Company: MKDWW
Filing Date: 2025-01-23
Form Type: F-1
Source: 0001493152-25-003296
Chunk: 228

Company: MKDWELL Tech Inc.
Filing Date: 2025-01-23
Form: F-1
Chunk 228
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aneously with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with the Sponsor of 286,875units (the “Private Units” as described in Note 4), generating total proceeds of $ 2,868,750, including the conversion of the outstanding promissory note to Private Units at $ 10.00per Unit in the total principal amount of $ 216,837. Each Unit consists of one share of common stock of the Company, par value $ 0.0001per share (the “Shares”), one redeemable warrant entitling its holder to purchase one Share at a price of $ 11.50per Share, subject to adjustment in accordance with the Warrant terms, and one right to receive one-sixth (1/6) of one share upon the consummation of the Company’s initial business combination.

Transaction costs amounted to $ 3,752,350, consisting of $ 862,500of underwriting fees, $ 2,130,500of deferred underwriting fees that will be payable only upon completion of a Business Combination, $ 137,448representing the fair value of the Representative Shares (defined below), and $ 621,902of other offering costs.

In addition, in conjunction with the IPO, the Company issued to the underwriter 57,500shares of Class A common stock for nominal consideration (the “Representative Shares”). The fair value of the Representative Shares accounted for as compensation under ASC 718, Stock compensation, is included in the offering costs. The estimated fair value of the Representative Shares as of the IPO date totaled $ 137,448.

Upon the closing of the IPO and the private placement on February 3, 2023, a total of $ 58,506,250was placed in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S. government treasury obligations. These funds will not be released until the earlier of the completion of the initial Business Combination and the liquidation due to the Company’s failure to complete a Business Combination within the applicable period of time. The proceeds deposited in the Trust Account could become subject to the claims