Financial Performance - The company had a net income of $235,856 for the three months ended March 31, 2025, consisting of operating expenses of $185,401 and income from marketable securities of $421,257[87]. - As of March 31, 2025, the company had $536,022 in cash and a working capital of $516,514[91]. IPO and Fundraising - The company completed its IPO on January 16, 2025, raising gross proceeds of $50,000,000 from the sale of 5,000,000 units at $10.00 per unit[88]. - An additional $2,220,000 was raised from the sale of 220,000 Private Placement Units at $10.00 each, bringing total gross proceeds to $52,220,000[88]. - The company plans to use the net proceeds from the IPO and private placement primarily for its initial business combination and related expenses[90]. - The underwriters are entitled to a cash underwriting discount of 2% of the gross proceeds from the IPO, amounting to $1,000,000[96]. Business Operations and Risks - The company has until January 16, 2026, to complete its initial business combination, or it will face automatic winding up and liquidation[93]. - The company expects to incur significant costs in pursuing its acquisition plans and has raised concerns about its ability to continue as a going concern[93]. - The company has no off-balance sheet arrangements as of March 31, 2025[94]. - The company has agreed to pay its sponsor $10,000 per month for general and administrative services until the completion of its initial business combination[95].
Ribbon Acquisition Corp Unit Cons of 1 CL A + 1 Rt(RIBBU) - 2025 Q1 - Quarterly Report