IPO and Fundraising - The company completed its IPO on October 15, 2024, selling 5,000,000 units at $10.00 per unit, generating gross proceeds of $50,000,000[81] - An additional 750,000 units were sold through the Over-Allotment Option, resulting in total proceeds of $7,500,000[81] - A total of $57,787,500 from the IPO and Private Placement was deposited in a trust account for public shareholders[83] Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $453,867, primarily from interest earned on marketable securities[87] - As of March 31, 2025, the company had cash of $270,259 and marketable securities in the Trust Account totaling $58,927,703[91] - The company has no long-term debt or capital lease obligations as of March 31, 2025[96] Merger and Business Combination - The company entered into a merger agreement with HZJL Cayman Limited on January 27, 2025, for a business combination[84] - The merger transaction is subject to regulatory approvals and shareholder approvals from both RDAC and HZJL[85] Use of Funds - The company intends to use the funds held outside the Trust Account primarily for identifying and evaluating target businesses[92] - Management believes there will be sufficient working capital to meet anticipated cash needs prior to the initial business combination[93]
Rising Dragon Acquisition Corp.(RDACU) - 2025 Q1 - Quarterly Report