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10-K true 2025-12-31 --12-31 false 001-42211 Voyager Acquisition Corp./Cayman Islands E9 00-0000000 131 Concord Street Brooklyn NY 11201 (347) 720-2907 Units, each consisting of one Class A ordinary share and one-half of one warrant VACHU NASDAQ Class A ordinary shares, par value $0.0001 per share VACH NASDAQ Warrants, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share VACHW NASDAQ No No Yes Yes Non-accelerated Filer true true false false false true 270000000 25300000 6325000 As a blank check company, we have no operations and therefore do not have any operations of our own that face cybersecurity threats. However, we do depend on the digital technologies of third parties, as noted in Item 1A. Risk Factors of this Annual Report. Any sophisticated and deliberate attacks on, or security breaches in, systems or infrastructure or the cloud that we utilize, including those of third parties, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. Because of our reliance on the technologies of third parties, we also depend upon the personnel and the processes of third parties to protect against cybersecurity threats, and we have no personnel or processes of our own for this purpose. Our board of directors oversees risk for our Company, and prior to filings with the SEC, our board of directors reviews our risk factors, including the descriptions of the risks we face from cybersecurity threats, as described in Item 1A. Risk Factors of this Annual Report. false false false false WithumSmith+Brown, PC New York 100

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NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Voyager Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on December 19, 2023. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”). As of December 31, 2025, the Company had not yet commenced operations. All activity for the period from December 19, 2023 (inception) through December 31, 2025 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. On April 22, 2025, Voyager Acquisition entered into a Business Combination Agreement with Veraxa Biotech AG, a Swiss company, and Oliver Baumann, in his capacity as the representative of Veraxa’s shareholders (the “BCA”). Under the BCA, Voyager Acquisition Sponsor Holdco LLC formed a public limited company under Swiss law (“PubCo”), which in turn formed a Cayman Islands exempted company (“Merger Sub”). Pursuant to a Joinder Agreement dated July 16, 2025, PubCo and Merger Sub became parties to the BCA. The BCA, approved by the boards of directors of both Voyager Acquisition Corp and Veraxa, outlines a two-step transaction: (i) Voyager will merge with and into Merger Sub, which will survive as a wholly owned subsidiary of PubCo (the “Initial Merger”), and (ii) shortly thereafter, Veraxa will merge with and into PubCo, with PubCo as the surviving entity (the “Acquisition Merger”). Initial Public Offering The registration statement for the Company’s Initial Public Offering was declared effective on August 8, 2024. The Initial Public Offering (“IPO”) involved 25,300,000 units (the “Units”), including 3,300,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (the “Public Shares”), and one-half of one redeemable warrant (the “Public Warrants”) with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of <span id="xdx_90B_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20240801__20240808__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zyO9GDr0ia73" title="Sale of units in aggragate amount">$253,000,000 (the “Public Proceeds”) (see Note 3). Simultaneously with the closing of the IPO, pursuant to the private placement warrant purchase agreement, dated August 8, 2024, between the Company and Voyager Acquisition Sponsor Holdco LLC (the “Sponsor”), and the private placement warrant purchase agreement, dated August 8, 2024, between the Company and Cantor Fitzgerald & Co. and Odeon Capital Group LLC, the Company completed the private sale of 7,665,000 warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of <span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20240801__20240808__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementWarrantsMember_zWTT0Q2iMPf1" title="Proceeds from private placement">$7,665,000 (the “Private Proceeds” and together with the Public Proceeds, the “Offering Proceeds”). In this Private Placement, the Sponsor purchased <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240801__20240808__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementWarrantsMember__srt--CounterpartyNameAxis__custom--SponsorMember_zw31xtINdpya" title="Sale of units">5,037,500 warrants, while Cantor Fitzgerald & Co. and Odeon Capital Group LLC purchased <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240801__20240808__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementWarrantsMember__srt--CounterpartyNameAxis__custom--OdeonCapitalGroupMember_zR3gR0KodZJ2" title="Sale of units">2,627,500 warrants. The Private Placement Warrants are identical to the Warrants sold in the IPO (see Note 4). Transaction costs amounted to $17,098,246, consisting of $4,400,000 cash underwriting fee, $12,045,000 of deferred underwriting fee (see additional discussion in Note 7), and $653,246 of other offering costs. Investments Held in Trust Account On August 12, 2024, upon the closing of the Initial Public Offering and the Private Placement, <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240801__20240812__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialPublicOfferingAndPrivatePlacementMember_zk2RFjc6ePZ9" title="Sale of units">$254,265,000 ($10.05 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested only in U.S. government treasury obligations, 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 which invest only in direct U.S. government treasury obligations, until the earliest of (i) the completion of an initial business combination, (ii) the redemption of public shares if the Company is unable to complete an initial business combination within the completion window, subject to applicable law, and (iii) the redemption of public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to modify the substance or timing of obligation to redeem 100% of public shares if the Company has not consummated an initial business combination within the completion window or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity. The proceeds deposited in the Trust Account could become subject to the claims of creditors, if any, which could have priority over the claims of public shareholders. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants (as defined in Note 4), although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its Class A ordinary shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the liquidation, if there is a shareholder vote or tender offer in connection with the initial Business Combination and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”). In accordance with U.S. Securities and Exchange Commission (“SEC”) and its guidance on redeemable equity instruments, which has been codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”), paragraph 10-S99, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Accordingly, all of the Public Shares were presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. Given that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A ordinary shares classified as temporary equity were the allocated proceeds determined in accordance with FASB ASC Topic 470-20, “Debt with Conversion and Other Options.” The resulting discount to the initial carrying value of temporary equity was accreted upon closing the Initial Public Offering such that the carrying value equals the redemption value on such date. The accretion or remeasurement is recognized as a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The Public Shares are redeemable and were classified as such on the balance sheets until such date that a redemption event takes place. The Company has determined not to consummate any Business Combination unless the Company has net tangible assets of at least $5,000,001 upon such consummation in order to avoid being subject to Rule 419 promulgated under the Securities Act. However, if the Company seeks to consummate an initial Business Combination with a target business that imposes any type of working capital closing condition or requires the Company to have a minimum amount of funds available from the Trust Account upon consummation of such initial Business Combination, its net tangible asset threshold may limit the Company’s ability to consummate such initial Business Combination (as the Company may be required to have a lesser number of shares redeemed) and may force the Company to seek third-party financing which may not be available on terms acceptable to the Company or at all. As a result, the Company may not be able to consummate such initial Business Combination and the Company may not be able to locate another suitable target within the applicable time period, if at all. Each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares (as defined in Note 6) prior to this Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor. Notwithstanding the foregoing, the Company’s Second Amended and Restated Memorandum and Articles of Association will provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, directors and director nominees will agree not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Proposed Public Offering (the “Combination Period”), the Company will (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. However, the Company may hold a shareholder vote at any time to amend its amended and restated memorandum and articles of association to modify the amount of time it will have to consummate an initial Business Combination (as well as to modify the substance or timing of the obligation to redeem 100% of the public shares if the Company has not consummated an initial Business Combination within the time periods described herein or with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity). As described herein, the initial shareholders, executive officers, directors and director nominees have agreed that they will not propose any such amendment unless the Company provides the public shareholders with the opportunity to redeem their public shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of amounts withdrawn to pay income taxes), divided by the number of then-outstanding public shares, subject to the limitations described herein. The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.05 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern As of December 31, 2025, the Company had cash of $182,103 and a working capital deficit of $1,100,478. The Company has incurred and expects to continue to incur significant costs in connection with completing a potential business combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. Further, The Company’s mandatory liquidation date, absent a consummated business combination, is August 12, 2026 which is within one year from the issuance date of these financial statements. In connection with the management's assessment of going concern considerations in accordance with FASB ASC 205-40, “Presentation of Financial Statements --Going Concern,” the Company's management has determined that the liquidity condition, mandatory liquidation date, should a Business Combination not occur, and potential subsequent dissolution raise substantial doubt about its ability to continue as a going concern through the earlier of the liquidation date or the completion of the initial Business Combination. There is no assurance that the Company's plans to consummate the initial Business Combination will be successful or successful within the Combination Period. The consolidated financial statements included in this Annual Report on Form 10-K do not include any adjustments that might result from the outcome of this uncertainty. In the event that the business combination is not completed as currently anticipated, the Company’s Sponsor has agreed to provide working capital loans, if necessary, to fund the Company’s operations. Furthermore, the Company’s Sponsor, officers, and directors have agreed to waive certain future administrative fees to preserve cash resources. There can be no assurance that the proposed business combination will be completed or that additional financing will be available on acceptable terms, if required. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. As such, the accompanying financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result should the Company be required to liquidate.

