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Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Fair Value Measurements [Abstract]

Schedule of Company’s Assets and Liabilities

The following table presents information about the Company’s liabilities that are measured at fair value 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:

Description:		Level		September 30, 2024			December 31, 2023
Derivative Liabilities:
Forward purchase agreement		3		$	3,402,100		$	—
Warrants – Series A and B		3		$	6,645,365		$	—
Warrants – Series C and D		3		$	9,219,250		$	—

The following table presents information about the Company’s assets and liabilities that are measured at fair value at December 31, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description:		Level		December 31, 2023			December 31, 2022
Assets:
Cash and investments held in Trust Account		1		$	42,994,274		$	127,782,882
Derivative asset		3		$	28,245,500		$	—
Derivative liabilities		3		$	46,728,596		$	—

Schedule of Fair Value Measurement of the FPA and the NRA liability

The fair value measurement of the FPA at February 2, 2024 and September 30, 2024, was calculated using the following range of weighted average assumptions:

		September 30, 2024				February 2, 2024
Risk-free interest rate			3.63	%			4.14	%
Stock price		$	0.37			$	4.53
Expected life			2.1 years				2.8 years
Expected volatility of underlying stock			107.5	%			70.0	%
Dividends			0	%			0	%

The Company used a Monte Carlo analysis to determine the fair value of the FPA and NRA. The fair value measurement of the FPA and the NRA liability at December 31, 2023, was calculated using the following range of weighted average assumptions:

		December 31, 2023
Risk-free interest rate (FPA)		3.85	%
Expected life of over-allotment option (FPA)		5.4 years
Expected volatility of underlying stock (FPA)		75	%
Dividends (FPA)		0	%
Probability of merger closing (FPA and NRA)		80	%

Schedule of Fair Value Assumptions of Warrants

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series A Warrants and Series B Warrants at the date of issuance on March 15, 2024, which included the following assumptions:

		Series A Warrants				Series B Warrants
Expected term (in years)			5.7 years				5.7 years
Stock price		$	1.74			$	1.74
Risk free rate			4.2	%			4.2	%
Expected volatility			82.5	%			82.5	%
Expected dividend rate		$	0.00			$	0.00
Exercise Price		$	0.75			$	0.0001

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series A Warrants and Series B Warrants at September 30, 2024, which included the following assumptions:

		Series A Warrants				Series B Warrants
Expected term (in years)			5.2 years				5.2 years
Stock price		$	0.37			$	0.37
Risk free rate			3.6	%			3.6	%
Expected volatility			105	%			105	%
Expected dividend rate		$	0.00			$	0.00
Exercise Price		$	0.3274			$	0.0001

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series C Warrants and Series D Warrants at the date of issuance (August 30, 2024), which included the following assumptions:

		Series C Warrants				Series D Warrants
Expected term (in years)			5.6 years				5.6 years
Stock price		$	0.32			$	0.32
Risk free rate			3.7	%			3.7	%
Expected volatility			105.0	%			105.0	%
Expected dividend rate		$	0.00			$	0.00
Exercise Price		$	0.3274			$	0.0001

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series C Warrants and Series D Warrants at September 30, 2024, which included the following assumptions:

		Series C Warrants				Series D Warrants
Expected term (in years)			5.5 years				5.5 years
Stock price		$	0.37			$	0.37
Risk free rate			3.6	%			3.6	%
Expected volatility			105.0	%			105.0	%
Expected dividend rate		$	0.00			$	0.00
Exercise Price		$	0.3274			$	0.0001

Schedule of Recurring Basis Using Significant Unobservable Inputs (Level 3)

The table below provides a summary of the changes in fair value, including net transfers in and/or out, 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, 2024.

Forward Purchase Agreement		Fair Value Measurement Using Level 3 Inputs Total
Balance, December 31, 2023		$	—
Initial measurement, February 2, 2024			20,889,950
Change in fair value			(249,350	)
Balance, March 31, 2024			20,640,600
Change in fair value			(15,824,800	)
Balance, June 30, 2024			4,815,800
Change in fair value			(1,413,700	)
Balance, September 30, 2024			3,402,100

Warrants – Series A and B		Fair Value Measurement Using Level 3 Inputs Total
Balance, December 31, 2023		$	—
Initial measurement, March 15, 2024			12,739,000
Change in fair value			8,431,850
Balance, March 31, 2024			21,170,850
Change in fair value			(9,141,900	)
Balance, June 30, 2024			12,028,950
Change in fair value			(5,383,585	)
Balance, September 30, 2024			6,645,365

Warrants — Series C and D		Fair Value Measurement Using Level 3 Inputs Total
Balance, December 31, 2023		$	—
Initial measurement, August 30, 2024			9,654,800
Change in fair value			(435,550	)
Balance, September 30, 2024			9,219,250

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Tabular disclosure of fair value assumption of warrants.

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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.

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-Topic 820
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-Name Accounting Standards Codification
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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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-Topic 820
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