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Range Capital Acquisition Corp. (RANG0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's formation as a blank check company, incorporated on July 24, 2024, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination.
The company completed its initial public offering on December 23, 2024, raising $100 million through the sale of 10,000,000 units at $10.00 per unit. Each unit consists of one ordinary share and one right.
Simultaneously with the IPO, Range Capital Acquisition Corp. completed a private placement of 400,000 units at $10.00 per unit, generating additional gross proceeds of $4 million.
On January 3, 2025, the underwriters exercised their over-allotment option in full, purchasing an additional 1,500,000 units, which increased the total gross proceeds to $115 million.
The company has placed the proceeds from the IPO and the private placement into a trust account, which will be used to fund a business combination.
Range Capital Acquisition Corp. has until June 23, 2026, to complete a business combination, failing which it will cease operations and liquidate, returning funds to shareholders.
The company has not yet selected a target for its business combination and has not generated any revenue to date.
The filing outlines the company's financial position, reporting a net loss of $39,474 for the period from inception to December 31, 2024, primarily due to formation and operating costs.
Range Capital Acquisition Corp. acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also includes risk factors, highlighting potential challenges such as market competition for business combinations, regulatory changes, and geopolitical risks.
The company has appointed Marcum LLP as its independent registered public accounting firm and reports no disagreements with accountants on accounting and financial disclosure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Range Capital Acquisition Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.