美國
證券和交易委員會
華盛頓特區 20549
表格
1934年交易法
截至季度結束日期的財務報告
1934年交易法
用於從 到 的過渡期
委託文件號碼：
(根據其章程規定的註冊人準確名稱) |
| ||
（國家或其他管轄區的 |
| （IRS僱主 |
公司成立或組織） |
| 唯一識別號碼） |
(主要行政辦公室地址)
(註冊人電話號碼，包括區號)
根據證券法第12(b)條註冊的證券：
每個類別的標題 | 交易標的 | 在其上註冊的交易所的名稱 | ||
該 | ||||
該 | ||||
該 |
請通過複選標記指示，註冊人在過去的12個月內（或註冊人需要提交此類報告的較短期間內）已提交證券交易法案第13或15（d）節要求提交的所有報告，並且已經在過去的90天內受到此類提交要求的規定。
請在以下方框內打勾：公司是否已電子提交了在過去的12個月內（或者在公司需要提交此類文件的較短時期內）根據規則405 of Regulation S-T(232.405章節)所要求提交的每一個互動數據文件。
請使用複選標記指示註冊機構是大型速通存款人、速通存款人、非速通存款人、或較小的報告公司，或新興增長公司。請參閱《交易所法》第120億.2條中「大型速通存款人」、「速通存款人」、「較小的報告公司」和「新興增長公司」的定義。
大型加速報告人 | ☐ | 加速文件提交人 | ☐ |
☒ | 較小的報告公司 | ||
|
| 新興成長公司 |
如果申請人是新興成長公司，請用複選標記表示申請人是否選擇不使用根據交易所法案第13(a)條提供的遵守任何新的或修訂的財務會計準則的擴展過渡期。
股票，每股面值0.0001美元
截至今日，公司發行並流通的普通股有
2
第I部分-財務信息
項目1. 基本報表（未經審計）
全球燈光收購公司
未經審計的資產負債表
九月30日 | 12月31日， | |||||
2024 | 2023 | |||||
| (未經審計) |
| ||||
資產 |
|
|
|
| ||
流動資產： | ||||||
現金 | $ | | $ | | ||
預付費用 |
| |
| | ||
流動資產合計 | | | ||||
信託帳戶中持有的投資 |
| |
| | ||
總資產 | $ | | $ | | ||
負債、臨時股權和股東權益 |
|
| ||||
流動負債: |
|
| ||||
$ | | $ | | |||
| — | |||||
應計費用 |
| |
| | ||
總流動負債 |
| |
| | ||
遞延承銷費應付款 | | | ||||
總負債 |
| |
| | ||
附註6：承諾和事項（Note 6） |
|
| ||||
普通股，可能面臨贖回，$495,000,000贖回價值，截至2023年和2022年，沒有股份發行和流通 |
| |
| | ||
股東赤字 | ||||||
A類普通股，授權股數爲5億股 | ||||||
普通股，$ | | | ||||
追加實收資本 | — | — | ||||
股份認購應收款項 | — | ( | ||||
累積赤字 | ( | ( | ||||
股東赤字總額 | ( | ( | ||||
負債、暫時性股本和股東赤字總額 | $ | | $ | | ||
附註是這些未經審計的基本財務報表的一部分。
3
全球燈光收購公司
未經審計的經營利潤簡表
| 截至九月三十日的三個月 |
| 截至九月三十日的九個月 |
| |||||||||
2024 |
| 2023 | 2024 |
| 2023 |
| |||||||
成立成本和運營成本 | $ | | $ | | $ | | $ | | |||||
營業損失 | ( | ( | ( | ( | |||||||||
其他收入： | |||||||||||||
在信託帳戶中持有的投資所賺取的利息 | | — | | — | |||||||||
淨收入（損失） | $ | | $ | ( | $ | | $ | ( | |||||
基本和攤薄的加權平均普通股份，在可能贖回的普通股份下 | | — | | — | |||||||||
基本和攤薄後每股淨收益，普通股可能面臨贖回 | | — | | — | |||||||||
每股普通股基本和稀釋加權平均股數，不可贖回普通股 | | | (1) (2) | | | (1) (2) | |||||||
每股普通股基本和稀釋淨虧損，不可贖回普通股 | $ | ( | $ | ( | $ | ( | $ | ( | |||||
| (1) |
| (2) |
附註是這些未經審計的基本財務報表的一部分。
4
全球燈光收購公司
未經審計的股東赤字變動簡明報表
截至2024年9月30日的三個月和九個月 | |||||||||||||||||
