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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 8. FAIR VALUE MEASUREMENTS 

 

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

 

At September 30, 2024 and December 31, 2023, assets held in the Trust Account were comprised of $123,794,068 and $120,000,366 in money market funds which are invested primarily in U.S. Treasury Securities, respectively. Through September 30, 2024, the Company has withdrawn $931,000 interest income earned from the Trust Account to pay income and franchise tax obligations.

 

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 December 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

       September 30,   December 31, 
Description  Level   2024   2023 
Assets:            
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund   1   $123,794,068   $120,000,366