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RCFAF (RCFAF0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $662,463. This income was primarily due to other income, net, of $1,159,596, offset by general and administrative expenses of $497,133.
Interest earned in the Trust Account contributed $688,735 to the other income, alongside a change in fair value of derivative liability amounting to $163,906 and a gain on warrant liability of $323,387.
For the nine months ended September 30, 2024, the company reported a net income of $465,211, with other income, net, of $2,045,275, offset by general and administrative expenses of $1,580,064.
The company is a blank check company formed for the purpose of effecting a business combination. As of September 30, 2024, RCFAF held $54,932 in cash outside the Trust Account and $55,374,143 inside the Trust Account.
RCFAF has extended the deadline for completing a business combination to January 15, 2025. If the company fails to complete a business combination by this date, it will cease operations and liquidate.
The filing also notes that the company has been delisted from the NYSE and will trade in the over-the-counter market under the symbol RCFAF.
The company has incurred significant costs in pursuit of its acquisition plans and anticipates that cash held outside of the Trust Account will not be sufficient to operate until the extended deadline.
RCFAF acknowledges substantial doubt about its ability to continue as a going concern due to the need for additional capital to address liquidity issues, with no obligation on the part of the Sponsor to provide further capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RCFAF quarterly 10-Q report dated December 17, 2024. To report an error, please email earnings@qz.com.