Ribbon Acquisition Corp-A(US:RIBB)2025-11-14 16:25Financial 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] IPO Details - 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 proceeds was placed in a Trust Account, which will be invested in U.S. government treasury bills or money market funds[129] - The underwriters of the IPO are entitled to a cash underwriting discount of 2% of the gross proceeds, amounting to $1,000,000, with a deferred discount of 4% upon completion of the initial business combination[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 Ribbon Class A Ordinary Shares[138] Financial Position and Concerns - The company has a working capital deficit of $190,092 as of September 30, 2025, and net cash used in operating activities was $637,983[131] - The company expects to incur significant costs in pursuit of its initial business combination and has raised concerns about its ability to continue as a going concern[132] - The company has until January 16, 2026, to complete its initial business combination, or it will trigger an automatic winding up and liquidation[132]