XML 334 R63.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurements (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value Measurements    
Schedule of assets and liabilities that are measured at fair value on a recurring basis

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March 31, 2025

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(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

 

​

​

 

​

​

 

​

  

Marketable securities held in trust account

​

$

433,645

​

$

—

​

$

—

Liabilities:

​

 

​

​

 

​

​

 

  

Public Warrants

​

$

—

​

$

2,270,100

​

$

—

Private Placement Warrants

​

$

—

​

$

2,310,000

​

$

—

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​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

 

  

​

 

  

​

 

  

Marketable securities held in trust account

 

$

429,151

 

$

—

 

$

—

Liabilities:

​

 

​

​

 

​

​

 

​

Public Warrants

 

$

—

 

$

2,300,000

 

$

—

Private Placement Warrants

 

$

—

 

$

2,339,000

 

$

—

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​

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​

​

​

​

​

​

    

December 31, 2024

​

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets

 

​

  

 

​

  

 

​

  

Marketable securities held in trust account

​

$

429,151

​

$

—

​

$

—

Liabilities

​

 

​

​

 

​

​

 

  

Public Warrants

​

$

—

​

$

2,300,000

​

$

—

Private Placement Warrants

​

$

—

​

$

2,339,000

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2023

​

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets

​

 

  

​

 

  

​

 

  

Marketable securities held in trust account

 

$

44,709,805

 

$

—

 

$

—

Liabilities

​

 

​

​

 

​

​

 

 

Public Warrants

 

$

287,500

 

$

—

 

$

—

Private Placement Warrants

 

$

—

 

$

293,000

 

$

—

Schedule of fair value hierarchy for liabilities measured at fair value on a recurring basis

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​

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Warrant Liabilities

Level 2 Derivative warrant liabilities as of December 31, 2023

​

$

293,000

Change in fair value of Private Placement Warrant liability

​

 

2,046,000

Transfer of Public Warrant liability to Level 2

​

 

2,300,000

Level 2 Derivative warrant liabilities as of December 31, 2024

​

 

4,639,000

Change in fair value of warrant liabilities

​

 

(58,900)

Level 2 Derivative warrant liabilities as of March 31, 2025

​

$

4,580,100

​

​

​

​

​

​

    

Warrant Liabilities

Level 2 Derivative warrant liabilities as of December 31, 2023

​

$

293,000

Change in fair value of Private Placement Warrant liability

 

​

2,046,000

Transfer of Public Warrant liability to Level 2

 

​

2,300,000

Level 2 Derivative warrant liabilities as of December 31, 2024

​

$

4,639,000

Schedule of changes in fair value of warrant liabilities

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​

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​

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​

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For the Three Months Ended March 31, 2025

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​

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Private

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​

​

​

​

Public

​

Placement

​

Warrant

​

    

Warrants

    

Warrants

    

Liability

Derivative warrant liabilities as of December 31, 2024

​

$

2,300,000

​

$

2,339,000

​

$

4,639,000

Change in fair value

 

​

(29,900)

​

​

(29,000)

​

​

(58,900)

Derivative warrant liabilities as of March 31, 2025

​

$

2,270,100

​

$

2,310,000

​

$

4,580,100

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended March 31, 2024

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​

​

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Private

​

​

​

​

​

Public

​

Placement

​

Warrant

​

    

Warrants

    

Warrants

    

Liability

Derivative warrant liabilities as of December 31, 2023

​

$

287,500

​

$

293,000

​

$

580,500

Change in fair value

​

​

(221,950)

​

​

(226,000)

​

​

(447,950)

Derivative warrant liabilities as of March 31, 2024

​

$

65,550

​

$

67,000

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$

132,550

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Private

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Share

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Public

​

Placement

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Warrant

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Redemptions

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Warrants

    

Warrants

    

Liability

    

Payable

Derivative warrant liabilities as of December 31, 2022

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​

261,050

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​

266,000

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​

527,050

​

​

—

Establishment of share repurchase liability

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​

—

​

​

—

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​

—

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​

197,694,657

Share repurchase payment

​

​

—

​

​

—

​

​

—

​

​

(197,694,657)

