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FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

FAIR VALUE MEASUREMENT

Schedule of quantitative information regarding Level 3 fair value measurements inputs

The table below presents valuation techniques and inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​		Valuation techniques		Inputs		March 31, 2024			December 31, 2023
Convertible promissory notes, current		Discounted Cash Flow Model (“DCF”)		Discount rate, risk-free rate, credit spread, contractual cash flows	​	$	5,645	​	​	​
​	​	PWERM (“Probability-Weighted Expected Return Method”)	​	Scenario of initial public offering (“IPO”) and merger & acquisition (“M&A”)	​	​	​	​	$	27,794
Convertible promissory notes, net of current		Binomial Lattice Model (“BLM”)		Stock price, volatility, remaining term, risk-free rate, credit spread	​		4,672	​		​
​	​	PWERM	​	Scenario of initial public offering (“IPO”) and merger & acquisition (“M&A”)	​	​	​	​	​	6,239
Warrant liabilities – private and public warrants		Black Scholes Merton Model (“BSM”) or BLM		Exercise price, term to expiration, volatility, risk-free rate	​		9,150	​		—
Warrant liabilities - other		​	​	​	​		1,434		​	—

​

​	​	​	​	​	​	​	​	​	​	​
(in thousands)		Valuation techniques		Inputs		2023			2022
Convertible promissory notes, current		PWERM		Scenario of initial public offering (“IPO”) and merger & acquisition (“M&A”)	​	$	27,794	​	$	31,166
Convertible promissory notes, net of current		​		​	​		6,239	​		—

Schedule of change in the fair value of the warrant liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):

​	​	​	​	​	​	​
​		Three Months Ended March 31,
​		2024			2023
Convertible promissory notes fair value - beginning of period	​	$	34,033	​	$	31,166
Change in fair value of convertible promissory notes	​		1,203	​		(549)
Conversion of convertible promissory notes	​		(41,209)	​		—
Borrowing of convertible promissory notes	​		16,290	​		—
Convertible promissory notes fair value - end of period	​	$	10,317	​	$	30,617

​

​	​	​	​	​	​	​
​		Three Months Ended March 31,
​		2024			2023
Warrant Liabilities Fair value - beginning of period	​	$	—	​	$	—
Private and public warrants assumed at Closing	​		5,958	​		—
Change in fair value of warrant liabilities	​		4,626	​		—
Warrant Liabilities Fair value - end of period	​	$	10,584	​	$	—

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Fair value as of beginning of period	​	$	31,166	​	$	56,996
Change in fair value of convertible promissory notes	​		1,428	​		450
Conversion of convertible promissory notes	​		(61)	​		(33,140)
Repayment of convertible promissory notes	​		(500)	​		(1,140)
Transfer of convertible promissory notes to bank borrowings	​		—	​		(1,000)
Borrowing of convertible promissory notes	​		2,000	​		9,000
Fair value as of end of period	​	$	34,033	​	$	31,166

CONCORD ACQUISITION CORP III

FAIR VALUE MEASUREMENT

Schedule of assets measured on fair value on a recurring basis

​

​	​	​	​	​	​	​	​	​
​	​	​	​	December 31,		​	December 31,
Assets:		Level		2023		​	2022
Marketable securities and in Trust Account		1	​	$	—	​	$	356,190,233

Schedule of liabilities measured on fair value on a recurring basis

​	​	​	​	​	​	​	​	​
​	​	​	​	December 31,		​	December 31,
Liabilities:		Level		2023			2022
Warrant Liability – Public Warrants		(a)	​	$	1,725,000	​	$	1,173,000
Warrant Liability – Private Placement Warrants (b)		3	​	$	658,000	​	$	639,200
Sponsor Loans		3	​	$	—	​	$	1,000,000

(a) Level 1 at December 31, 2023 and Level 2 at December 31, 2022

(b) At December 31, 2023, 2,820,000 Private Placement Warrants subject to forfeiture have no value as there is an assumed 100% probability of forfeiture due to the proposed Business Combination.

Schedule of fair value option

​

​	​	​	​	​	​	​
Liabilities:		Fair Value			Unpaid Principal Balance
December 31, 2023	​	$	—	​	$	6,900,000
December 31, 2022	​	$	1,000,000	​	$	6,900,000

​

Schedule of quantitative information regarding Level 3 fair value measurements inputs

​

​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​
Input		2023			2022		​
Common stock price	​	$	10.56	​	$	10.19	​
Risk-free interest rate	​	​	3.81	%	​	3.95	%
Expected term in years	​		5.25	years	​	5.36	years
Expected volatility	​		0.00	%	​	0.00	%
Exercise price	​	$	11.50	​	$	11.50	​
Warrant fair value	​	$	0.10	​	$	0.07	​

Schedule of change in the fair value of the warrant liabilities

​

​	​	​	​	​	​	​
Fair value of financial instruments classified as Level 3	​	​	​	​	​	​
​	​	Public and Private		​	​	​
​	​	Placement		​	​	​
​		Warrants			Sponsor Loans
​	​	​	​	​	​	​
January 1, 2022	​	$	18,655,000	​	$	5,490,000
Public Warrants reclassified to level 1	​		(6,727,500)	​
Change in valuation inputs or other assumptions	​		(11,288,300)	​		(4,490,000)
December 31, 2022	​	$	639,200	​		1,000,000
​	​	​	​	​	​	​
January 1, 2023	​	$	639,200	​	$	1,000,000
Change in fair value of warrants subject to forfeiture	​		(191,760)	​		—
Change in valuation inputs or other assumptions	​		210,560	​		2,343,000
Extinguishment of debt	​		—	​		(3,343,000)
December 31, 2023	​	$	658,000	​	$	—

​

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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).

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