| Schedule of Trust Account |
For the three months ended March 31, 2026, the Company did not withdraw any of the interest earned on the Trust Account.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fair Value Measured as of March 31, 2026 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities held in Trust Account – U.S. Treasury Securities Money Market Fund |
|
$ |
241,144,179 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
241,144,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIPE Subscription Agreements liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,539,057 |
|
|
$ |
16,539,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2025, assets held in the Trust Account were comprised of $239,042,295 in a mutual fund that is invested primarily in Treasury securities. For the year ended December 31, 2025, the Company did not withdraw any of the interest earned on the Trust Account.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fair Value Measured as of December 31, 2025 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities held in Trust Account – U.S. Treasury Securities Money Market Fund |
|
$ |
239,042,295 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239,042,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIPE Subscription Agreements liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,274,088 |
|
|
$ |
15,274,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2024, the Trust Account did not exist.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measured as of December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities held in Trust Account – U.S. Treasury Securities Money Market Fund |
|
$ |
239,042,295 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239,042,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIPE Subscription Agreements liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,274,088 |
|
|
$ |
15,274,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of PIPE Subscription Agreements Liability |
In order to calculate the fair value of the PIPE Subscription Agreements derivative liability, the Company utilized the following inputs:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Probability of Business Combination |
|
|
95 |
% |
|
|
90 |
% |
Underlying Ordinary Share price |
|
$ |
10.40 |
|
|
$ |
10.30 |
|
Term (years) |
|
|
0.21 |
|
|
|
0.41 |
|
Risk-free rate |
|
|
3.74 |
% |
|
|
3.62 |
% |
Volatility |
|
|
1.50 |
% |
|
|
4.60 |
% |
|
In order to calculate the fair value of the PIPE Subscription Agreements derivative liability, the Company utilized the following inputs:
|
|
|
|
|
|
|
|
|
| |
|
November 14,
2025
(Initial
measurement) |
|
|
|
|
Probability of Business Combination |
|
|
85 |
% |
|
|
90 |
% |
Underlying Ordinary Share price |
|
$ |
10.32 |
|
|
$ |
10.30 |
|
| |
|
|
0.54 |
|
|
|
0.41 |
|
| |
|
|
3.79 |
% |
|
|
3.62 |
% |
| |
|
|
12.70 |
% |
|
|
4.60 |
% |
|
| Schedule of Fair Value of PIPE Subscription Agreements Derivative Liability |
The following table presents the changes in the fair value of the PIPE Subscription Agreements derivative liability:
|
|
|
|
|
| |
|
PIPE
Subscription
Agreements |
|
Fair value as of November 14, 2025 (initial measurement) |
|
$ |
15,582,052 |
|
Change in fair value |
|
|
(307,964 |
) |
|
|
|
|
|
Fair value as of December 31, 2025 |
|
|
15,274,088 |
|
Change in fair value |
|
|
1,264,969 |
|
|
|
|
|
|
Fair value as of March 31, 2026 |
|
$ |
16,539,057 |
|
|
|
|
|
|
|
The following table presents the changes in the fair value of the PIPE Subscription Agreements derivative liability:
|
|
|
|
|
|
|
PIPE
Subscription
Agreements |
|
Fair value as of November 14, 2025 (initial measurement) |
|
$ |
15,582,052 |
|
| |
|
|
(307,964 |
) |
|
|
|
|
|
Fair value as of December 31, 2025 |
|
$ |
15,274,088 |
|
|
|
|
|
|
|