Financial Performance - The company had a net income of $271,297 for the three months ended June 30, 2025, with operating expenses of $242,894 and income from marketable securities of $514,191[100] - For the six months ended June 30, 2025, the company reported a net income of $507,153, consisting of operating expenses of $428,295 and income from marketable securities of $935,448[100] 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[101] - An additional $2,220,000 was generated from the sale of 220,000 private placement units at $10.00 each[101] - The company intends to use the net proceeds from the IPO and private placement primarily for its initial business combination and related expenses[103] Cash and Working Capital - As of June 30, 2025, the company had $292,628 in cash and a working capital of $273,620[104] Business Combination and Liquidation - The company has until January 16, 2026, to complete its initial business combination, or it will trigger an automatic winding up and liquidation[105] - The aggregate merger consideration for the business combination is set at $350,000,000, with the redemption price affecting the number of shares issued[97] - The company has incurred and expects to continue incurring significant costs in pursuit of its acquisition plans[105] Reporting and Compliance - There are no off-balance sheet arrangements or significant contractual obligations as of June 30, 2025[106] - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years or until it no longer qualifies[117] - Exemptions may include not providing an auditor's attestation report on internal controls over financial reporting and certain executive compensation disclosures[117]
Ribbon Acquisition Corp Unit Cons of 1 CL A + 1 Rt(RIBBU) - 2025 Q2 - Quarterly Report