v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS
7 – 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 and the level of inputs used for such measurements:

 

    As of June 30, 2026  
    Quoted
Prices
in Active
Markets
(Level 1)		     Significant
Other
Observable
Input
(Level 2)		     Significant
Other
Unobservable
Input
(Level 3)		  
Assets                  
Cash and cash equivalents   $ 113,254,440                 -       -  
Liabilities                        
Derivative warrant liabilities – Company Public Warrants   $ 12,248,864       -       -  
Derivative warrant liabilities – Company Private Warrants     -       -       64,529,710  

 

    As of December 31, 2025  
    Quoted
Prices
in Active
Markets
(Level 1)		     Significant
Other
Observable
Input
(Level 2)		     Significant
Other
Unobservable
Input
(Level 3)		  
Assets                  
Cash and cash equivalents   $ 222,939       -       -  
Liabilities                                
Derivative liabilities - SAFE   $ -       -       6,406,878  

 

The fair value of Company Public Warrants has been measured based on the listed market price of such Public Warrants. The estimated fair value of the Company Private Warrants was determined using a Monte Carlo simulation method with Level 3 inputs as of June 30, 2026. Inherent in a Black-Scholes option pricing model and a Monte Carlo simulation method are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the historical volatility of select peer companies’ common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

 

    As of
June 30,
2026		  
Exercise price   $ 11.50  
Stock price   $ 27.76  
Volatility     90.0 %
Risk-free rate     4.10 %
Expected terms (years)     4.72  
Dividend yield     0 %

 

The summary of changes in fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2026 have been disclosed under Note 8 – Warrant Liabilities and Note 9 – Simple Agreement for Future Equity (“SAFE”) Liabilities.