額外的 | 股份 | 總和 | |||||||||||||||
普通股份 | 實繳 | 認購 | 累計 | 股東的 | |||||||||||||
| 股份 |
| 金額 |
| 資本 |
| 應收款 |
| 虧損 |
| 虧損 | ||||||
期末餘額 - 2023年12月31日 |
| | $ | | $ | — | $ | ( | $ | ( | $ | ( | |||||
淨利潤 | — | — | — | — | | | |||||||||||
普通股份受贖回價值重新計量 | — | — | — | — | ( | ( | |||||||||||
餘額 - 2024年3月31日 | | $ | | $ | — | $ | ( | $ | ( | $ | ( | ||||||
淨利潤 |
| — |
| — |
| — |
| — |
| |
| | |||||
普通股份受贖回價值重新計量 | — | — | — | — | ( | ( | |||||||||||
餘額 – 2024年6月30日 | | $ | | $ | — | $ | ( | $ | ( | $ | ( | ||||||
分享認購款的收款 | — | — | — | | — | | |||||||||||
淨利潤 | — | — | — | — | | | |||||||||||
普通股份受贖回價值重新計量 | — | — | — | — | ( | ( | |||||||||||
餘額 - 2024年9月30日 |
| | $ | | $ | — | $ | — | ( | ( | |||||||
截至2023年9月30日的三個月和九個月 | |||||||||||||||||
額外的 | 股份 | 總和 | |||||||||||||||
普通股份 | 實繳 | 認購 | 累計 | 股東的 | |||||||||||||
| 股份 |
| 金額 |
| 資本 |
| 應收款 |
| 虧損 |
| 虧損 | ||||||
餘額-2022年12月31日 |
| | $ | | $ | — | $ | ( | $ | ( | $ | ( | |||||
淨虧損 | — | — | — | — | ( | ( | |||||||||||
餘額 - 2023年3月31日 | | | — | ( | ( | ( | |||||||||||
淨虧損 |
| — |
| — |
| — |
| — |
| ( |
| ( | |||||
2023年6月30日的結餘(1)(2) | | $ | | $ | — | $ | ( | $ | ( | $ | ( | ||||||
淨虧損 | — | — | — | — | ( | ( | |||||||||||
資產負債表 - 2023年9月30日(1)(2) |
| | $ | | $ | — | $ | ( | ( | ( | |||||||
| (1) | 2023年6月7日，公司回購並註銷了 |
| (2) |
附註是這些未經審計的基本財務報表的一部分。
5
全球燈光收購公司
未經審計的簡明現金流量表
截至九月三十日止九個月 | ||||||
| 2024 |
| 2023 | |||
經營活動產生的現金流量： |
|
|
|
| ||
淨利潤（損失） | $ | | $ | ( | ||
調整爲了將淨虧損轉換爲經營活動中的淨現金流量(使用)/提供: |
|
| ||||
在信託帳戶中持有的投資所賺取的利息 | ( | — | ||||
運營資產和負債的變化： | ||||||
預付費用 | | — | ||||
應計費用 | | — | ||||
應付關聯方款項 | | | ||||
用於經營活動的淨現金 | ( | — | ||||
籌資活動產生的現金流量： | ||||||
關於期票的關聯方 | $ | | — | |||
融資活動所使用的淨現金 | | — | ||||
現金淨增加額 | ( | — | ||||
現金-期初餘額 | | | ||||
現金-期末餘額 | $ | | $ | | ||
非現金活動的補充披露: | ||||||
關聯方支付的發行成本 | $ | — | $ | | ||
預提配售費用和支出 | $ | — | $ | ( | ||
應可能贖回的普通股進行再度計量 | $ | | $ | — | ||
延遲募資成本 | $ | — | $ | | ||
股份認購應收款項與關聯方應付款項之間的淨額 | $ | | $ | — | ||
附註是這些未經審計的基本財務報表的一部分。
6
注1—組織和業務操作的描述