Change in fair value

 

​

26,450

 

​

27,000

​

​

53,450

 

​

—

Derivative warrant liabilities as of December 31, 2023

 

​

287,500

 

​

293,000

​

​

580,500

 

​

—

Change in fair value

​

​

2,012,500

​

​

2,046,000

​

​

4,058,500

​

​

—

Derivative warrant liabilities as of December 31, 2024

​

$

2,300,000

​

$

2,339,000

​

$

4,639,000

​

$

—

Schedule of quantitative information regarding Level 3 fair value measurements inputs

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March 31,

​

Inputs:

    

2025

    

2024

 

Common stock price

​

$

11.36

​

$

10.80

 

Exercise price

​

$

11.50

​

$

11.50

​

Risk-free rate of interest

​

 

3.94

%  

 

4.16

%

Volatility

​

 

0.00

%  

 

0.00

%

Term

​

 

5.24

​

 

5.71

​

Warrant to buy one share

​

$

0.01

​

$

0.01

​

Dividend yield

​

 

0.00

%  

 

0.00

%

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​

​

​

​

​

​

​

​

​

​

​

December 31,

​

Inputs:

    

​

2024

    

​

2023

 

Common stock price

​

$

11.14

​

$

10.64

 

Exercise price

​

$

11.50

​

$

11.50

​

Risk-free rate of interest

​

 

4.37

%  

 

3.81

%

Volatility

​

 

0.00

%  

 

0.00

%

Term

​

 

5.75

​

 

5.21

​

Warrant to buy one share (adjusted for the probability of dissolution)

​

$

0.20

​

$

0.03

​

Dividend yield

​

 

0.00

%  

 

0.00

%

Schedule of quantitative information regarding Level 3 fair value measurements inputs date

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June 9,

 

September 30,

​

October 11,

 

November 14,

​

December 13,

​

January 12,

 

February 12,

​

Inputs:

   

2023

   

2023

   

2023

   

2023

   

2023

   

2024

   

2024

​

Common stock price

​

$

10.54

​

$

10.56

​

$

10.57

​

$

10.60

​

$

10.62

​

$

10.65

​

$

10.73

​

Estimated probability of an Initial Business Combination

​

 

10.00

%  

​

10.00

%  

 

10.00

%  

​

10.00

%  

​

10.00

%  

​

10.00

%  

​

10.00

%

Estimated volatility

​

 

76.56

%  

​

65.96

%  

 

64.90

%  

​

63.91

%  

​

65.52

%  

​

66.02

%  

​

64.40

%

Risk-free rate

​

 

5.10

%  

​

5.39

%  

 

5.31

%  

​

5.17

%  

​

4.88

%  

​

4.60

%  

​

4.88

%

Time to expiration

​

 

1.00

​

​

1.00

​

 

1.00

​

​

1.00

​

​

1.00

​

 

1.00

​

​

1.00

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​

​

​

​

​

​

​

​

​

​

​

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​

​

​

​

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​

​

​

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​

    

June 9,

    

September 30,

    

October 11,

    

November 14,

    

December 13,

    

January 12,

    

February 12,

​

Inputs:

​

2023

​

2023

​

2023

​

2023

​

2023

 

2024

​

2024

​

Common stock price

​

$

10.54

​

$

10.56

​

$

10.57

​

$

10.60

​

$

10.62

​

$

10.65

​

$

10.73

​

Estimated probability of an Initial Business Combination

​

 

10.00

%  

 

10.00

%  

 

10.00

%  

 

10.00

%  

 

10.00

%  

​

10.00

%  

​

10.00

%  

Estimated volatility

​

 

76.56

%  

 

65.96

%  

 

64.90

%  

 

63.91

%  

 

65.52

%  

​

66.02

%  

​

64.40

%  

Risk-free rate

​

 

5.10

%  

 

5.39

%  

 

5.31

%  

 

5.17

%  

 

4.88

%  

​

4.60

%  

​

4.88

%  

Time to expiration

​

 

1.00

​

 

1.00

​

 

1.00

​

 

1.00

​

 

1.00

​

​

1.00

​

​

1.00

​

​