IPO and Fundraising - The company completed its IPO on October 15, 2024, raising gross proceeds of $50,000,000 from the sale of 5,000,000 units at an offering price of $10.00 per unit[81]. - An additional $7,500,000 was generated from the full exercise of the over-allotment option, bringing total proceeds to $57,787,500, which were deposited in a trust account[81][83]. - The company incurred $1,006,250 in underwriting discounts and $556,288 in other costs related to the IPO[90]. - The company intends to use the net proceeds from the IPO and private placement primarily to complete its initial business combination and for working capital purposes[91]. 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 held in the trust account[87]. - As of March 31, 2025, the company had cash of $270,259 in its operating bank account and marketable securities in the trust account totaling $58,927,703[91]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[95][96]. Business Combination and Concerns - The company entered into a merger agreement with HZJL Cayman Limited on January 27, 2025, which is subject to regulatory approvals and shareholder votes[84][85]. - The company has a deferred fee obligation of $1,868,750 to underwriters, payable upon closing of the initial business combination[96]. - Management has expressed concerns about the company's ability to continue as a going concern if an initial business combination is not completed within the prescribed timeframe[94].
Rising Dragon Acquisition Corp.(RDAC) - 2025 Q1 - Quarterly Report