Financial Performance - The company reported a net loss of $50,250 from inception to September 30, 2024, with a net loss of $11,390 for the three months ended September 30, 2024[78]. - As of September 30, 2024, the company had $100 in its operating bank account and a working capital deficit of approximately $182,336[79]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[83]. IPO and Fundraising - The company completed its IPO on October 15, 2024, raising gross proceeds of $50 million from the sale of 5,000,000 units at $10.00 per unit[74]. - An additional $7.5 million was generated from the full exercise of the over-allotment option by underwriters[74]. - The private placement with the sponsor generated total proceeds of $2,543,750 from the sale of 254,375 private units[75]. - A total of $57,787,500 from the IPO and private placement proceeds was deposited in a trust account for public shareholders[76]. - The underwriters are entitled to a deferred fee of 3.25% of the gross proceeds of the IPO, amounting to $1,868,750, payable upon closing of an initial business combination[84]. Management and Controls - Management believes that the company will have sufficient working capital to meet anticipated cash needs prior to the initial business combination[81]. - There were no changes in internal control over financial reporting that materially affected the company during the quarter ended September 30, 2024[93]. - The evaluation of disclosure controls and procedures as of September 30, 2024, concluded they were effective at a reasonable assurance level[91]. - There were no changes in internal control over financial reporting during the quarter ended September 30, 2024, that materially affected internal control[93]. - The company does not expect disclosure controls and procedures to prevent all errors and instances of fraud, providing only reasonable assurance[92]. - There are inherent limitations in all disclosure controls and procedures, and no evaluation can provide absolute assurance of detecting all control deficiencies[92]. - The design of disclosure controls is based on certain assumptions about future events, with no guarantee of success under all potential conditions[92]. Legal Matters - There are no legal proceedings currently affecting the company[94].
Rising Dragon Acquisition Corp.(RDACU) - 2024 Q3 - Quarterly Report