Global Lights Acquisition Corp（該公司）是一家空白支票公司，於2021年8月23日在開曼群島註冊成立。公司成立的目的是爲了進行合併、股份交易、資產收購、股份購買、資本重組、重組或其他類似業務組合，與一家或多家企業或實體進行（一次「業務組合」）。儘管公司在完成業務組合的目的上並不侷限於特定行業或板塊，但公司打算重點尋找幾個值得投資的領域：（1）清潔能源；（2）綠色金融；（3）循環經濟；（4）能源科技；（5）低碳消費；和（6）碳捕獲與存儲，即CCS。
截至2024年9月30日，公司尚未開展任何業務。從2021年8月23日（成立日）至2024年9月30日的所有活動均與公司的組建、首次公開發行（「IPO」）以及尋找首次業務組合的目標有關。在完成業務組合之後，公司將至早也不會產生任何營業收入。公司已經產生並預計將繼續以非經營性收入形式產生來自IPO所得款項的利息收入。公司已將12月31日選定爲其財年結束。
公司的發起人是Carbon Neutral Holding Inc.，一家開曼群島豁免公司（「贊助人」）。
公司的IPO註冊聲明於2023年11月13日被證券交易委員會（「SEC」）宣佈生效（「生效日期」）。“
交易成本爲
公司有廣泛的決定權，用於IPO及Private Unit銷售的淨收益特定運用，但資金必須用於信託帳戶（如下文所定義）的資助，儘管淨收益中的絕大部分都打算用於普遍地用於完成業務組合。公司無法保證能成功完成業務組合。
公司必須完成具有至少目標資產市值總額的業務組合在信託帳戶中持有的資產的百分之（不包括重估承銷佣金和應交的信託帳戶利息稅款）在進入初步業務組合的協議時。該公司只有在後交易公司擁有或取得目標公司表決權的相當數量或達到控制目標公司的充分要求，以使其不需要在1940年修改版的《投資公司法案》中登記爲投資公司，才會完成業務組合。
在2023年11月16日的IPO和私募發行完成後，共計 $ 的資金被存入位於美國的信託帳戶（「信託帳戶」）內，僅投資於美國政府證券，如1940年修改版的《投資公司法案》第2(a)(16)條所規定，到期日爲185天或更短或符合公司選定並滿足1940年修改版的《投資公司法案》規則2a-7條件的任何開放式投資公司，直至以下兩種情況發生較早者:（i）完成業務組合，或（ii）根據以下所述分配信託帳戶資金。
7
公司將提供給其持有未清算公共股（「公共股東」）在業務組合完成後贖回其全部或部分公共股的機會，方式可以是：（i）與召開以批准業務組合爲目的的股東大會有關；或（ii）通過要約收購。公司將自行決定是否尋求股東批准業務組合或進行要約收購。公共股東有權以信託帳戶中的當時金額的按比例部分贖回其公共股（最初預計爲$
公司將在業務組合完成時擁有至少
如果公司尋求股東批准業務組合，且未按照招標要約規則進行贖回，修訂後的備忘錄和章程規定，公共股東及其任何附屬機構或與該股東合作或作爲合夥企業、有限合夥企業、辛迪加（根據《1934年證券交易法》第13條的定義）的任何其他人，將受到限制，不能就其所持股份的贖回數量總額超過
初始股東已同意（a）放棄他們在業務組合完成時持有的創始股、私有股和公共股份的贖回權，並且（b）不提議或投票支持修訂後的備忘錄和章程，該修訂後的備忘錄和章程會影響公司贖回的實質或時間義務
公司有直到2024年11月16日完成首次業務組合的時間。此外，如果公司無法在2024年11月16日之前完成首次業務組合，贊助商（及/或其關聯公司或指定人）可以，但並非有義務，通過額外每次將商業組合的時間延長兩次，直到最晚2025年5月16日完成業務組合（「組合期」），前提是根據修訂的備忘錄和協會章程以及公司和康尼股份轉讓與信託公司於2023年11月13日簽訂的信託協議的條款，延長公司完成首次業務組合的時間的惟一方法是由贊助商和/或其指定人存入$
已修訂的備忘錄和章程要求該修正經過大部分股東以股東權益之下的實際表決同意，在股東大會上親自投票或在代理允許的情況下通過代理進行表決。公衆股東將無法就公司延長完成首次業務組合的時間，超過2024年11月16日至2025年2月16日，或按上述描述延長至2025年5月16日，或在延期期間贖回其股份進行表決。
8
如果公司無法在組合期內完成業務合併，將根據公司修訂後的備忘錄和章程的條款自動啓動清盤、解散和清算程序，公司將：（i）除了清盤目的外，停止所有業務運營；（ii）儘快但不超過 個工作日後，贖回公共股份，以現金支付，每股價格等於存入信託帳戶的總金額，包括存入信託帳戶並未先前支付給公司的利息（扣除應付稅款，高達美元
如果公司未能在合併期內完成業務組合，贊助商已同意放棄其對創始股和私募股的清算權。承銷商已同意在公司未能在合併期內完成業務組合的情況下，放棄其在信託帳戶中持有的延期承銷佣金的權利（見注6），在這種情況下，這些金額將與信託帳戶中持有的其他基金一起，用於贖回公衆股。在這種分配情況下，剩餘可分配資產的每股價值可能低於