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NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments require public business entities to disclose additional information about certain expense captions presented on the face of the income statement, including the disaggregation of specific expense categories such as employee compensation, depreciation, amortization, and stock-based compensation within relevant income statement line items. The amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance and does not expect its adoption to have a material impact on the Company’s financial statements. Management does not believe that any recently issued, but not effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2025 and 2024, the Company had $182,103 and $668,285, respectively, in cash and cash equivalents. Investments Held in Trust Account The Company’s portfolio of investments is comprised of cash and U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. The Company classifies its U.S. government treasury bills and equivalent securities as held to maturity in accordance with FASB ASC 320, “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity U.S. government treasury bills are recorded at amortized cost and adjusted for the amortization of discounts. The estimated fair values of investments held in the Trust Account are determined using available market information. The interest income, unrealized gain and dividend income on these investments are included in the statements of operations. At December 31, 2025, the assets held in the Trust Account of $269,862,743 were held in a money market fund. As of December 31, 2024, all assets held in the Trust Account were invested in U.S. Treasury bills. These investments had maturity dates within two months of the reporting date. Given the short maturity, fair value is assumed to approximate the amortized cost, and as such, the Treasury bills are recorded at fair value in the Trust Account at the end of the reporting period. As of December 31, 2024, the Trust Account held $259,099,778 in U.S. Treasury bills. Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Offering costs consist principally of professional and registration fees, cash underwriting discount, and deferred underwriting fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on relative fair value basis, compared to total proceeds received. Offering costs allocated to the Public Shares were charged against the carrying value of ordinary shares subject to possible redemption upon the completion of the Initial Public Offering and offering costs allocated to Public and Private Placement Warrants were charged to additional paid-in capital at the completion of the Initial Public Offering. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that is included in the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized for jurisdictions where the Company might be subject to income tax. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits, and no amounts accrued for interest and penalties as of December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets. Warrant Instruments The Company assessed Public Warrants and Private Placement Warrants to determine whether they should be classified as equity or liability instruments. This assessment is based on an evaluation of the specific terms of each instrument and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment is based on whether the instrument is freestanding financial instruments pursuant to ASC 480 meets the definition of a liability pursuant to ASC 480, and whether the instrument meets all of the requirements for equity classification under ASC 815, including whether the instrument is indexed to the Company’s own ordinary shares, among other conditions for equity classification. Pursuant to such evaluation, the Company accounted for the public warrants issued in Initial Public Offering and the warrants issued in connection with the Private Placement as equity-classified instruments in accordance with ASC 815 as they did not meet the liability criteria. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Class A Ordinary Shares Subject to Possible Redemption The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies Public ordinary shares subject to redemption outside of permanent deficit as the redemption provisions are not solely within the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding instruments (i.e., Public Warrants) and as such, the initial carrying value of Public Shares classified as temporary equity is the allocated proceeds determined in accordance with ASC 470-20. The Company recognizes change in redemption value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital and the accumulated deficit. Accordingly, as of December 31, 2025 and 2024, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. At December 31, 2025 and 2024, the ordinary shares subject to possible redemption reflected in the balance sheets are reconciled in the following table: <table cellpadding="0" cellspacing="0" id="xdx_897_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zyyaR9awlyw1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of redemption reflected in the balance sheet are reconciled</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20241231_zUmylKt3sG1j" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PublicOfferingProceeds_zPt3bq6Ge0x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; text-align: left">Public offering proceeds</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">253,000,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Less:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProceedsAllocatedToPublicWarrants_zosm3dlPaCvc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds allocated to Public Warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,429,450</td> <td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--AllocationOfOfferingCostsRelatedToRedeemableShares_zhoVIkerKQk5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allocation of offering costs related to redeemable shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(16,998,565</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Plus:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccretionOfCarryingValueOfOrdinarySharesSubjectToPossibleRedemptionToRedemptionValue_z87noIYGZfp1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Accretion of carrying value of ordinary shares subject to possible redemption to redemption value</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">24,527,793</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OrdinarySharesSubjectToPossibleRedemption_zfMlExVouZb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Ordinary shares subject to possible redemption as of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">259,099,778</td> <td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Accretion of carrying value of ordinary shares subject to possible redemption to redemption value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td id="xdx_989_ecustom--AccretionOfCarryingValueOfOrdinarySharesSubjectToPossibleRedemptionToRedemptionValue_c20250101__20251231_z9XV7klZ0dnj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Accretion of carrying value of ordinary shares subject to possible redemption to redemption value">10,762,965</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Ordinary shares subject to possible redemption as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td id="xdx_98D_ecustom--OrdinarySharesSubjectToPossibleRedemption_c20250101__20251231_zw16QojsoaPf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Ordinary shares subject to possible redemption">269,862,743</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per ordinary share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Remeasurement of carrying value to redemption value of redeemable shares of ordinary shares is excluded from income per share as the redemption value approximates fair value. The calculation of diluted income per ordinary share does not consider the effect of the public warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement, since the issuance of the shares included in the rights is contingent upon the occurrence of future events. As of December 31, 2025 and 2024, the public and private warrants are exercisable to purchase in aggregate 12,650,000 and 7,665,000 ordinary shares, respectively. The weighted average of these shares was excluded from the calculation of diluted net income per ordinary share since the inclusion of such rights and warrants would be anti-dilutive. The warrants cannot be converted to shares of ordinary shares prior to an initial Business Combination; therefore, they have been classified as anti-dilutive. <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_zQEKgG0Q2skk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of earnings per share basic</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zP9kYjkZ0g4g" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zTQntDjqX4T8" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkB045OIKXf4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zN9hjfAV3TX4" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Redeemable Class A</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Non- Redeemable Class B</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Redeemable Class A</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Non- Redeemable Class B</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Basic net income per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Numerator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Allocation of net income </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,191,313</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,797,828</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,599,850</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,541,521</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Weighted average shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zqoYc2d8ix1l" title="Basic weighted average shares outstanding">25,300,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zvD9z44dITtd" title="Basic weighted average shares outstanding">6,325,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zWzKt5Jti9qc" title="Basic weighted average shares outstanding">9,815,847</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_z5koOY80Fe4h" title="Basic weighted average shares outstanding">5,820,082</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Basic net income per share</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_908_eus-gaap--EarningsPerShareBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zBodpmB2HFc7" title="Basic net income per share">0.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_902_eus-gaap--EarningsPerShareBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zjRJQ78G6Nl9" title="Basic net income per share">0.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90C_eus-gaap--EarningsPerShareBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zVz3AmKEG3H7" title="Basic net income per share">0.26</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zGm9wdIjmCb4" title="Basic net income per share">0.26</td> <td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock_zAWPjja8dcYl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of earning per share diluted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zj2MGM1gwmYf" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpNpRZV7GXX" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_znG6IVlDrWvi" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_z1EOxk33ayh5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Class A</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Non- Redeemable Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Class A</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Non- Redeemable Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Diluted net income per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zKQszwHqZSq4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Allocation of net income </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,191,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,797,828</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,599,850</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,541,521</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zay7Uh8giVNc" title="Diluted weighted average shares outstanding">25,300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zHLcH5YaXM17" title="Diluted weighted average shares outstanding">6,325,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z5W5w96ks6kl" title="Diluted weighted average shares outstanding">9,815,847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpKCDGooNEq8" title="Diluted weighted average shares outstanding">6,325,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Diluted net income per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_904_eus-gaap--EarningsPerShareDiluted_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkua17Bpls68" title="Diluted net income per share">0.28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_908_eus-gaap--EarningsPerShareDiluted_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zCGqpLOFByl9" title="Diluted net income per share">0.28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_907_eus-gaap--EarningsPerShareDiluted_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zeryzXLk4D1g" title="Diluted net income per share">0.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_902_eus-gaap--EarningsPerShareDiluted_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpfmTjxhqqT3" title="Diluted net income per share">0.24</td><td style="text-align: left"> </td></tr> </table>

Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments require public business entities to disclose additional information about certain expense captions presented on the face of the income statement, including the disaggregation of specific expense categories such as employee compensation, depreciation, amortization, and stock-based compensation within relevant income statement line items. The amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance and does not expect its adoption to have a material impact on the Company’s financial statements. Management does not believe that any recently issued, but not effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2025 and 2024, the Company had $182,103 and $668,285, respectively, in cash and cash equivalents.

182103

668285

Investments Held in Trust Account The Company’s portfolio of investments is comprised of cash and U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. The Company classifies its U.S. government treasury bills and equivalent securities as held to maturity in accordance with FASB ASC 320, “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity U.S. government treasury bills are recorded at amortized cost and adjusted for the amortization of discounts. The estimated fair values of investments held in the Trust Account are determined using available market information. The interest income, unrealized gain and dividend income on these investments are included in the statements of operations. At December 31, 2025, the assets held in the Trust Account of $269,862,743 were held in a money market fund. As of December 31, 2024, all assets held in the Trust Account were invested in U.S. Treasury bills. These investments had maturity dates within two months of the reporting date. Given the short maturity, fair value is assumed to approximate the amortized cost, and as such, the Treasury bills are recorded at fair value in the Trust Account at the end of the reporting period. As of December 31, 2024, the Trust Account held $259,099,778 in U.S. Treasury bills.

269862743

259099778

Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Offering costs consist principally of professional and registration fees, cash underwriting discount, and deferred underwriting fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on relative fair value basis, compared to total proceeds received. Offering costs allocated to the Public Shares were charged against the carrying value of ordinary shares subject to possible redemption upon the completion of the Initial Public Offering and offering costs allocated to Public and Private Placement Warrants were charged to additional paid-in capital at the completion of the Initial Public Offering.

Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that is included in the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized for jurisdictions where the Company might be subject to income tax. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits, and no amounts accrued for interest and penalties as of December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.

Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets.

Warrant Instruments The Company assessed Public Warrants and Private Placement Warrants to determine whether they should be classified as equity or liability instruments. This assessment is based on an evaluation of the specific terms of each instrument and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment is based on whether the instrument is freestanding financial instruments pursuant to ASC 480 meets the definition of a liability pursuant to ASC 480, and whether the instrument meets all of the requirements for equity classification under ASC 815, including whether the instrument is indexed to the Company’s own ordinary shares, among other conditions for equity classification. Pursuant to such evaluation, the Company accounted for the public warrants issued in Initial Public Offering and the warrants issued in connection with the Private Placement as equity-classified instruments in accordance with ASC 815 as they did not meet the liability criteria.

Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

250000

Class A Ordinary Shares Subject to Possible Redemption The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies Public ordinary shares subject to redemption outside of permanent deficit as the redemption provisions are not solely within the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding instruments (i.e., Public Warrants) and as such, the initial carrying value of Public Shares classified as temporary equity is the allocated proceeds determined in accordance with ASC 470-20. The Company recognizes change in redemption value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital and the accumulated deficit. Accordingly, as of December 31, 2025 and 2024, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets. At December 31, 2025 and 2024, the ordinary shares subject to possible redemption reflected in the balance sheets are reconciled in the following table: <table cellpadding="0" cellspacing="0" id="xdx_897_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zyyaR9awlyw1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of redemption reflected in the balance sheet are reconciled</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20241231_zUmylKt3sG1j" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PublicOfferingProceeds_zPt3bq6Ge0x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; text-align: left">Public offering proceeds</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">253,000,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Less:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProceedsAllocatedToPublicWarrants_zosm3dlPaCvc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds allocated to Public Warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,429,450</td> <td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--AllocationOfOfferingCostsRelatedToRedeemableShares_zhoVIkerKQk5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allocation of offering costs related to redeemable shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(16,998,565</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Plus:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccretionOfCarryingValueOfOrdinarySharesSubjectToPossibleRedemptionToRedemptionValue_z87noIYGZfp1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Accretion of carrying value of ordinary shares subject to possible redemption to redemption value</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">24,527,793</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OrdinarySharesSubjectToPossibleRedemption_zfMlExVouZb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Ordinary shares subject to possible redemption as of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">259,099,778</td> <td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Accretion of carrying value of ordinary shares subject to possible redemption to redemption value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td id="xdx_989_ecustom--AccretionOfCarryingValueOfOrdinarySharesSubjectToPossibleRedemptionToRedemptionValue_c20250101__20251231_z9XV7klZ0dnj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Accretion of carrying value of ordinary shares subject to possible redemption to redemption value">10,762,965</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Ordinary shares subject to possible redemption as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td id="xdx_98D_ecustom--OrdinarySharesSubjectToPossibleRedemption_c20250101__20251231_zw16QojsoaPf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Ordinary shares subject to possible redemption">269,862,743</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_897_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zyyaR9awlyw1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of redemption reflected in the balance sheet are reconciled</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20241231_zUmylKt3sG1j" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PublicOfferingProceeds_zPt3bq6Ge0x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; text-align: left">Public offering proceeds</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">253,000,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Less:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProceedsAllocatedToPublicWarrants_zosm3dlPaCvc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds allocated to Public Warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,429,450</td> <td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--AllocationOfOfferingCostsRelatedToRedeemableShares_zhoVIkerKQk5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allocation of offering costs related to redeemable shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(16,998,565</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Plus:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccretionOfCarryingValueOfOrdinarySharesSubjectToPossibleRedemptionToRedemptionValue_z87noIYGZfp1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Accretion of carrying value of ordinary shares subject to possible redemption to redemption value</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">24,527,793</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OrdinarySharesSubjectToPossibleRedemption_zfMlExVouZb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Ordinary shares subject to possible redemption as of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">259,099,778</td> <td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Accretion of carrying value of ordinary shares subject to possible redemption to redemption value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td id="xdx_989_ecustom--AccretionOfCarryingValueOfOrdinarySharesSubjectToPossibleRedemptionToRedemptionValue_c20250101__20251231_z9XV7klZ0dnj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Accretion of carrying value of ordinary shares subject to possible redemption to redemption value">10,762,965</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Ordinary shares subject to possible redemption as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td id="xdx_98D_ecustom--OrdinarySharesSubjectToPossibleRedemption_c20250101__20251231_zw16QojsoaPf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Ordinary shares subject to possible redemption">269,862,743</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 253000000 -1429450 -16998565 24527793 259099778 10762965 269862743 Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per ordinary share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Remeasurement of carrying value to redemption value of redeemable shares of ordinary shares is excluded from income per share as the redemption value approximates fair value. The calculation of diluted income per ordinary share does not consider the effect of the public warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement, since the issuance of the shares included in the rights is contingent upon the occurrence of future events. As of December 31, 2025 and 2024, the public and private warrants are exercisable to purchase in aggregate 12,650,000 and 7,665,000 ordinary shares, respectively. The weighted average of these shares was excluded from the calculation of diluted net income per ordinary share since the inclusion of such rights and warrants would be anti-dilutive. The warrants cannot be converted to shares of ordinary shares prior to an initial Business Combination; therefore, they have been classified as anti-dilutive. <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_zQEKgG0Q2skk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of earnings per share basic</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zP9kYjkZ0g4g" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zTQntDjqX4T8" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkB045OIKXf4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zN9hjfAV3TX4" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Redeemable Class A</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Non- Redeemable Class B</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Redeemable Class A</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Non- Redeemable Class B</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Basic net income per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Numerator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Allocation of net income </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,191,313</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,797,828</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,599,850</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,541,521</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Weighted average shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zqoYc2d8ix1l" title="Basic weighted average shares outstanding">25,300,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zvD9z44dITtd" title="Basic weighted average shares outstanding">6,325,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zWzKt5Jti9qc" title="Basic weighted average shares outstanding">9,815,847</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_z5koOY80Fe4h" title="Basic weighted average shares outstanding">5,820,082</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Basic net income per share</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_908_eus-gaap--EarningsPerShareBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zBodpmB2HFc7" title="Basic net income per share">0.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_902_eus-gaap--EarningsPerShareBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zjRJQ78G6Nl9" title="Basic net income per share">0.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90C_eus-gaap--EarningsPerShareBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zVz3AmKEG3H7" title="Basic net income per share">0.26</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zGm9wdIjmCb4" title="Basic net income per share">0.26</td> <td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock_zAWPjja8dcYl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of earning per share diluted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zj2MGM1gwmYf" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpNpRZV7GXX" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_znG6IVlDrWvi" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_z1EOxk33ayh5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Class A</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Non- Redeemable Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Class A</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Non- Redeemable Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Diluted net income per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zKQszwHqZSq4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Allocation of net income </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,191,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,797,828</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,599,850</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,541,521</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zay7Uh8giVNc" title="Diluted weighted average shares outstanding">25,300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zHLcH5YaXM17" title="Diluted weighted average shares outstanding">6,325,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z5W5w96ks6kl" title="Diluted weighted average shares outstanding">9,815,847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpKCDGooNEq8" title="Diluted weighted average shares outstanding">6,325,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Diluted net income per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_904_eus-gaap--EarningsPerShareDiluted_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkua17Bpls68" title="Diluted net income per share">0.28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_908_eus-gaap--EarningsPerShareDiluted_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zCGqpLOFByl9" title="Diluted net income per share">0.28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_907_eus-gaap--EarningsPerShareDiluted_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zeryzXLk4D1g" title="Diluted net income per share">0.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_902_eus-gaap--EarningsPerShareDiluted_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpfmTjxhqqT3" title="Diluted net income per share">0.24</td><td style="text-align: left"> </td></tr> </table>

