Financial Performance - For the nine months ended September 30, 2025, the company reported a net income of $1,305,166, primarily from interest earned on investments held in the trust account[95] - The company incurred formation and operational costs of $522,744 for the nine months ended September 30, 2025, compared to a net loss of $50,250 for the same period in 2024[95] - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2025[104] 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[87] - 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[89] - 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[100] - The company has a deferred underwriting fee of $1,868,750, payable upon the closing of an initial business combination[105] Mergers and Acquisitions - The company entered into a merger agreement with HZJL Cayman Limited on January 27, 2025, which is subject to regulatory approvals and shareholder votes[92] Going Concern - 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[103]
Rising Dragon Acquisition Corp.(RDACU) - 2025 Q3 - Quarterly Report