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

Note 9 — Fair Value Measurements

 

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date.

 

Recurring Fair Value Measurements

 

The following table presents information about the Company’s recurring fair value measurements as of June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

             
    Level     Fair Value  
June 30, 2026              
Assets:              
Cash held in money market mutual fund   1     $ 2,161,917  
United States Treasury Bills held in Trust Account   1     $ 237,411,325  
               
December 31, 2025              
Assets:              
Cash held in money market mutual fund   1     $ 3,014,607  
United States Treasury Bills held in Trust Account   1     $ 233,253,391  

 

Non-recurring Fair Value Measurements

 

The following table presents information about the Company’s non-recurring fair value measurements as of the valuation date, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

    Level     Fair Value  
Equity:              
Fair value of Public Warrants for Class A ordinary shares subject to possible redemption allocation at August 28, 2025   3     $ 5,152,349  
Class B ordinary shares (per share) at July 25, 2025   3     $ 5.59  

 

The fair value of the Public Warrants is $5,152,349. The fair value of Public Warrants was determined using Black-Scholes 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 valuation of the Public Warrants:

 

       
    August 28,
2025		  
Implied ordinary share price   $ 9.82  
Exercise price   $ 11.50  
Simulation term (years)     7.00  
Risk-free rate     3.92 %
Estimated implied volatility     2.20 %
Calculated value per warrant   $ 0.24  
Market adjustment     42.63 %

 

The fair value of the Class B ordinary shares is $5.59 per ordinary share on July 25, 2025, the grant date of the 100,000 Class B ordinary shares transferred to the Company’s directors. The fair value of the Class B ordinary shares was determined by applying a discount for lack of marketability (“DLOM”) to the underlying stock price of a Class A ordinary share, adjusted for the estimated probability of a successful initial Business Combination. The following table presents the quantitative information regarding market assumptions used in the valuation of the Class B ordinary shares:

 

       
    July 25,
2025		  
Underlying stock price   $ 9.80  
Estimated probability of an initial Business Combination     65.00 %
Estimated volatility     27.50 %
Risk-free rate     3.89 %
Time to expiration (years)     2.50