v3.26.1
SUBSCRIPTION AGREEMENT LIABILITY (Tables)
6 Months Ended
Jun. 30, 2026
Spring Valley Acquisition III  
SUBSCRIPTION AGREEMENT LIABILITY  
Schedule of subscription agreement liability

  ​ ​ ​

June 30,

 

2026

 

Estimated fair value of the post-Business Combination common shares

$

9.69

Term (years)

 

5.0

Risk-free rate

 

4.11

%

Expected volatility

 

80.0

%

Expected yield

 

50.0

%

Implied market value adjustment

 

46.1

%

  ​ ​ ​

March 31,

 

2026

 

Estimated fair value of the post-Business Combination common shares

$

8.57

Term (years)

 

5.3

Risk-free rate

 

3.88

%

Expected volatility

 

80.0

%

Expected yield

 

50.0

%

Implied market value adjustment

 

46.1

%

  ​ ​ ​

Initial

 

Recognition

 

Estimated fair value of the post-Business Combination common shares

$

7.52

Term (years)

 

5.7

Risk-free rate

 

3.83

%

Expected volatility

 

80.0

%

Expected yield

 

50.0

%

Implied market value adjustment

 

46.1

%