XML 31 R20.htm IDEA: XBRL DOCUMENT

Fair Value Measurement on a Recurring Basis (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurement on a Recurring Basis [Abstract]

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicate the fair value hierarchy of the inputs that the Company utilized to determine such fair value

Description		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total
Assets:
Assets held in Trust Account – U.S. government debt securities		$	211,232,550			$	—			$	—			$	211,232,550
Total		$	211,232,550			$	—			$	—			$	211,232,550
Liabilities:
Forward sale securities liability		$	—			$	—			$	13,807,504			$	13,807,504
Total		$	—			$	—			$	13,807,504			$	13,807,504

December 31, 2025

Description		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total
Assets:
Assets held in Trust Account – U.S. government debt securities		$	207,513,472			$	—			$	—			$	207,513,472
Total		$	207,513,472			$	—			$	—			$	207,513,472
Liabilities:
Forward sale securities liability		$	—			$	—			$	13,196,864			$	13,196,864
Total		$	—			$	—			$	13,196,864			$	13,196,864

Schedule of Change in the Fair Value of the Forward Sale Securities

The following table presents the change in the fair value of the forward sale securities liability for the three and six months ended June 30, 2026:

		Forward Sale Securities
Fair value as of December 31, 2025		$	(13,196,864	)
Change in valuation inputs or other assumptions⁽¹⁾			(5,706,390	)
Fair value as of March 31, 2026		$	(18,903,254	)
Change in valuation inputs or other assumptions⁽¹⁾			5,095,750
Fair value as of June 30, 2026		$	(13,807,504	)

⁽¹⁾

Changes in valuation inputs or other assumptions are recognized in Change in fair value of forward sale securities in the unaudited condensed consolidated statements of operations.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details