Financial Performance - As of September 30, 2025, the company reported a net income of $62,142 for the three months ended, with operating expenses of $463,712 and income from marketable securities of $525,854[127]. - For the nine months ended September 30, 2025, the company had a net income of $569,295, consisting of operating expenses of $892,007 and income from marketable securities of $1,461,302[127]. - The company has a working capital deficit of $190,092 as of September 30, 2025, with net cash used in operating activities amounting to $637,983[131]. IPO and Trust Account - 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[128]. - A total of $50,000,000 from the IPO was placed in a trust account, which will be invested in U.S. government treasury bills or money market funds[129]. - The underwriters are entitled to a cash underwriting discount of 2% of the gross proceeds from the IPO, amounting to $1,000,000[135]. Business Combination - The company entered into a Business Combination Agreement with DRC Medicine Inc. on June 30, 2025, with no material changes to the terms as of the report date[123]. - The aggregate merger consideration for the business combination will be determined by dividing 350,000,000 by the redemption price of the Class A Ordinary Shares[138]. - The company incurred significant costs in pursuit of its acquisition plans and expects to continue doing so[132]. Timeline 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[132].
Ribbon Acquisition Corp Unit Cons of 1 CL A + 1 Rt(RIBBU) - 2025 Q3 - Quarterly Report