v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

As at June 30, 2026 and December 31, 2025, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:

 

 

 

As at June 30, 2026

 

(In thousands of USD)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Derivative warrant liability (Public Warrants)

 

 

—

 

 

 

50,551

 

 

 

—

 

 

 

50,551

 

Derivative warrant liability (Private Placement Warrants)

 

 

—

 

 

 

3,901

 

 

 

—

 

 

 

3,901

 

Total financial liabilities

 

 

—

 

 

 

54,452

 

 

 

—

 

 

 

54,452

 

 

 

As at December 31, 2025

 

(In thousands of USD)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Derivative warrant liability (Public Warrants)

 

 

53,431

 

 

 

—

 

 

 

—

 

 

 

53,431

 

Derivative warrant liability (Private Placement Warrants)

 

 

—

 

 

 

3,841

 

 

 

—

 

 

 

3,841

 

Total financial liabilities

 

 

53,431

 

 

 

3,841

 

 

 

—

 

 

 

57,272

 

 

During the six months ended June 30, 2026, the Company transferred its Public Warrant liability from Level 1 to Level 2.

The Company changed the valuation method for both Public and Private Placement Warrant liabilities. The change was a result of a decrease in the level of observable market activity for the Company’s Public Warrants. While quoted prices for the Public Warrants remain observable, the Company determined that such prices are not representative of fair value without adjustment, due to the reduced trading volume.

Following the transfer, the Company estimates fair value using a Black-Scholes option pricing model. The model incorporates observable market inputs, including trading price of the Company’s Ordinary Shares, the volatility of the price of the Company’s Ordinary Shares and the risk-free interest rate.