v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 9 – Fair Value Measurements

 

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date.

 

Recurring Fair Value Measurements

 

The following table presents information about the Company’s recurring fair value measurements as of March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

    Level     March 31,
2026		  
          US$  
Assets:            
Cash held in Trust Account   1     $ 252,761,757  
Liabilities:              
Over-allotment option liability   3     $ —  

 

    Level     December 31,
2025		  
          US$  
Assets:            
Cash held in Trust Account   1     $ 250,535,814  
Liabilities:              
Over-allotment option liability   3     $ 77,000  

 

The following table presents the change in fair value of Level 3 recurring fair value measurements:

 

    Level 3  
    US$  
Balance as of August 7, 2025 (inception)   —  
Over-allotment option liability – December 10, 2025     105,000  
Change in fair value     (28,000 )
Balance as of December 31, 2025     77,000  
Expiration of over-allotment option liability     (77,000 )
Balance as of March 31, 2026     —  

 

The over-allotment option was accounted for as a liability in accordance with ASC 815-40 and was presented within liabilities on the balance sheet. The over-allotment liability is measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of over-allotment liability in the statement of operations.

 

A Black-Scholes model was used to value the over-allotment option. The Company estimates the volatility of its ordinary share based on historical volatility that matches the expected remaining life of the option. The risk-free interest rate is based on the U.S. Constant Maturity Treasury rates on the grant date for a maturity similar to the expected remaining life of the option. The expected life of the option is assumed to be equivalent to their remaining contractual term. The following is a summary of key inputs utilized:

 

    Over-allotment Option  
    December 31,
2025		     December 10,
2025		  
Unit price   $ 10.04     $ 10.00  
Exercise price   $ 10.00     $ 10.00  
Risk-free rate     3.71 %     3.76 %
Estimated volatility     5.07 %     6.81 %
Time to expiration     0.061       0.122  

 

Non- Recurring Fair Value Measurements

 

Upon consummating the Initial Public Offering on December 10, 2025, the Public Warrants were valued using a Black-Scholes Simulation Model, resulting in a fair value of $3,482,587. The Public Warrants have been classified within shareholders’ deficit and will not require remeasurement after issuance. The following table presents the quantitative information regarding market assumptions used in the Level 3 valuation of the Public Warrants:

 

    December 10,
2025		  
Implied ordinary share price   $ 9.91  
Exercise price   $ 11.50  
Simulation term (years)     7.00  
Risk-free rate     3.92 %
Estimated implied volatility     2.10 %
Market adjustment     47.66 %
Calculated value per warrant   $ 0.56