SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of Class A ordinary shares


Class A ordinary shares subject to possible redemption, December 31, 2022	$	1,050,320,264
Less:
Redemptions		(1,032,028,964)
Decrease in redemption value of Class A ordinary shares subject to possible redemption		(30,733,336)
Plus:
Waiver of deferred underwriting fee payable allocated to ordinary shares		35,446,182
Class A ordinary shares subject to possible redemption, December 31, 2023	$	23,004,146
Less:
Redemptions		(22,773,579)
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		804,786
Class A ordinary shares subject to possible redemption, December 31, 2024	$	1,035,353
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		6,824
Class A ordinary shares subject to possible redemption, March 31, 2025	$	1,042,177
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		6,945
Class A ordinary shares subject to possible redemption, June 30, 2025	$	1,049,122
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		6,984
Class A ordinary shares subject to possible redemption, September 30, 2025	$	1,056,106

Schedule of calculation of basic and diluted net (loss) income per ordinary share


	For the Three Months Ended				For the Three Months Ended				For the Nine Months Ended				For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	Class A		Class A and Class B						Class A		Class A and Class B
	Redeemable		Non-Redeemable		Class A		Class B		Redeemable		Non-Redeemable		Class A		Class B
Numerator:
Allocation of net (loss) income	$	(207)	$	(59,754)	$	150,863	$	2,777,763	$	(1,129)	$	(326,610)	$	6,014	$	104,481
Denominator:
Basic and diluted weighted average shares outstanding		89,480		25,875,000		1,405,293		25,875,000		89,480		25,875,000		1,489,397		25,875,000
Basic and diluted net (loss) income per ordinary share	$	(0.00)	$	(0.00)	$	0.11	$	0.11	$	(0.01)	$	(0.01)	$	0.00	$	0.00

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References + Details

Jaws Mustang Acquisition Corp 10-Q