12650000

7665000

<table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_zQEKgG0Q2skk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of earnings per share basic</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zP9kYjkZ0g4g" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zTQntDjqX4T8" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkB045OIKXf4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zN9hjfAV3TX4" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Redeemable Class A</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Non- Redeemable Class B</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Redeemable Class A</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Non- Redeemable Class B</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Basic net income per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Numerator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Allocation of net income </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,191,313</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,797,828</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,599,850</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,541,521</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Weighted average shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zqoYc2d8ix1l" title="Basic weighted average shares outstanding">25,300,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zvD9z44dITtd" title="Basic weighted average shares outstanding">6,325,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zWzKt5Jti9qc" title="Basic weighted average shares outstanding">9,815,847</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_z5koOY80Fe4h" title="Basic weighted average shares outstanding">5,820,082</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Basic net income per share</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_908_eus-gaap--EarningsPerShareBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zBodpmB2HFc7" title="Basic net income per share">0.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_902_eus-gaap--EarningsPerShareBasic_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zjRJQ78G6Nl9" title="Basic net income per share">0.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90C_eus-gaap--EarningsPerShareBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zVz3AmKEG3H7" title="Basic net income per share">0.26</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_903_eus-gaap--EarningsPerShareBasic_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zGm9wdIjmCb4" title="Basic net income per share">0.26</td> <td style="text-align: left"> </td></tr> </table>

7191313

1797828

2599850

1541521

25300000

6325000

9815847

5820082

0.28

0.26

<table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock_zAWPjja8dcYl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Schedule of earning per share diluted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zj2MGM1gwmYf" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpNpRZV7GXX" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_znG6IVlDrWvi" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_z1EOxk33ayh5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Class A</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Non- Redeemable Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Class A</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Non- Redeemable Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Diluted net income per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zKQszwHqZSq4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Allocation of net income </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,191,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,797,828</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,599,850</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,541,521</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: top">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zay7Uh8giVNc" title="Diluted weighted average shares outstanding">25,300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zHLcH5YaXM17" title="Diluted weighted average shares outstanding">6,325,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_z5W5w96ks6kl" title="Diluted weighted average shares outstanding">9,815,847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpKCDGooNEq8" title="Diluted weighted average shares outstanding">6,325,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Diluted net income per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_904_eus-gaap--EarningsPerShareDiluted_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zkua17Bpls68" title="Diluted net income per share">0.28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_908_eus-gaap--EarningsPerShareDiluted_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zCGqpLOFByl9" title="Diluted net income per share">0.28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_907_eus-gaap--EarningsPerShareDiluted_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RedeemableClassAMember_zeryzXLk4D1g" title="Diluted net income per share">0.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgU0lHTklGSUNBTlQgQUNDT1VOVElORyBQT0xJQ0lFUyAoRGV0YWlscyAxKQA_" id="xdx_902_eus-gaap--EarningsPerShareDiluted_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassBMember_zpfmTjxhqqT3" title="Diluted net income per share">0.24</td><td style="text-align: left"> </td></tr> </table>

7191313

1797828

2599850

1541521

25300000

6325000

9815847

6325000

0.28

0.26

0.24

NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 25,300,000 Units including 3,300,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”). Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240808__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCqrbsbIkHke" title="Warrants exercise price share">11.50 per share. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade.

25300000

3300000

10.00

11.50

NOTE 4. PRIVATE PLACEMENT Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 7,665,000 warrants (the “Initial Private Placement Warrants”). In this Private Placement, the Sponsor purchased <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240801__20240812__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementWarrantsMember__srt--CounterpartyNameAxis__custom--SponsorMember_zaPYpAyCA9cc" title="Sale of units">5,037,500 warrants, while Cantor Fitzgerald & Co. and Odeon Capital Group LLC purchased <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240801__20240812__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementWarrantsMember__srt--CounterpartyNameAxis__custom--CantorFitzgeraldCoAndOdeonCapitalGroupLLCMember_zzFvvNKz9qH" title="Sale of units">2,627,500 warrants, all at a price of $1.00 per Private Placement Warrant, generating total proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20240801__20240812__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementWarrantsMember_zhBpiSZM6aRl" title="Proceeds from private placement">7,665,000. Each Private Placement Warrant entitles the holder thereof to one Class A ordinary share and one-half of one redeemable warrant (“Private Placement Warrants”) to purchase one Class A ordinary share at $11.50 per share. Each whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor is added to the proceeds from the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.

