Range Capital Acquisition Corp., a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, has released its Form 10-Q report for the first quarter of 2024. The report provides insights into the company's financial performance and operational activities during this period.
Financial Highlights
- Net Income: $905,990. The company reported net income primarily due to interest earned on investments held in the Trust Account, which offset operational costs.
- Basic and diluted net loss per redeemable ordinary share: $0.06. This reflects the earnings allocated to redeemable shares.
- Basic and diluted net loss per non-redeemable ordinary share: $0.06. This reflects the earnings allocated to non-redeemable shares.
Business Highlights
- Company Overview: Range Capital Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company is not limited to target businesses in any specific industry or geographic location.
- Initial Public Offering: On December 23, 2024, the company completed its Initial Public Offering (IPO) of 10,000,000 units at $10.00 per unit, generating gross proceeds of $100 million. Each unit consists of one ordinary share and one right entitling the holder to receive one-tenth of one ordinary share upon the completion of an initial business combination.
- Over-Allotment Option: The underwriters exercised their over-allotment option in full on December 31, 2024, purchasing an additional 1,500,000 units at $10.00 per unit, generating gross proceeds of $15 million.
- Private Placement: Simultaneously with the IPO and the over-allotment option closing, the company consummated the sale of 400,000 private placement units and an additional 37,500 private placement units to the Sponsor and EBC at $10.00 per unit, generating total gross proceeds of $4.375 million.
- Trust Account: Following the IPO and over-allotment option exercise, a total of $115.575 million was placed in a trust account. These funds are intended to be used for completing a business combination.
- Operational Focus: The company has not commenced any operations and will not generate operating revenues until after the completion of an initial business combination. The focus remains on identifying and evaluating potential target businesses for a business combination.
- Future Outlook: The company has until June 23, 2026, to consummate an initial business combination. Management is actively seeking opportunities and believes that their professional network will enable them to pursue a broad range of opportunities offering attractive risk-adjusted returns.
SEC Filing: