Financial Performance - As of September 30, 2024, the company reported a net loss of $50,250 since inception, with a net loss of $11,390 for the three months ended September 30, 2024[78]. - The company had a working capital deficit of approximately $182,336 as of September 30, 2024[79]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[83]. - The company has not engaged in any operations or generated revenue to date, with future revenue expected only after completing an initial business combination[77]. 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]. - Total net proceeds of $57,787,500 from the IPO and private placement were 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 Outlook - Management believes that the company will have sufficient working capital to meet anticipated cash needs prior to the initial business combination[81].
Rising Dragon Acquisition Corp.(RDAC) - 2024 Q3 - Quarterly Report