v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS

 

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Amount at
Fair Value		   Level 1   Level 2   Level 3 
December 31, 2025                
Assets                
Cash held in Trust Account:                
Interest-bearing demand deposit  $494,421   $494,421   $
—
   $
—
 
Liabilities                    
Warrant liability – Founder Warrants  $1,337,166   $
—
   $
—
   $1,337,166 
Warrant liability – Private Placement Warrants  $163,774   $
—
   $
—
   $163,774 
Warrant liability – Public Warrants  $5,085,000   $
—
   $5,085,000   $
—
 
December 31, 2024                    
Assets                    
Cash held in Trust Account:                    
Interest-bearing demand deposit  $25,630,285   $25,630,285   $
—
   $
—
 
Liabilities                    
Warrant liability – Founder Warrants  $423,751   $
—
   $
—
   $423,751 
Warrant liability – Private Placement Warrants  $51,900   $
—
   $
—
   $51,900 
Warrant liability – Public Warrants  $1,695,000   $1,695,000   $
—
   $
—
 

 

The measurement of the Public Warrants as of December 31, 2025 is classified as Level 2 due to insufficient trading activity. The measurement of the Public Warrants as of December 31, 2024 was classified as Level 1 due to significant trading activity under the ticker PLMWF and PLMJW, respectively. The quoted price representing the fair value of the Public Warrants was $0.54 and $0.18 per warrant as of December 31, 2025 and 2024, respectively.

 

In prior periods, the Company utilized a Black-Scholes Option Pricing model for the initial valuation of the Founder Warrants and Private Placement Warrants and the subsequent measurement of the Founder Warrants and Private Placement Warrants. Inherent in pricing models are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield, which are considered Level 3 inputs. As of December 31, 2025 and 2024, the Company utilized a Black-Scholes Option Pricing model for the valuation of the Founder Warrants and Private Placement Warrants. The fair value of the Founder Warrants and Private Placement Warrants was $0.57 and $0.18 per warrant as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Founder Warrants and Private Placement Warrants are classified as Level 3 due to the use of a Black-Scholes Option Pricing model.

 

For the year ended December 31, 2025, the Company recognized a loss of $4,415,289 on the changes in the fair value of warrant liabilities in the statements of operations. For the year ended December 31, 2024, the Company recognized a loss of $1,447,101, on the changes in the fair value of warrant liabilities in the statements of operations.

 

The following table provides quantitative information regarding the warrant liability Level 3 fair value measurements:

 

   Founder   Private   Total 
   Warrant   Warrant   Warrant 
   Liabilities   Liabilities   Liabilities 
Fair value as of December 31, 2023  $141,250   $17,300   $158,550 
Change in fair value   282,500    34,600    317,100 
Fair value as of December 31, 2024   423,750    51,900    475,650 
Change in fair value   913,416    111,874    1,025,290 
Fair value as of December 31, 2025  $1,337,166   $163,774   $1,500,940 

 

The following table provides quantitative information regarding the warrant liability Level 3 fair value measurements:

 

   December 31,   December 31, 
   2025   2024 
Trading stock price  $11.64   $11.12 
Exercise price  $11.50   $11.50 
Expected term (in years)   5.13    5.50 
Volatility   12.5%   7.6%
Risk-free rate   3.68%   4.31%