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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis

December 31, 2025

 

Fair Value

Description

 

Level 1

 

Level 2

 

Level 3

Liabilities

 

 

   

 

   

 

 

Conversion event liability

 

$

 

$

 

$

726,944

Warrant Liability – Private Placement Warrants

 

$

 

$

 

$

7,238,000

December 31, 2024

 

Fair Value

Description

 

Level 1

 

Level 2

 

Level 3

Assets

 

 

   

 

   

 

 

Investments held in Trust Account

 

$

3,237,676

 

$

 

$

Liabilities

 

 

   

 

   

 

 

Conversion event liability

 

$

 

$

 

$

684,887

Warrant Liability – Public Warrants

 

$

 

$

 

$

2,300,000

Warrant Liability – Private Placement Warrants

 

$

 

$

 

$

1,880,000

Schedule of Fair Value Input

The following table provides significant inputs used to determine the fair value of the convertible promissory note conversion event liability:

 

December 31,
2025

 

December 31,
2024

Share price

 

$

6.50

 

 

$

10.01

 

Discount rate

 

 

14.5

%

 

 

8.7

%

Probability of close

 

 

90.0

%

 

 

60.0

%

Years to expiration

 

 

0.25

 

 

 

0.38

 

Market adjustment for implied probability of acquisition

 

 

NA

%

 

 

9.82

%

The following table provides significant inputs to the independent third party’s pricing model for the fair value of the Public Warrants at December 31, 2025 and the Private Placement Warrants at December 31, 2025 and 2024:

 

December 31,
2025

 

December 31,
2024

Share price

 

$

6.50

 

 

$

10.01

 

Exercise price

 

$

11.50

 

 

$

11.50

 

Years to expiration

 

 

4.95

 

 

 

5.38

 

Volatility

 

 

28.0

%

 

 

1.6

%

Risk-free rate

 

 

3.66

%

 

 

4.30

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

Schedule of Fair Value of Financial Instruments

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis at December 31, 2025 and 2024:

 

Private
Placement
Warrants

 

Public
Warrants

 

Conversion
Feature

Changes in fair value of financial liabilities measured with level 3:

 

 

   

 

 

 

 

 

 

 

January 1, 2025

 

$

1,880,000

 

$

2,300,000

 

 

$

684,887

 

Initial value of October 2025 Conversion Event Liability

 

 

 

 

 

 

 

105,570

 

Reclassification from a liability classification to equity

 

 

 

 

(11,500,000

)

 

 

 

Reclassification of Public Warrants to Level 3

 

 

 

 

 

 

 

 

Change in fair value

 

 

5,358,000

 

 

9,200,000

 

 

 

(63,513

)

December 31, 2025

 

$

7,238,000

 

$

 

 

$

726,944

 

 

Private
Placement
Warrants

 

Public
Warrants

 

Conversion
Feature

Changes in fair value of financial liabilities measured with level 3:

 

 

   

 

   

 

 

January 1, 2024

 

$

940,000

 

$

 

$

Initial value of Conversion Event Liability

 

 

 

 

 

 

667,066

Reclassification of Public Warrants to Level 3

 

 

 

 

575,000

 

 

Change in fair value

 

 

940,000

 

 

1,725,000

 

 

17,821

December 31, 2024

 

$

1,880,000

 

$

2,300,000

 

$

684,887