Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Note 10 —Fair Value Measurements

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

The carrying amounts of prepaid expenses, accounts payable, accrued expenses and accrued expense-related party approximate their fair values due to their short term maturities and the nature of these instruments.

September 30, 2025

	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account - U.S. Treasury Securities	$	5,494,086	$	—	$	—
Liabilities:
Contingently issuable private placement warrants	$	—	$	57,500	$	—
Derivative liabilities- Public Warrants	$	575,000	$	—	$	—
Derivative liabilities- Private Placement Warrants	$	—	$	527,500	$	—

December 31, 2024

	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account - U.S. Treasury Securities	$	5,285,060	$	—	$	—
Liabilities:
Contingently issuable private placement warrants	$	—	$	4,600	$	—
Derivative liabilities- Public Warrants	$	46,000	$	—	$	—
Derivative liabilities- Private Placement Warrants	$	—	$	42,200	$	—

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement, when the Public Warrants were separately listed and traded in an active market in December 2021. The estimated fair value of the Private Placement Warrants was transferred from a Level 3 measurement to a Level 2 fair value measurement in January 2022, as the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant. There were no other transfers between levels of the hierarchy for the three and nine months ended September 30, 2025.

Level 1 assets consists of investments in U.S. treasury securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The initial estimated fair value as of November 15, 2021, of the Public Warrants, the Private Placement Warrants, and the Forward Purchase Agreement is measured at fair value using a Monte Carlo simulation, determined using Level 3 inputs. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants. As of September 30, 2025 and December 31, 2024, the fair value of Private Placement Warrants and the contingently issuable Private Placement Warrants were determined based on the quoted price of the Public Warrants.

The following table provides quantitative information regarding Level 2 fair value measurements inputs at September 30, 2025 measurement date for contingently issuable Private Placement Warrants and Private Placement Warrants:

Exercise price	$	11.50
Stock price	$	11.99
Term (years)		6.17
Volatility		6.0	%
Risk-free rate		3.78	%
Dividend yield		0.0	%

The following table provides quantitative information regarding Level 2 fair value measurements inputs at December 31, 2024 measurement date for contingently issuable Private Placement Warrants and Private Placement Warrants:

Exercise price	$	11.50
Stock price	$	11.02
Term (years)		5.58
Volatility		6.0	%
Risk-free rate		4.31	%
Dividend yield		0.0	%

The change in the fair value of the derivative liabilities – public and private placement warrants measured using Level 3 inputs for the three and nine months ended September 30, 2025 and 2024, is summarized as follows:

Derivative liabilities – public and private placement warrants at December 31, 2024	$	88,200
Change in fair value of derivative warrant liabilities - public and Private Placement Warrants		187,430
Derivative liabilities – public and private placement warrants at March 31, 2025		275,630
Change in fair value of derivative warrant liabilities - public and Private Placement Warrants		(242,550	)
Derivative liabilities – public and private placement warrants at June 30, 2025	$	33,080
Change in fair value of derivative warrant liabilities - public and Private Placement Warrants		1,069,420
Derivative liabilities – public and private placement warrants at September 30, 2025	$	1,102,500

Derivative liabilities – public and private placement warrants at December 31, 2023	$	112,460
Change in fair value of derivative warrant liabilities - public and Private Placement Warrants		990,040
Derivative liabilities – public and private placement warrants at March 31, 2024		1,102,500
Change in fair value of derivative warrant liabilities - public and Private Placement Warrants		—
Derivative liabilities – public and private placement warrants at June 30, 2024	$	1,102,500
Change in fair value of derivative warrant liabilities - public and Private Placement Warrants		(882,000	)
Derivative liabilities – public and private placement warrants at September 30, 2024 (as restated)	$	220,500

The change in the fair value of the Contingently issuable private placement warrants measured using Level 3 inputs for the three and nine months ended September 30, 2025 and 2024, is summarized as follows:

Contingently issuable private placement warrants at December 31, 2024	$	4,600
Change in fair value of contingently issuable private placement warrants		9,775
Contingently issuable private placement warrants at March 31, 2025		14,375
Change in fair value of contingently issuable private placement warrants		(12,650	)
Contingently issuable private placement warrants at June 30, 2025	$	1,725
Change in fair value of contingently issuable private placement warrants		55,775
Contingently issuable private placement warrants at September 30, 2025	$	57,500

Contingently issuable private placement warrants at December 31, 2023	$	5,865
Change in fair value of contingently issuable private placement warrants		51,635
Contingently issuable private placement warrants at March 31, 2024		57,500
Change in fair value of contingently issuable private placement warrants		—
Contingently issuable private placement warrants at June 30, 2024	$	57,500
Change in fair value of contingently issuable private placement warrants		(46,000	)
Contingently issuable private placement warrants at September 30, 2024 (as restated)	$	11,500

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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