7665000

5037500

2627500

1.00

7665000

11.50

NOTE 5. SEGMENT INFORMATION ASC Topic 280, “Segment Reporting”, establishes standards for companies to report, in their financial statements, information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s Chief Operating Decision Maker (“CODM”), or group, in deciding how to allocate resources and assess performance. The Company’s CODM has been identified as the Company’s Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one reportable segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statements of operations as net income or loss. The measure of segment assets is reported on the balance sheets as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following: <table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zpcuLlKJ5Ctc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SEGMENT INFORMATION (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of segment assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zmYHzxA0iR0b" style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td id="xdx_496_20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1SJ2Z4v15S2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; padding-left: 0.125in; padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 </td> <td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--Cash_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 76%; vertical-align: top">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">182,103</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">668,285</td> <td style="width: 1%"> </td></tr> <tr id="xdx_404_ecustom--DueFromRelatedParty_iI_pp0p0_z5udDK6bQT8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Due from Sponsor</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td> <td> </td> <td>$</td> <td style="text-align: right">44,028</td> <td> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseCurrent_iI_pp0p0_zptnwFbMDAE5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepaid assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,537</td><td style="text-align: left"> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_40B_ecustom--InvestmentsAndCashHeldInTrustAccount_iI_pp0p0_zBoxXIbO3uIi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investments and Cash held in Trust Account</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">269,862,743</td><td style="text-align: left"> </td> <td> </td> <td>$</td> <td style="text-align: right">259,099,778</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ScheduleOfStatementOfOperationsTableTextBlock_zwwUSucKYLa7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SEGMENT INFORMATION (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of statement of operations</td> <td> </td> <td> </td> <td id="xdx_496_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zYhYLgLeHxh8" style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td id="xdx_49C_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z7dYHAR4XqLd" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">For the Year Ended December 31, 2025</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">For the Year Ended December 31, 2024</td> <td style="padding-bottom: 1pt; text-align: center"> </td> </tr> <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_zz3hdCDc3Jrf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">General and administrative expenses</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">1,785,259</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">702,959</td> <td style="width: 1%"> </td> </tr> <tr id="xdx_409_eus-gaap--InterestAndOtherIncome_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Interest income</td> <td> </td> <td>$</td> <td style="text-align: right">11,435</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">9,552</td> <td> </td> </tr> <tr id="xdx_40E_ecustom--IncomeFromInvestmentsHeldInTrustAccount_zA14NUiVW6Y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income from investments held in Trust Account</td> <td> </td> <td>$</td> <td style="text-align: right">10,762,965</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,675,702</td> <td> </td> </tr> <tr id="xdx_40E_eus-gaap--UnrealizedGainLossOnInvestments_zqLR4iAdnzZ4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Unrealized gain on investments held in Trust Account</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">159,076</td> <td> </td> </tr> </table> The CODM reviews general and administrative expenses to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews general and administrative expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative expenses, as reported on the statements of operations, are the significant segment information provided to the CODM on a regular basis. All other segment items included in net income or loss are reported on the statements of operations and described within their respective disclosures. The CODM reviews the position of total assets available with the Company to assess if the Company has sufficient resources available to discharge its liabilities. The CODM is provided with details of cash and liquid resources available with the Company. The CODM reviews the status of investments and cash and cash equivalents held in the Trust Account and the income generated from this investment to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the Investment Management Trust Agreement, dated August 8, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee.

<table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zpcuLlKJ5Ctc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SEGMENT INFORMATION (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of segment assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zmYHzxA0iR0b" style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td id="xdx_496_20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1SJ2Z4v15S2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; padding-left: 0.125in; padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 </td> <td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--Cash_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 76%; vertical-align: top">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">182,103</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">668,285</td> <td style="width: 1%"> </td></tr> <tr id="xdx_404_ecustom--DueFromRelatedParty_iI_pp0p0_z5udDK6bQT8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Due from Sponsor</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td> <td> </td> <td>$</td> <td style="text-align: right">44,028</td> <td> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseCurrent_iI_pp0p0_zptnwFbMDAE5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepaid assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,537</td><td style="text-align: left"> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_40B_ecustom--InvestmentsAndCashHeldInTrustAccount_iI_pp0p0_zBoxXIbO3uIi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investments and Cash held in Trust Account</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">269,862,743</td><td style="text-align: left"> </td> <td> </td> <td>$</td> <td style="text-align: right">259,099,778</td> <td> </td></tr> </table>

182103

668285

44028

11537

269862743 259099778 <table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ScheduleOfStatementOfOperationsTableTextBlock_zwwUSucKYLa7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SEGMENT INFORMATION (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of statement of operations</td> <td> </td> <td> </td> <td id="xdx_496_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zYhYLgLeHxh8" style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td id="xdx_49C_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z7dYHAR4XqLd" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">For the Year Ended December 31, 2025</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">For the Year Ended December 31, 2024</td> <td style="padding-bottom: 1pt; text-align: center"> </td> </tr> <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_zz3hdCDc3Jrf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">General and administrative expenses</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">1,785,259</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">702,959</td> <td style="width: 1%"> </td> </tr> <tr id="xdx_409_eus-gaap--InterestAndOtherIncome_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Interest income</td> <td> </td> <td>$</td> <td style="text-align: right">11,435</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">9,552</td> <td> </td> </tr> <tr id="xdx_40E_ecustom--IncomeFromInvestmentsHeldInTrustAccount_zA14NUiVW6Y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income from investments held in Trust Account</td> <td> </td> <td>$</td> <td style="text-align: right">10,762,965</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,675,702</td> <td> </td> </tr> <tr id="xdx_40E_eus-gaap--UnrealizedGainLossOnInvestments_zqLR4iAdnzZ4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Unrealized gain on investments held in Trust Account</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">159,076</td> <td> </td> </tr> </table>

1785259

702959

11435

9552

10762965 4675702

159076

NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares A single Class B ordinary share was issued on December 19, 2023, to establish the Company’s legal existence upon incorporation. This share has no economic value and was subsequently forfeited. On January 11, 2024, the Company received $25,000 for issuance of 5,750,000 Class B ordinary shares (the “Founder Shares”). The initial shareholders have agreed to forfeit up to an aggregate of 750,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units is not exercised in full by the underwriters. On February 16, 2024, the Company issued an additional 1,725,000 Founder Shares (up to 225,000 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) for no additional consideration which were retroactively presented on the financial statements. On May 31, 2024, the Company issued an additional 28,750 Founder Shares (up to 3,750 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) for no additional consideration which were retroactively presented on the financial statements. On July 19, 2024, the Company forfeited <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_c20240701__20240719__us-gaap--StatementClassOfStockAxis__custom--FounderSharesMember_zTzpuGRCiXFi" title="Founder shares forfeited">1,178,750 Founder shares for no consideration. This adjustment was made to align with the reduction in the offering size and has been retroactively reflected in the Company’s financial statements. The Founder Shares included an aggregate of up to 825,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full, so that the number of Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On August 12, 2024, following the underwriters’ exercise of the over-allotment option, the shares are no longer subject to forfeiture. As of December 31, 2025 and 2024, there were 6,325,000 Founder Shares issued and outstanding. The initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of the initial Business Combination or (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the Founder Shares will be released from the lockup. Administrative Services Agreement The Company has entered into an agreement, commencing on the effective date of the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay an affiliate of the Sponsor a total of up to $10,000 per month for office space and administrative and support services. For the years ended December 31, 2025 and 2024, the Company incurred $120,000 and $45,800, respectively, for these services. As of December 31, 2025 and 2024, outstanding balances were $165,800 and $45,800, respectively, classified under due to related party in the accompanying balance sheets. Consulting Services The Company entered into an agreement, effective from the date of its incorporation, to pay a monthly fee of $15,000 to an entity affiliated with the Company’s Chief Executive Officer for consulting services. This agreement will continue until the earlier of the Company’s consummation of a Business Combination or its liquidation. For the years ended December 31, 2025 and 2024, the Company incurred $180,000 and $165,536, respectively, for these services. As of December 31, 2025, the outstanding balance is $72,400. As of December 31, 2024, an amount of $11,887 was paid in advance. These amounts are classified under due to related party in the accompanying balance sheets. Related Party Loans On January 11, 2024, the Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the Initial Public Offering. These loans were non-interest-bearing, unsecured and were due at the earlier of December 31, 2024, or the closing of this offering. There were no amounts outstanding under the loans as of December 31, 2025 and 2024. Due from or to Sponsor As of December 31, 2025, the amount due to the Sponsor was $646 for certain expenses paid by Sponsor on behalf of the Company. Between December 19, 2023 (inception) and December 31, 2024, the Sponsor paid $228,274 on behalf of the Company for formation, operating, and deferred offering costs. After netting amounts due to the Sponsor, the Company had a receivable of $44,028 from the Sponsor as of December 31, 2024, which was settled during 2025. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. To date, the Company has had no borrowings under the Working Capital Loans.