爲了保護託管帳戶中的資金金額，贊助方已同意承擔責任，如果任何供應商對公司提供的服務或銷售的產品，或者公司已討論與之進入交易協議的潛在目標業務方的任何索賠，導致託管帳戶中的資金金額降至低於$
探討關注問題 Consideration
截至2024年9月30日，公司擁有現金 $
工作資本貸款將在完成業務組合後無息償還，或者貸方可以自行決定，將最多美元的工作資本貸款轉換爲後期業務組合實體的單位，價格爲每單位美元(見注5)。
9
公司最初有時間直到2024年11月16日完成初始業務組合。但是，公司可以將完成業務組合的時間延長兩次（最遲到2025年5月16日完成業務組合）。如果公司未能在組合期內完成業務組合，公司將根據修訂後的《備忘錄和章程》的條款觸發自動清算、解散和清算流程。因此，股東無需投票即可啓動此自願清算、解散和清算。如果公司無法在組合期內完成公司的初始業務組合，公司將盡可能迅速地但不超過
根據FASB會計準則更新（ASU）2014-15《關於實體繼續作爲持續經營者的不確定性披露》，公司評估持續經營狀況時，管理層確定這些條件對公司繼續作爲持續經營者存在重大疑慮。此外，如果公司未能在組合期內完成業務合併，公司董事會將繼續進行自願清算，並隨之對公司進行正式解散。無法保證公司計劃在組合期內完成業務合併將取得成功。因此，管理層確定這種額外條件也對公司繼續作爲持續經營者存在重大疑慮。未經審計的簡明財務報表不包含可能因此不確定性結果而產生的任何調整。
風險和不確定性
此外，由於俄羅斯聯邦和白俄羅斯於2022年2月在烏克蘭發起的軍事行動以及相關經濟制裁，公司完成業務組合的能力，或者公司最終完成業務組合的目標業務的運營，可能會受到重大和不利影響。
2023年10月，哈馬斯恐怖分子從加沙地帶潛入以色列南部邊境，並對平民和軍事目標進行了一系列襲擊。哈馬斯還向以色列人口密集地區以及位於以色列與加沙地帶邊界以及以色列國內其他地區的工業中心發動了大規模火箭襲擊。這些襲擊導致數千人死亡和受傷，哈馬斯還綁架了許多以色列平民和士兵。襲擊後，以色列安全內閣宣佈對哈馬斯宣戰，並展開了針對哈馬斯和其他恐怖組織的軍事行動，與他們持續的火箭和恐怖襲擊相互呼應。公司目前無法預測以色列對哈馬斯的戰爭的強度或持續時間，也無法預測這場戰爭最終將如何影響公司完成業務組合的能力。
此外，公司完成業務組合的能力可能取決於籌集股本和債務融資的能力，這可能會受到這些事件的影響，包括市場波動加劇，或第三方資金市場流動性下降，導致無法按公司接受的條款或根本無法獲得貸款。這些行動及相關制裁對世界經濟的影響以及對公司財務狀況、經營業績和/或完成業務組合的具體影響尚不明確。未經審計的簡明財務報表不包括可能因此不確定性結果而導致的任何調整。
10
附註2 — 重要會計政策摘要
呈現基礎
附帶的不進行審核的財務報表是根據美國通用會計原則（「GAAP」）爲中期財務信息所編制的，並遵循SEC的10-Q表格指南和S-X規章第8條的規定。根據SEC關於中期財務報告的規則和規定，通常在根據GAAP編制的財務報表中包含的某些信息或附註披露已被壓縮或省略。因而，它們並未包含所有必要的信息和附註以完整呈現財務狀況、經營成果或現金流。因此，這些財務報表中包含的信息應與截至2023年12月31日的經審計財務報表一起閱讀，該報表已於2024年4月15日提交給SEC的10-K年報中列出。根據公司管理層的意見，這些壓縮的財務報表包括了所有必要的調整，僅屬於正常和經常性的性質，以公允地表述截至2024年9月30日的公司財務狀況以及所呈現期間的經營成果和現金流量。截止2024年9月30日的三個月和九個月的經營結果未必能代表截至2024年12月31日的全年結果。
新興成長公司
公司是一家「新興增長型公司」，根據《證券法》第2條(a)款的定義，由2012年《啓動我們的創業法案》（「JOBS法案」）修改，可以利用適用於其他非新興增長型公司的各種彙報要求的豁免，包括但不限於，無需遵守Sarbanes-Oxley法案第404條的獨立註冊會計師驗證要求，減少有關其定期報告和代理聲明中執行薪金的披露義務，以及不需遵守對執行薪金進行不具約束力諮詢表決和股東批准未經先前批准的任何黃金降落傘支付要求的規定。
此外，JOBS法案第102(b)(1)條規定，新興增長型企業可以免於遵守新或修訂的財務會計準則的要求，直到私人公司（即，那些沒有生效的證券法登記聲明或沒有在交易所法案下注冊類別證券的公司）被要求遵守新或修訂的財務會計準則。
JOBS法案規定公司可以選擇退出延長過渡期，並遵守適用於非新興增長型公司的要求，但任何此類選擇退出的選擇都是不可撤銷的。公司已選擇不退出這種延長過渡期，這意味着當一個標準頒佈或修訂，並且對於公共公司或私人公司有不同的適用日期時，作爲新興增長型公司的該公司可以在私人公司採用新或修訂標準的同時採用新或修訂標準。這可能會使該公司的財務報表與另一家既不是新興增長型公司也沒有選擇退出使用延長過渡期的公共公司的財務報表之間的比較變得困難或不可能，因爲可能會出現會計準則的差異。
