Risk Factors Update Summary

• Change in the total assets from $118,698,177 to $28,872,916.
• The number of public shares redeemed increased from 6,756,695 to 2,180,738.
• The Company extended the Termination Date to December 9, 2024, allowing up to twelve monthly extensions.
• Change in valuation inputs or other assumptions resulted in a decrease from $108,300 to $4,389.
• Net income increased from $324 to $1,320 million, a significant rise impacting financial performance.
• The promissory note subscription term increased from $250,000 to $300,000 for working capital.
• Adjustment in the cash flow from operating activities from $(730,469) to $(1,402,478).
• Paragraph 1A was added to Topic 946 - SubTopic 505, with a reference to http://fasb.org/us-gaap/role/ref/legacyRef.
• Section 50 - Paragraph 3 - Subparagraph (c) added, referencing URI https://asc.fasb.org/1943274/2147481687/323-10-50-3. This change enhances disclosure clarity.
• Addition of "Excise tax imposed on common stock redemptions" with a value of $935,214.
• Net operating loss carryforwards increased from $17 million to $362 million, a significant change.
• Introduction of investment income interest details may impact financial performance significantly.
• Due to affiliate advance increased from $390 to $700, impacting cash flow significantly.
• Change in the number of shares subject to redemption from 11,500,000 to 2,562,567.
• The deadline for completing a business combination was extended from June 9, 2023, to April 9, 2024.
• The number of shares of common stock subject to possible redemption decreased from 3,445,000 to 2,562,567.
• Operating expenses increased significantly from $135 million to $991 million, impacting financial performance.
• The Company extended the Termination Date to December 9, 2024, through multiple extensions, depositing a total of $780,000 for each three-month extension.
• The company entered into promissory notes with Public Gold Marketing Sdn. Bhd. totaling $1,510,000.
• Added details on the average number of shares outstanding for calculating diluted EPS, impacting financial reporting.
• Addition of new details related to stock issuance and redemption, with values exceeding $100 million.
• Holders redeemed 6,756,695 shares at $10.35/share, totaling approximately $69.92 million.
• Changes in the allocation of net income and loss, impacting diluted net income per share.
• Change in the net income from $224,242 to $1,320,324.
• The number of Public Warrants decreased from 11,500 to 2,562,567, impacting exercise options.
• The number of extensions permitted for completing a business combination increased from four to eight.
• Fair value of Private Placement Warrants decreased from $6,270 to $4,389.
• The Company instructed the Trustee to liquidate U.S. government securities or money market funds, holding all funds in cash until the completion of the Business Combination.
• Change in "Remeasurement of common stock subject to redemption" from $1,139,419 to $3,595,663.
• Redemption of common stock increased from $93,521,369 to $116,725,000, affecting financial position.
• Basic and diluted net income per share increased from $0.04 to $0.38, a substantial change.
• Increase in the promissory note amount from $390,000 to $700,000 for working capital needs.
• Section 50 - Paragraph 1B - SubTopic 10 was updated to Section 50 - Paragraph 5, with a reference to http://fasb.org/us-gaap/role/ref/legacyRef.
• Monthly fees of $10,000 to the sponsor ceased after terminating the administrative services agreement.
• Addition of details on penalties recognized from income tax examinations might impact financial statements.
• The Company received a notice from Nasdaq regarding non-compliance with the Minimum Total Holders Rule.
• The extension fees payment decreased from $390,000 to $250,000 for working capital.
• Valuation allowance increased from $162.5 million to $545 million, a substantial rise.
• Changes in the issuance of common stock, with significant increases in shares issued and stock value.
• Section 50 - Paragraph 28 - Subparagraph (f) added, with URI https://asc.fasb.org/1943274/2147482907/825-10-50-28. This addition improves reporting accuracy.
• Total operating expenses rose from $1.1 billion to $1.2 billion, affecting profitability.
• The total promissory notes balance increased to $1,757,255, with $57,255 interest incurred.
• Deferred tax assets increased significantly from $83,187 to $362,533 due to valuation allowance changes.
• Excise tax accrued for common stock redemptions rose from $935,214 to $933,663.
