v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Measurements  
Fair Value Measurements

Note 9 — Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
●Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. There were no transfers between levels of the fair value hierarchy during the periods presented. The marketable securities held in the Trust Account consist of U.S. Treasury Bills, which are valued using quoted prices (unadjusted) in active markets for identical assets and are classified within Level 1 of the fair value hierarchy. Cash held in the Trust Account is not measured at fair value and is not categorized within the fair value hierarchy; it is presented in the table below to reconcile to cash and marketable securities held in the Trust Account on the condensed balance sheets.

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September 30, 2026

  ​ ​ ​

December 31, 2025

Assets:

 

​

  ​

 

​

  ​

Marketable securities held in Trust Account (Level 1)

​

$

236,430,279

​

$

230,295,219

Cash held in Trust Account

​

 

617

​

 

863

Cash and marketable securities held in Trust Account

​

$

236,430,896

​

$

230,296,082

​

The fair value of the Public Warrants was $4,715,000 or $0.41 per Public Warrant upon issuance. The fair value of Public Warrants was determined using a Monte Carlo 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 Level 3 valuation of the Public Warrants:

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December 15,

 

​

​

2025

 

Underlying share price

​

$

10.18

​

Exercise price

​

$

11.50

​

Expected life (years)

​

 

5.00

​

Risk-free interest rate

​

 

3.8

%

Volatility

​

 

5.0

%

Dividend yield

​

 

0.0

%

Redemption price (1)

​

$

>18.00

​

Market adjustment

​

 

55

%

(1)The closing price of the Class A ordinary shares must equal or exceed $18.00 for any 20 trading days within a 30-trading day period for the redemption trigger to be met.