使用估計
按照GAAP的規定編制符合標準的未經審計簡明財務報表，需要公司管理層進行影響未經審計簡明財務報表的資產和負債報告金額以及在未經審計簡明財務報表日期披露的待定資產和負債的估計和假設，並影響報告期間收入和費用的金額。
進行估計需要管理層進行重大判斷。由於未來的確認事件中的條件、情況或一組情況的影響的估計可能會發生變化，因此很可能估計影響在未經審計的簡明財務報表的日期存在的條件、情況或一組情況的效果的估計在將來的短期內進行變更。因此，實際結果可能與這些估計差異很大。
11
現金及現金等價物
與首次公開發行相關的發行費用：
首次公開募股相關的發行費用
公司遵守財務會計準則委員會（FASB）會計準則編碼（「ASC」）340-10-S99-1以及SEC工作人員會計公告主題5A - 「招股費用」的要求。發行費用爲$
可能收回的普通股的會計處理按照 ASC Topic 480 的指導意見進行，「區分負債和所有權益」。必需收回的普通股股份（如果有）被分類爲負債工具，並按公允價值計量。設有條件收回的普通股份（包括具有在持有者控制範圍內或僅在發生不完全由公司控制的不確定事件時進行收回準備權的普通股份）被分類爲臨時所有權。在其他時間，普通股被分類爲股東權益。公司的普通股包括某些收回權，這些權利要考慮到不受公司控制的不確定事件的發生。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別以臨時所有權的形式呈現，超出了公司的簡明合併資產負債表的股東權益部分。
公司根據ASC第480號指南來覈算其可能贖回的普通股。 可能贖回的普通股被分類爲負債工具，並按公允價值計量。 有條件可贖回的普通股（包括具有贖回權的普通股，這些贖回權或者由持有人控制，或者在發生不完全在公司控制範圍內的不確定事件後才能贖回）按照臨時權益分類。 在其他所有時間，普通股被分類爲股東權益。 公司的普通股具有某些被認爲在公司控制範圍之外且取決於不確定未來事件發生的贖回權。 因此，可能贖回的普通股按照可贖回價值作爲臨時權益，呈現在公司資產負債表股東權益部分之外。
公司贖回的普通股受SEC及其工作人員有關可贖回權益工具的指導的影響，該指導已編入ASC 480-10-S99。如果有可能該權益工具將變爲可贖回，公司可以選擇在發行日期（或自可能發生該工具將變爲可贖回的日期起，如果較晚）到該工具的最早贖回日期的期間內，對贖回價值的變動進行累積或立即承認贖回價值的變動，並在每個報告期結束時調整該工具的帶數金額以等於贖回價值。公司已選 擇立即承認這些變動。增加的帶數或重新計量將被視作股息（即，對保留收益的減少，或者在沒有保留收益的情況下，附加支付的資本）。
截至2024年9月30日，資產負債表中可能贖回的普通股數量在以下表格中進行了對賬：
|
| ||
總收益 | $ | | |
減少 |
|
| |
分配給公開認購的權益 |
| ( | |
與贖回股份相關的發行費用分配 |
| ( | |
加 |
|
| |
帶數載入贖回價值重新計量 |
| | |
普通股可能被贖回，截止日期爲2023年12月31日 | $ | | |
加 |
|
| |
帶數載入贖回價值重新計量 |
| | |
可能贖回的普通股，截止日期爲2024年9月30日 | $ | | |
12
權利
除非公司在業務組合中不是生存公司，否則每個權利持有人將自動收到 （1/6）的普通股份。即使持有權利的人已經贖回了與業務組合或公司修訂的備忘錄和章程的前業務組合活動相關的所有股份，當業務組合完成時，每個權利持有人都將被要求積極贖回他、她或其權利，以便在業務組合完成時接收 普通股權益的六分之一。不需要額外支付給公共股東權利持有人，以便在業務組合完成時接收他、她或其額外的普通股份。在交換權利後發行的股份將自由交易（除了公司的關聯方持有的部分）。如果公司與一項業務組合達成最終協議，而公司將不是生存實體，則最終協議將規定權利持有人按照每股計算的方式接收與交易中普通股股東相同的每股對價。
公司在與權益和責任工具相關的評估考慮特定條款和FASB ASC 480和ASC 815的適用權威指南後，將權益或負債類別工具進行會計處理。評估考慮該工具是否是根據ASC 480具有自由的金融工具，是否符合ASC 480中的負債定義，以及該權益證券是否符合ASC815的權益分類的所有要求，包括權益分類是否會受到公司自己的普通股的影響，以及權利持有人是否在公司控制範圍之外的情況下，可能需要要求「淨現金結算」，以及其他權益分類條件。這種需要專業判斷的評估在發行權益時進行，並在每個後續季度期末時進行。
