v3.26.3
FAIR VALUE MEASUREMENTS
 5 Months Ended
Sep. 30, 2026
FAIR VALUE MEASUREMENTS  
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. 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.

NOTE 9. FAIR VALUE MEASUREMENTS (cont.)

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

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September 30,

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Level

  ​ ​ ​

2026

Money market fund held in Trust Account

 

1

​

$

202,372,567

Cash equivalents – U.S. Treasury money market fund held in securities brokerage account

 

1

​

$

1,005,059

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As of September 30, 2026, cash and investments held in the Trust Account of $202,988,936 on the accompanying unaudited balance sheet consisted of the money market fund presented above of $202,372,567 and $616,369 of dividends earned in September 2026 that were accrued as of September 30, 2026 and received in October 2026. As of September 30, 2026, cash and cash equivalents of $1,051,153 on the accompanying unaudited balance sheet consisted of the U.S. Treasury money market fund held in the securities brokerage account presented above of $1,005,059, $2,971 of dividends earned on that money market fund in September 2026 that were accrued as of September 30, 2026 and received in October 2026, and cash of $43,123 held in an operating bank account. The accrued dividends are not measured at fair value.

The fair value of the Public Warrants issued in the Initial Public Offering was $5,272,750, or $0.524 per Public Warrant, as of July 6, 2026. The Public Warrants issued in the Initial Public Offering have been classified within additional paid-in capital of the shareholders’ deficit section and will not require remeasurement after issuance. The Company utilized a Monte Carlo simulation model to value the Public Warrants. The following table presents the quantitative information regarding market assumptions used in the Level 3 valuation of the Public Warrants issued in the Initial Public Offering:

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July 6,

 

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2026

 

Implied Class A ordinary share price

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$

9.72

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Exercise price

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$

11.50

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Expected term to De-SPAC

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2 years

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Warrant term

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7 years

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Selected volatility

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5.00

%

Implied market adjustment

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41.10

%

Risk-free rate

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4.24

%

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