| Movements in Warrant Liabilities |
Changes in the warrant liabilities for the years ended December 31, 2025 and 2024 are summarized as follows:
| |
|
Public warrants
|
|
| |
|
Number of warrants
|
|
|
Value
|
|
| |
|
|
|
|
|
|
|
Warrants as of January 1, 2025
|
|
$ |
16,812,123 |
|
|
$
|
75,827,403
|
|
|
Change in fair value of warrant liabilities
|
|
|
|
|
|
|
(63,526,324
|
)
|
|
Warrants exercised
|
|
|
(10,026 |
) |
|
|
(45,221
|
)
|
| |
|
|
|
|
|
|
|
|
|
Exchange rate effect
|
|
|
-
|
|
|
|
(4,290,442
|
)
|
|
As of December 31 , 2025
|
|
$
|
16,802,097
|
|
|
$
|
7,965,416
|
|
| |
|
Public warrants
|
|
| |
|
Number of warrants
|
|
|
Value
|
|
| |
|
|
|
|
|
|
|
Warrants assumed in connection with the business combination held on March 20, 2024
|
|
$ |
16,875,000 |
|
|
$
|
19,717,425
|
|
|
Change in fair value of warrant liabilities
|
|
|
|
|
|
|
51,946,426
|
|
|
Warrants exercised
|
|
|
(62,877 |
) |
|
|
(73,452
|
)
|
| |
|
|
|
|
|
|
|
|
|
Exchange rate effect
|
|
|
-
|
|
|
|
4,237,004
|
|
|
As of December 31 , 2024
|
|
$ |
16,812,123 |
|
|
$
|
75,827,403
|
|
|