25000

5750000

1725000

28750

1178750

825000

6325000

10000

120000

45800

165800 45800

15000

180000 165536 72400 11887 300000 0 0 646

228274

44028

NOTE 7. COMMITMENTS AND CONTINGENCIES Registration and Shareholder Rights The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Proposed Public Offering. The holders of these securities are entitled to make up to three demands, excluding short-from demands, that the Company registers such securities. In addition, the holders have certain “piggyback” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option to purchase up to 3,300,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. On August 12, 2024, simultaneously with the closing of the Initial Public Offering, the underwriters elected to fully exercise the over-allotment option. The underwriters were paid an underwriting discount of $0.20 per unit, or $4,400,000 in the aggregate upon the closing of the Initial Public Offering and <span id="xdx_907_ecustom--DeferredUnderwritingCommissionsPerUnit_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_ztBN4qzYA8U7" title="Deferred underwriting commissions per unit">$0.45 per unit, or <span id="xdx_90D_ecustom--DeferredUnderwritingCommissions_pp0p0_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zzIZTDbPd6m3" title="Deferred underwriting commissions">$9,900,000 in the aggregate will be payable to the underwriters for deferred underwriting commissions. In addition, an additional $0.65 per unit, or <span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pp0p0_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zpzgJkzWP3C8" title="Proceeds from issuance or sale of equity">$2,145,000 on units sold pursuant to the underwriters’ options to purchase additional units, will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management is currently evaluating the impact of significant global events, such as the Russia/Ukraine and Israel/Palestine conflicts, on the industry and has concluded that while it is reasonably possible that these could have a negative effect on the Company’s financial position, results of its operations and/or ability to complete a business combination, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

3300000

0.20 4400000 0.45 9900000

0.65

2145000

NOTE 8. SHAREHOLDERS’ DEFICIT Preference Shares — The Company is authorized to issue 1,000,000 preference shares, $0.0001 par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2025 and 2024, there were no preference shares issued or outstanding. Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of December 31, 2025 and 2024, there were no Class A ordinary shares issued or outstanding excluding 25,300,000 shares and 25,300,000 shares, respectively, subject to redemption. Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. A single Class B ordinary share was issued on December 19, 2023, to establish the Company’s legal existence upon incorporation. This share has no economic value and was subsequently forfeited. On January 11, 2024, the Company received $25,000 for issuance of 5,750,000 Class B ordinary shares. The initial shareholders have agreed to forfeit up to an aggregate of 750,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units is not exercised in full by the underwriters. On February 16, 2024, the Company issued an additional 1,725,000 Founder Shares (up to 225,000 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) for no additional consideration which were retroactively presented on the financial statements. On May 31, 2024, the Company issued an additional 28,750 Founder Shares (up to 3,750 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) for no additional consideration which were retroactively presented on the financial statements. On July 19, 2024, the Company forfeited 1,178,750 Founder Shares for no consideration. This adjustment was made to align with the reduction in the offering size and has been retroactively reflected in the Company’s financial statements. The Class B ordinary shares included an aggregate of up to 825,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full, so that the number of Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On August 12, 2024, following the underwriters’ exercise of the over-allotment option, the shares are no longer subject to forfeiture. As of December 31, 2025 and 2024, there were 6,325,000 Class B ordinary shares issued and outstanding. Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share subdivisions, share dividends, rights issuances, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Proposed Public Offering and related to the closing of the initial Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of all ordinary shares issued and outstanding upon the completion of the Proposed Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. Warrants At December 31, 2025 and 2024, there were 12,650,000 Public Warrants and 7,665,000 Private Placement Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Proposed Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180%, respectively, of the higher of the Market Value and the Newly Issued Price. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00: Once the warrants become exercisable, the Company may call the outstanding warrants for redemption (except as described herein with respect to the Private Placement Warrants): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">in whole and not in part;</td> </tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">at a price of $0.01 per warrant;</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">upon not less than 30 days’ prior written notice of redemption to each warrant holder; and</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">if, and only if, the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted).</td> </tr> </table> The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">in whole and not in part;</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares;</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, rights issuances, reorganizations, recapitalizations and the like); and</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above.</td> </tr> </table> The “fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