公司根據FASB ASC 480《區分負債和權益》和ASC 815《衍生工具與避險》的適用權限令，將權利視爲權益或負債類別工具。該評估考慮權利是否是在ASC 480下的獨立金融工具，是否符合ASC 480中負債的定義，並且權利是否符合ASC 815中全部權益分類的所有要求，包括權益是否以公司自己的普通股爲基礎，以及是否存在權利持有人可能需要在公司控制範圍之外的情況下需要實現「淨現金結算」的條件，以及其他權益分類。此一評估需要專業判斷，於發行權益時進行，以及在所有權益未清除期末日進行。
對於符合全部權益分類條件的發行或修改的權利，該權利在發行時必須記錄爲股本的組成部分。對於不符合全部分類條件的發行或修改的權利，該權利需要按其發行日期的公允價值記錄爲負債，並在記錄之日起定期進行調整。權利的估計公允價值的變化將在操作表的非現金收益中承認。
由於在IPO和私募發行中發行的權益符合ASC480的權益分類條件，因此，權益被歸類爲股本。
所得稅
公司遵循ASC 740的資產和負債計稅方法，「所得稅」。遞延所得稅資產和負債是基於既有資產和負債的財務報表賬面金額與其相應稅基之間的差異所歸因的估計未來稅收後果而確認的。遞延所得稅資產和負債是使用預計適用於那些預計會收回或結算臨時差異的年份中的應納稅所得的實施稅率來衡量的。稅率變化對遞延所得稅資產和負債的影響在包括頒佈日期的期間內確認在收入中。如果必要，設立估值準備金以將遞延所得稅資產減少至預期實現的金額。
13
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) |
| $ | |
| $ | ( |
| $ | |
| $ | ( |
Remeasurement for ordinary shares subject to possible redemption |
| ( |
| — |
| ( |
| — | ||||
Net loss including accretion of ordinary shares to redemption value | $ | ( | $ | ( | $ | ( | $ | ( | ||||
For the three months ended September 30, | ||||||||||||
| 2024 | 2023 | ||||||||||
| Non- |
|
| Non- | ||||||||
Redeemable | Redeemable | Redeemable | Redeemable | |||||||||
Ordinary | Ordinary | Ordinary | Ordinary | |||||||||
Shares | Shares | Shares | Shares | |||||||||
Basic and diluted net income (loss) per share: |
|
|
|
|
|
|
|
| ||||
Numerators: |
|
|
|
|
|
|
|
| ||||
Net loss | $ | ( | $ | ( | $ | — | $ | ( | ||||
Remeasurement for ordinary shares subject to possible redemption |
| |
| — |
| — |
| — | ||||
Allocation of net income (loss) | $ | | $ | ( | $ | — | $ | ( | ||||
Denominators: |
|
|
|
|
| |||||||
Weighted-average shares outstanding |
| |
| |
| — |
| | ||||
Basic and diluted net income (loss) per share | $ | | $ | ( | $ | — | $ | ( | ||||
14
For the nine months ended September 30, | ||||||||||||
| 2024 | 2023 | ||||||||||
| Non- |
|
| Non- | ||||||||
Redeemable | Redeemable | Redeemable | Redeemable | |||||||||
Ordinary | Ordinary | Ordinary | Ordinary | |||||||||
Shares | Shares | Shares | Shares | |||||||||
Basic and diluted net income (loss) per share: |
