IPO and Proceeds - 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[80]. - An additional $7.5 million was generated from the full exercise of the over-allotment option, bringing total proceeds to $57.79 million, which were deposited in a trust account[80][82]. - The company incurred $1,006,250 in underwriting discounts and $556,288 in other costs related to the IPO[91]. 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 amounting to $59,536,150[92]. - The company has a working capital of approximately $289,889 as of June 30, 2025[89]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[96][97]. Business Combination - A merger agreement was entered into on January 27, 2025, with HZJL Cayman Limited for a business combination, subject to regulatory and shareholder approvals[83][84]. - 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[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.(RDAC) - 2025 Q2 - Quarterly Report