• Revision of prior period adjustments affecting net income and loss allocations.
• The total amount deposited into the trust account for public stockholders increased from $390,000 to $1.17 million.
• The Company recorded a 1% excise tax liability of $935,214 on the consolidated balance sheets as its only major tax jurisdiction as of December 31, 2023.
• Common stock shares redemption increased from 2,562,567 to 11,500,000, impacting equity structure.
• Details on the sale of private placement units and warrants, affecting capital raising strategies.
• Stockholders approved amendments allowing extensions to December 9, 2024, with $60,000 deposit per extension.
• Deferred tax assets increased from $83,187 to $362,533, impacting financial position.
• Introduction of "Net income" value from $224,242 to $1,320,324.
• Inclusion of estimated penalties recognized from income tax examinations could affect profitability.
• Fair value of Private Placement Warrants decreased by $1,881 from $6,270 to $4,389.
• SubTopic 10 - Section 50 - Paragraph 1A was added to Topic 470 - SubTopic 20, with a reference to http://fasb.org/us-gaap/role/ref/legacyRef.
• Deferred tax assets increased from $187 million to $362.5 million, a notable change.
• The Termination Date was extended by another month, from February 9, 2023, to February 9, 2024.
• Increase in the due to related parties balance from $127,000 to $607,000.
• Increase in the cash balance from $81,763 to $79,073.
• Section 55 - Paragraph 10 added, with URI https://asc.fasb.org/1943274/2147481372/852-10-55-10. This change enhances financial statement transparency.
• Stockholders exercised rights to redeem 2,180,738 shares at $10.82/share, totaling approximately $23.60 million.
• The number of total holders required for continued listing on the Nasdaq Capital Market decreased from 400 to 300.
• The extension is the seventh extension since the IPO and the second of up to twelve extensions permitted.
• Income tax provision decreased from $308,185 to $529,505 for the years ended December 31, 2022 and 2023.
• Increase in "Remeasurement of common stock subject to redemption" from $1,139,419 to $3,595,663.
• The Company adopted ASU 2020-06, simplifying accounting for financial instruments, effective January 1, 2022, with no impact on financial statements.
• Remeasurement of common stock subject to redemption increased from $3,426 to $3,595.
• The Company's net income per share of common stock was $0.38 for 2023, compared to ($0.25) in 2022, reflecting a positive change.
• The fair value of Warrant Liabilities decreased from $114,570 to $1,881 as of December 31, 2023.
• The Company submitted an application to phase-down to The Nasdaq Capital Market.
• The net income for the year ended December 31, 2023, increased from $224,242 to $320,324.
• Increase in franchise tax payable from $1,139 to $1,419, affecting financial obligations.
• Change in "Balance at Dec. 31, 2023" from $3,445 to $(7,263,745).
• The Company entered into a Merger Agreement with Alps, GL Sponsor LLC, and Dr. Tham Seng Kong.
• The total amount borrowed under promissory notes increased from $539,788 to $1,757,255.
• The Company's basic and diluted net income per share of common stock for 2023 was $0.04, compared to ($0.06) in 2022, showing an improvement.
• Interest expense accrual increased, impacting financial statements.
• Stockholders approved amendments to extend the Termination Date and amend the Trust Agreement.
• Addition of "Excise tax imposed on common stock redemptions" with a value of $935,214.
• The fair value of Private Placement Warrants decreased from $114,570 to $6,270 as of December 31, 2023.
• The Termination Date was extended by another month, from March 6, 2023, to March 6, 2024.
• The Company's common stock subject to possible redemption decreased from 2,562,567 in 2022 to 117,864,938 in 2023, reflecting a significant change.
• Change in "Net cash used in operating activities" from $(324,872) to $(730,469).
• The fair value of warrant liabilities decreased significantly from $114,570 to $6,270 as of December 31, 2023.
• The extension is the ninth extension since the IPO and the fourth of up to twelve extensions permitted.
• Change in fair value of warrant liabilities to IncreaseDecreaseInChangeInFairValueOfWarrantLiabilities, affecting financial reporting.