|
|
|
|
|
|
|
| ||||
Numerators: | ||||||||||||
Net loss | $ | ( | $ | ( | $ | — | $ | ( | ||||
Remeasurement for ordinary shares subject to possible redemption |
| |
| — |
| — |
| — | ||||
Allocation of net income (loss) | $ | | $ | ( | $ | — | $ | ( | ||||
Denominators: |
|
|
|
|
| |||||||
Weighted-average shares outstanding |
| |
| |
| — |
| | ||||
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.
15
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)
16
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 $
17
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”) |
|
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) |
| |
| | ||
Amounts due to related parties | $ | | $ | | ||
18
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) |
| — |
| |
| — |
| | ||||
Silk Road (3) |
| — |
| — |
| |
| — | ||||
(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 $ |
19
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
20
$
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.
|
|
|
|
| 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 | $ | | $ | | $ | — | $ | — | ||||
|
|
|
|
| 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: |
|
|
|
|
|
|
|
| ||||
Investments held in Trust Account-Money Market Fund | $ | | $ | | $ | — | $ | — | ||||
21
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 $
22
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.
23
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.
24
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.
25
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
26
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
27
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.
28
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
29
Item 6. Exhibits.
Exhibit No. |
| Description |
10.1 |
| |
|
|
|
10.2 | ||
31.1* |
| |
|
|
|
31.2* |
| |
|
|
|
32.1** |
| |
|
|
|
32.2** |
| |
|
|
|
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. |
30
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) | |||
31