, which comprised of income earned on investments held in Trust Account of $931,220, partially offset by operating costs of $147,436.
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For the three months ended September 30, 2023, we had a net loss of $16,575, which comprised of formation costs and operating costs.
For the nine months ended September 30, 2024, we had a net income of $2,158,335, which comprised of income earned on investments held in Trust Account of $2,762,176, partially offset by operating costs of $603,841.
For the nine months ended September 30, 2023, we had a net loss of $68,446, which comprised of formation costs and operating costs.
Liquidity and Capital Resources
For the nine months ended September 30, 2024, cash used in operating activities was $225,129. As of September 30, 2024, we had cash of $1,191 available for working capital needs. As of September 30, 2024, none of the amount on deposit in the Trust Account was available to be withdrawn as described above.
On November 16, 2023, we consummated IPO of 6,900,000 Units (including 900,000 Units issued upon the full exercise of the over-allotment option). Each Unit consists of one Ordinary Shares, and one Right, each one Right entitling the holder thereof to exchange for one-sixth of one Ordinary Share upon the completion of the Company’s initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $69,000,000.
On November 16, 2023, substantially concurrently with the closing of the IPO, the Company completed the Private Placement of 350,000 Private Units to the Company’s Sponsor, at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $3,500,000.
The proceeds of $69,345,000 ($10.05 per unit) from the proceeds of the IPO and the Private Placement were placed in the Trust Account.
We intend to use substantially all of the net proceeds of the IPO, including the funds held in the Trust Account, to acquire a target business or businesses and to pay our expenses relating thereto, including deferred underwriting commissions of $2,415,00 payable to Chardan Capital Markets, LLC, the representative of the underwriters of the IPO (the “Deferred Underwriting Fees”). To the extent that our share capital is used in whole or in part as consideration to effect our initial business combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our initial business combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.
Over the next 12 months (assuming an initial business combination is not consummated prior thereto), we will be using the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the initial business combination.
The Company will have until November 16, 2024 (unless further extended) initially to consummate a business combination, which is less than one year from the date that the financial statement is issued as it expects to continue to incur significant costs in pursuit of its acquisition plans and may needs to raise additional funds to meet its obligations and sustain its operations. In addition, the Company’s business plan is dependent on the completion of a business combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.
Off-Balance Sheet Financing Arrangements
We had no obligations, assets or liabilities that would be considered off-balance sheet arrangements as of September 30, 2024. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.
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Contractual Obligations
As of September 30, 2024, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.
Administrative Services Agreement
We are obligated, commencing on November 14, 2023, to pay the Sponsor a monthly fee of $10,000 for office space, administrative and support services to such affiliate. Upon completion of a Business Combination or liquidation, we will cease paying these monthly fees. Accordingly, in the event the consummation of the Business Combination takes 12 months, the Sponsor will be paid a total of $120,000 ($10,000 per month) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses.
For the nine months ended September 30, 2024 and 2023, we have recognized $90,000 and $0, respectively, of administrative service fee, which is included in formation and operating costs on the unaudited condensed statements of operations.
Underwriting Agreement
We are obligated to pay the underwriters a deferred underwriting fee equal to 3.5% of the gross proceeds of the IPO, or $2,415,000, upon the closing of the Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.
Financial Advisory Agreement
On November 20, 2023, the Company entered into a financial advisory agreement with Macforth Industries (N) Ltd. to assist the Company in identifying potential investors by December 31,2024. The Company has prepaid $200,000 in cash on November 22, 2023, and incurred $30,770 in financial advisory fees in 2023. For the three and nine months ended September 30, 2024, we recognized $46,155 and $138,465 in financial advisory fees, respectively, on the unaudited condensed statement of operations. Macforth Industries (N) Ltd. was entitled to a financial advisory fee equal to 2.0% of the financing proceeds upon the closing of a Business Combination, which was contingent on the closing of the Business Combination. On April 24, 2024, the Company and Macforth Industries (N) Ltd. entered into an amendment of the financial advisory agreement, pursuant to which, parties agree to cancel the 2.0% financial advisory fees as described above.
Right of First Refusal
We shall give the underwriters the right (but not the obligation) of first refusal to act as the sole provider, from the closing of the Business Combination through the eighteen (18) month anniversary thereof, of any arrangement or facility enabling the Company to raise capital through the sale or other distribution of its shares or any other equity-linked securities directly or indirectly (e.g., by sales of immediately registered shares) to the public markets.
Registration Rights
The Founder Shares, the Ordinary Shares included in the Private Units, and any Ordinary Shares that may be issued upon conversion of working capital loans (and any underlying securities) will be entitled to registration rights pursuant to a registration and shareholder rights agreement entered into in connection with the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.
Critical Accounting Policies and Estimates
We prepare our unaudited condensed financial statements in accordance with accounting principles generally accepted in the United States of America. The preparation of unaudited condensed financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, costs and expenses and related disclosures. We base our estimates on historical
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experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by our management. We did not identify any critical accounting estimates.
JOBS Act
On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be 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: (1) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act; (2) 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; (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (4) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of the IPO or until we are no longer an “emerging growth company,” whichever is earlier.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Our management does not believe the adoption of ASU 2023-09 will have a material impact on the financial statements and disclosures.
Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our financial statements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
As a smaller reporting company, we are not required to make disclosures under this Item.
Item 4. Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the quarter ended September 30, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this
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evaluation, our principal executive officer and our principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls and procedures were effective.
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 and accounting officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings
We are not currently a party to any material litigation or other legal proceedings brought against us. We are also not aware of any legal proceeding, investigation or claim, or other legal exposure that has a more than remote possibility of having a material adverse effect on our business, financial condition or results of operations.
Item 1A. Risk Factors
As a smaller reporting company, we are not required to make disclosures under this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities
On August 6, 2024, the Company issued the Note A to Mr. Zhizhuang Miao, the Chief Executive Officer of the Company, and Note B to Moore, each in the aggregate principal amount of up to $300,000, which may be drawn down from time to time until the Company consummates its initial business combination, for general working capital purposes.
The information of the Notes contained under Item 2 of Part I above is incorporated herein by reference in response to this item. The issuance of the Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
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Item 6. Exhibits.
Exhibit No. |
| Description |
10.1 |
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10.2 | ||
31.1* |
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31.2* |
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32.1** |
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32.2** |
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101.INS* |
| XBRL Instance Document |
101.CAL* |
| XBRL Taxonomy Extension Calculation Linkbase Document |
101.SCH* |
| XBRL Taxonomy Extension Schema Document |
101.DEF* |
| XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* |
| XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE* |
| XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
** | Furnished. |
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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.
GLOBAL LIGHTS ACQUISITION CORP | |||
Date: November 13, 2024 | By: | /s/ Zhizhuang Miao | |
Zhizhuang Miao | |||
Chief Executive Officer | |||
Date: November 13, 2024 | By: | /s/ Bin Yang | |
Bin Yang | |||
Chief Financial Officer | |||
(Principal Financial and Accounting Officer) | |||
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