Range Capital Acquisition Corp., a blank check company formed in the Cayman Islands, has released its Form 10-Q report for the period ending September 30, 2024. The report provides insights into the company's financial performance and operational activities since its inception on July 24, 2024.
Financial Highlights
- Net loss: $27,788. The company reported a net loss for the period from July 24, 2024 (inception) through September 30, 2024, which consisted of formation and operating costs.
- Basic and diluted net loss per share: $(0.01). This reflects the net loss per share for the period from July 24, 2024 (inception) through September 30, 2024.
Business Highlights
- Company Overview: Range Capital Acquisition Corp. is a blank check company formed in the Cayman Islands on July 24, 2024, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
- Operational Activities: From inception on July 24, 2024, through September 30, 2024, the company has not engaged in any operations or generated revenues. Activities have been limited to organizational tasks and preparations for the Initial Public Offering (IPO).
- Initial Public Offering: The company completed its IPO on December 23, 2024, selling 10,000,000 units at $10.00 per unit, generating gross proceeds of $100 million. An additional 1,500,000 units were sold through an over-allotment option, bringing in an extra $15 million.
- Private Placement: Simultaneously with the IPO, the company sold 400,000 private placement units at $10.00 per unit to the Sponsor and underwriters' representative, generating $4 million in gross proceeds.
- Trust Account: Following the IPO and over-allotment option closure, $115.575 million was placed in a trust account to be used for completing a business combination.
- Future Business Combination Plans: The company intends to use funds from the trust account to complete a business combination. The management has broad discretion over the application of these funds.
- Liquidity and Capital Resources: The company believes it has sufficient funds for working capital needs until a business combination is completed or for at least one year from the issuance of the financial statements.
- Forward-Looking Statements: The company anticipates incurring significant costs in pursuit of its acquisition plans and cannot assure successful completion of a business combination.
SEC Filing: