Real Asset Acquisition Corp-A(RAAQ) - 2025 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,685,701, driven by investment earnings on marketable securities held in the Trust Account of $1,801,001[126]. - For the nine months ended September 30, 2025, the company achieved a net income of $2,684,336, with general and administrative expenses totaling $270,631[127]. Initial Public Offering - The company completed its Initial Public Offering on April 30, 2025, raising gross proceeds of $172,500,000 from the sale of 17,250,000 units[131]. - The company generated gross proceeds of $5,450,000 from the sale of 5,450,000 Private Placement Warrants at a price of $1.00 per warrant[132]. - The company placed $172,500,000 from the net proceeds of the Initial Public Offering into a Trust Account for future business combinations[133]. Cash Flow and Financing Activities - As of September 30, 2025, the company had net cash used in operating activities of $117,422 and net cash provided by financing activities of $173,563,004[129][130]. - The company expects to use funds in the Trust Account primarily to complete its initial Business Combination and may withdraw interest to pay taxes[134]. Accounting and Reporting Standards - The Financial Accounting Standards Board issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring enhanced segment reporting disclosures[147]. - Public entities must disclose significant segment expenses and the title and position of the chief operating decision maker (CODM) in assessing segment performance[148]. - The Company adopted ASU 2023-07 on December 9, 2024, the date of its incorporation[148]. - The management does not anticipate that recently issued accounting pronouncements will materially affect the financial statements[149]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[150]. Going Concern and Redemption Features - The company has determined that mandatory liquidation raises substantial doubt about its ability to continue as a going concern[136]. - The company has a redemption feature for its Class A ordinary shares, with a redemption value of $10.17 per share as of September 30, 2025[146]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of September 30, 2025[137].