IPO and Proceeds - 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 $10.00 per unit[80]. - 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[80][82]. Financial Performance - For the six months ended June 30, 2025, the company reported a net income of $852,848, primarily from interest earned on marketable securities held in the trust account[86]. - As of June 30, 2025, the company had cash of $83,406 and marketable securities in the trust account totaling $59,536,150[92]. - The company incurred total formation and operational costs of $352,756 for the six months ended June 30, 2025[86]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[96][97]. Business Combination - The company entered into a merger agreement with HZJL Cayman Limited on January 27, 2025, for a business combination[83]. - The transaction is subject to regulatory approvals and shareholder approvals from both RDAC and HZJL[84]. - The company intends to use the net proceeds from the IPO primarily to complete its initial business combination and for working capital purposes[92]. - Management has expressed concerns about the ability to continue as a going concern if the initial business combination is not completed within the prescribed timeframe[95].
Rising Dragon Acquisition Corp.(RDACU) - 2025 Q2 - Quarterly Report