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Fair Value Measurement
 9 Months Ended
Sep. 30, 2024
Fair Value Measurement [Abstract]  
FAIR VALUE MEASUREMENT

NOTE 8 — FAIR VALUE MEASUREMENT

 

The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheets and adjusted for the amortization or accretion of premiums or discounts.

 

At September 30, 2024, assets held in the Trust Account were comprised of $2,816 in cash and $293,334,573 in U.S. Treasury securities. During the three and nine months ended September 30, 2024, the Company did not withdraw any interest income from the Trust Account.

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. The gross holding gains and fair value of held-to-maturity securities at September 30, 2024 are as follows:

 

   Held-To-Maturity  Level  Amortized
Cost		   Gross
Holding
Loss		   Fair Value 
September 30, 2024  U.S. Treasury Securities (Mature on 10/17/2024)  1  $293,245,166   $89,408   $293,334,573 

  

The public warrants were valued using a Monte Carlo model. The public warrants have been classified within shareholders’ deficit and will not require remeasurement after issuance. At May 13, 2024, $2,443,750 of public warrants were recorded in equity. The following table presents the quantitative information regarding market assumptions used in the valuation of the public warrants:

 

   May 13,
2024		 
Market price of public stock  $10.00 
Term (years)   6.0 
Risk-free rate   4.5%
Volatility   4.0%
Market pricing adjustment   20.0%

 

At issuance, the Founder Shares issued to the directors and director nominees were valued using a Monte Carlo model. The public warrants have been classified within shareholders’ deficit and will not require remeasurement after issuance. The following criteria presents the quantitative information regarding market assumptions used in the Founder Share valuations:

 

   May 13,
2024		 
Market pricing adjustment   20.0%
Spot price  $10.00 
Discount of lack of marketability (DLOM)   13.0%