v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

NOTE 8. 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. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:

Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:

Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

The Company measured the fair value of the Non-Redemption Agreements at inception (June 26, 2026) at $697,987 in the aggregate (approximately $1.64 per Assigned Share). The measurement was classified as Level 3 within the fair value hierarchy under ASC 820.

The fair value was determined using a market approach, in which the value of each Assigned Share was estimated as the product of the Company’s Class A ordinary share closing price on June 26, 2026 ($10.90) and a market-implied probability-of-completion ratio derived from the traded prices of share rights of guideline special purpose acquisition companies that had announced pending business combinations with completion deadlines proximate to the Company’s extended deadline. The market-implied ratio reflects both the probability that the Company will consummate its initial Business Combination and the expected relationship between the pre-closing share price (which is supported by trust redemption rights that the Assigned Shares do not carry) and the post-closing share value.

The significant unobservable input was the market-implied value ratio, selected at 15.0% based on the median of a 10-company guideline set of announced-deal SPACs with share rights trading as of the measurement date.