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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
FAIR VALUE MEASUREMENTS |
Schedule of Company's Assets and Liabilities that are Measured at Fair Value | The following table presents information about the Company’s assets and liabilities that are measured at fair value at September 30, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. The Company did not have any fair value measurements as of December 31, 2024.
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | September 30,
Description |  | Level |  | 2025
Assets: |  |  |  | ​ |
Investments held in Trust Account |  | 1 | ​ | $ | 230,239,464
Liabilities: |  |  | ​ |  | ​
Warrant Liability – NMSI Warrants |  | 3 | ​ | $ | 6,133,664
The Company used a Monte Carlo simulation model to value the NMSI Warrants at April 24, 2025.
​ | ​ | ​ | ​
​ |  | April 24,
​ |  | 2025
NMSI Warrants | ​ | $ | 2,480,500
Schedule of Financial Assets and Liabilities Measured at Fair Value | The table below provides a summary of the changes in fair value of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2025:
​ | ​ | ​ | ​
​ |  | Fair Value
​ |  | Measurement
​ |  | Using Level 3
​ |  | Inputs Total
Balance, December 31, 2024 | ​ | $ | —
Initial fair value | ​ |  | 4,100,000
Change in fair value of derivative warrant liabilities | ​ |  | 2,033,664
Balance, September 30, 2025 | ​ | $ | 6,133,664
Schedule of Assumptions to Warrant | The Company used the following assumptions to value the Public Warrants, Private Placement Warrants and NMSI Warrants at April 24, 2025.
​ | ​ | ​ | ​ | ​
Volatility |  | ​ | 6.6 | %
Risk Free Rate |  | ​ | 3.8 | %
Dividends | ​ | $ | 0.00 | ​
Market Adjustment | ​ |  | 16.7 | %
Stock Price | ​ | $ | 9.87 | ​
Weighted Term (years) | ​ |  | 2.83 | ​
​ The Company used the following assumptions to value the NMSI Warrants at September 30, 2025.
​ | ​ | ​ | ​ | ​
Volatility |  | ​ | 24.8 | %
Risk Free Rate |  | ​ | 3.65 | %
Dividends | ​ | $ | 0.00 | ​
Market Adjustment | ​ |  | 18.9 | %
Stock Price | ​ | $ | 10.71 | ​
Weighted Term (years) | ​ |  | 1.41 | ​
​

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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