v3.26.1
Fair Value Measurements
 6 Months Ended
May 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 9 — Fair Value Measurements

 

Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

 

  ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
  ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
  ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

 

At May 31, 2026, assets held in the Trust Account were $232,037,464 in money market funds which are invested primarily in U.S. Treasury Securities. The following table presents information about the Company’s assets that are measured at fair value at May 31, 2026 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

        
   Level   May 31,
2026		 
Marketable Securities held in Trust Account – U.S. Treasury Securities Money Market Fund  1   $232,037,464 

 

The fair value of the Public Warrants was $2,990,000 or $0.39 per Public Warrant. The initial measurement of fair value of Public Warrants was determined using Monte Carlo Simulation Model. 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: 

 

     
   March 2,
2026		 
Expected term to de-SPAC (years)    2.0 
Probability of de-SPAC and market adjustment    35.0%
Risk-free rate (continuous)    3.78%
Implied Class A share price   $9.87 
Exercise price   $11.50 
Simulation term (years)    7.0 
Selected volatility    4.0%