1000000

0.0001

200000000

0.0001

25300000 25300000

20000000

0.0001

25000 5750000 1725000 28750 1178750 825000

6325000

12650000

7665000

NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="font-size: 10pt; width: 0.25in">●</td> <td style="text-align: justify; font-size: 10pt">Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"> </td> <td style="text-align: justify; font-size: 10pt; width: 0.25in">●</td> <td style="text-align: justify; font-size: 10pt">Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify; font-size: 10pt"> </td> <td style="text-align: justify; font-size: 10pt"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.</td></tr> </table> The Company’s public warrants were valued using a Monte Carlo simulation model and were classified within shareholders’ deficit and will not require remeasurement after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the warrants: <table cellpadding="0" cellspacing="0" id="xdx_89C_eus-gaap--ScheduleOfAssumptionsUsedTableTextBlock_z9aOrSu8HrXh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of quantitative information regarding market assumptions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Public Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 85%; text-align: left">Probability of Initial Business Combination</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><span id="xdx_909_ecustom--ProbabilityOfInitialBusinessCombination_dp_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_z98iBExWKXl8" title="Probability of Initial Business Combination">12.3</td> <td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expected Initial Business Combination date</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_ecustom--ExpectedInitialBusinessCombinationDate_dd_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zdRKSTydX7Pb" title="Expected Initial Business Combination date">August 31, 2025</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Market price of public stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">9.94</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Weighted term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zyMtabbUQ9D2" title="Term (years)">2.13</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Exercise price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11.50</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zcAwTgkNd0Gi" title="Volatility">5.30</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Risk-free rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zdKA4C5VlT6i" title="Risk-Free rate">3.99</td> <td style="text-align: left">%</td></tr> </table> The fair value of the public warrants was estimated to be $1,429,450 at issuance. The Company issued private warrants at an issuance price of $1.00 per warrant, while the fair value at issuance was estimated to be $0.12 per warrant. Since these private warrants are classified as equity, no further fair value adjustments will be recognized. In March 2025, investments held U.S. Treasury bills were liquidated and all assets held in the Trust Account were invested in a money market fund. The Company did not withdraw any interest income from the Trust Account. As of December 31, 2025, the Trust Account held $269,862,743 in a money market fund, compared to $259,099,119 held in U.S. Treasury bills and $659 as cash as of December 31, 2024. The following tables present information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2025 and 2024 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. The fair values of held-to-maturity securities at December 31, 2025 and the gross holding gains at December 31, 2024 are as follows: <table cellpadding="0" cellspacing="0" id="xdx_89C_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_z9XSKm75HDp6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> Schedule of fair value, assets measured on recurring basis </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Description</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; width: 15%">December 31, 2025</td><td style="width: 2%"> </td> <td style="text-align: left; width: 58%">Money market fund</td><td style="width: 2%"> </td> <td style="text-align: center; width: 10%">1</td><td style="text-align: left; width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_986_eus-gaap--MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_iI_pp0p0_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_z23H93iCEfXl" style="text-align: right; width: 9%" title="Fair Value">269,862,743</td><td style="text-align: left; width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SHAREHOLDERS’ DEFICIT (Details 1)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Held to Maturity</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amortized Cost </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Holding Gain </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value </td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 15%; text-align: left">December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 33%; text-align: left">U.S. Treasury Securities (matured on March 25, 2025)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: center">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_pp0p0_c20250101__20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z1JJCOmRcAR4" style="width: 9%; text-align: right" title="Amortized Cost">254,264,341</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--GrossHoldingGain_pp0p0_c20250101__20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zbeDh49j2l68" style="width: 9%; text-align: right" title="Gross Holding Gain">4,834,778</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_iI_pp0p0_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zYJ595cruQza" style="width: 9%; text-align: right" title="Fair Value">259,099,119</td><td style="width: 1%; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_89C_eus-gaap--ScheduleOfAssumptionsUsedTableTextBlock_z9aOrSu8HrXh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of quantitative information regarding market assumptions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Public Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 85%; text-align: left">Probability of Initial Business Combination</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><span id="xdx_909_ecustom--ProbabilityOfInitialBusinessCombination_dp_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_z98iBExWKXl8" title="Probability of Initial Business Combination">12.3</td> <td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expected Initial Business Combination date</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_ecustom--ExpectedInitialBusinessCombinationDate_dd_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zdRKSTydX7Pb" title="Expected Initial Business Combination date">August 31, 2025</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Market price of public stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">9.94</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Weighted term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zyMtabbUQ9D2" title="Term (years)">2.13</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Exercise price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11.50</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zcAwTgkNd0Gi" title="Volatility">5.30</td> <td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Risk-free rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zdKA4C5VlT6i" title="Risk-Free rate">3.99</td> <td style="text-align: left">%</td></tr> </table>

0.123 August 31, 2025

9.94

P2Y1M17D

11.50

0.0530

0.0399

1429450

269862743

259099119

659

<table cellpadding="0" cellspacing="0" id="xdx_89C_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_z9XSKm75HDp6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> Schedule of fair value, assets measured on recurring basis </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Description</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; width: 15%">December 31, 2025</td><td style="width: 2%"> </td> <td style="text-align: left; width: 58%">Money market fund</td><td style="width: 2%"> </td> <td style="text-align: center; width: 10%">1</td><td style="text-align: left; width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_986_eus-gaap--MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_iI_pp0p0_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_z23H93iCEfXl" style="text-align: right; width: 9%" title="Fair Value">269,862,743</td><td style="text-align: left; width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SHAREHOLDERS’ DEFICIT (Details 1)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Held to Maturity</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amortized Cost </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Holding Gain </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value </td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 15%; text-align: left">December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 33%; text-align: left">U.S. Treasury Securities (matured on March 25, 2025)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: center">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PaymentsToAcquireInvestments_pp0p0_c20250101__20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z1JJCOmRcAR4" style="width: 9%; text-align: right" title="Amortized Cost">254,264,341</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--GrossHoldingGain_pp0p0_c20250101__20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zbeDh49j2l68" style="width: 9%; text-align: right" title="Gross Holding Gain">4,834,778</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_iI_pp0p0_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zYJ595cruQza" style="width: 9%; text-align: right" title="Fair Value">259,099,119</td><td style="width: 1%; text-align: left"> </td></tr> </table>

269862743

254264341

4834778

259099119

NOTE 10. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as set forth below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the accompanying financial statements. On February 17, 2026, the Company’s Registration Statement on Form F-4 relating to the proposed business combination was declared effective by the U.S. Securities and Exchange Commission.

During 2024, the Company issued 5,750,000 Class B shares to the Sponsor on January 11 for $25,000, followed by 1,725,000 additional shares on February 16, bringing the total to 7,475,000. On May 31, 28,750 more shares were issued, but on July 19, 2024 the Company forfeited 1,178,750 shares, leaving 6,325,000 shares outstanding. On August 12, the underwriters fully exercised their over-allotment option. As a result, 825,000 Class B ordinary shares were no longer subject to forfeiture. As of December 31, 2025 and December 31, 2024, the Company had 6,325,000 Class B shares outstanding. During 2024, the Company issued 5,750,000 Class B shares to the Sponsor on January 11 for $25,000, followed by 1,725,000 additional shares on February 16, bringing the total to 7,475,000. On May 31, 2024, the Company issued additional 28,750 Class B ordinary shares to the Sponsor, resulting in the Sponsor holding a total of 7,503,750 Class B ordinary shares. On July 19, 2024, the Company forfeited 1,178,750 shares, leaving 6,325,000 shares outstanding. 825,000 of which were subject to forfeiture. On August 12, 2024, as a result of the underwriters’ election to fully exercise their over-allotment option, 825,000 shares are no longer subject to forfeiture