Based on the provided financial report articles, I generated the title for the article: "RFAIU's Quarterly Financial Report for Q2 2024: Ordinary Shares, Rights, and Subscription Receivable Update" Please note that the title may not be exact, as the provided text is a financial report and may not contain a clear title.

Press release · 10/25 12:12
Based on the provided financial report articles, I generated the title for the article: "RFAIU's Quarterly Financial Report for Q2 2024: Ordinary Shares, Rights, and Subscription Receivable Update" Please note that the title may not be exact, as the provided text is a financial report and may not contain a clear title.

Based on the provided financial report articles, I generated the title for the article: "RFAIU's Quarterly Financial Report for Q2 2024: Ordinary Shares, Rights, and Subscription Receivable Update" Please note that the title may not be exact, as the provided text is a financial report and may not contain a clear title.

Unfortunately, the provided text appears to be a financial report in a machine-readable format, but it lacks a clear and concise summary. However, I can try to extract some key financial figures and main events from the report:

  • The report is for the second quarter of 2024, ending on September 30, 2024.
  • The company’s common stock and additional paid-in capital increased during the quarter.
  • The company had a subscription receivable and retained earnings as of September 30, 2024.
  • The company completed an initial public offering (IPO) and private placement of securities in May 2024.
  • The company also had an over-allotment option for the IPO, which was exercised in May 2024.
  • As of September 30, 2024, the company had redeemable and non-redeemable ordinary shares.

Please note that this summary is limited and may not provide a comprehensive overview of the financial report. If you would like a more detailed summary, I would be happy to try and assist you further.

Overview

We are a blank check company formed in February 2024 with the purpose of merging with or acquiring a business, particularly in the deep technology sector in Asia. We have not yet engaged in any operations or generated any revenue, and our only activities so far have been organizational and preparing for our initial public offering (IPO). We expect to continue incurring significant costs as we search for a suitable business combination target, but we cannot guarantee that we will be successful in completing a deal.

Results of Operations

For the three months ended September 30, 2024, we had a net income of $1,422,951, which consisted of $1,512,941 in interest earned on the cash held in our trust account, offset by $89,990 in operating costs. For the period from February 5, 2024 (inception) through September 30, 2024, we had a net income of $1,909,559, which consisted of $2,169,630 in interest earned on the trust account, offset by $260,071 in operating costs.

Liquidity and Capital Resources

We raised $115,575,000 from our IPO and private placement, which we have placed in a trust account. As of September 30, 2024, we had $117,744,630 in the trust account and $986,256 in cash outside the trust account. We intend to use the funds in the trust account to complete a business combination, with the remaining funds used for working capital and other purposes.

We may need to raise additional capital through loans or investments to complete a business combination, as our current funds may not be sufficient. Our sponsor and officers/directors may provide working capital loans, but they are not obligated to do so. If we are unable to raise additional capital, we may have to curtail operations or even liquidate.

The financial statements raise substantial doubt about our ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the date of the financial statements. This is due to the uncertainty around our ability to complete a business combination and generate revenue.

Off-Balance Sheet Arrangements and Contractual Obligations

We have no off-balance sheet arrangements as of September 30, 2024. Our only significant contractual obligation is an agreement to pay $10,000 per month to our sponsor or an affiliate for office space, utilities, and administrative support until we complete a business combination or liquidate.

We have also engaged an advisor, EBC, to assist with our business combination process. EBC will receive a service fee equal to 3.5% of the IPO gross proceeds (totaling $4,025,000) upon completion of the initial business combination, as well as a 1.0% fee on the total consideration if they introduce us to the target business.

Critical Accounting Estimates

As of September 30, 2024, we did not have any critical accounting estimates to disclose.