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RCFAF (RCFAF0.00%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net income of $702,959. The company reported general and administrative expenses of $2,137,873 for the year.
RCFAF's cash held in the trust account amounted to $3,954,190 as of December 31, 2024. The company noted a working capital deficit of $2,341,218.
The company has extended the deadline to complete a business combination to April 15, 2025, with the possibility of further extensions to as late as November 15, 2025, subject to certain conditions.
RCFAF issued a Convertible Senior Secured Promissory Note to Blue Capital Management Partners, LLP, with a principal amount up to $2,000,000. The note bears no interest and is repayable upon the earlier of the business combination consummation, liquidation, or December 31, 2024.
In connection with the business combination, RCFAF entered into a Business Combination Agreement with Blue Gold Limited and Blue Gold Holdings Limited, which involves a share exchange and merger.
The company’s public securities were delisted from the New York Stock Exchange and began trading over-the-counter under new symbols in November 2024.
RCFAF's management has identified material weaknesses in internal controls over financial reporting, specifically relating to complex financial reporting transactions.
The company continues to face liquidity challenges and may require additional capital to complete a business combination. Management has indicated substantial doubt about the company's ability to continue as a going concern.
RCFAF's board of directors and executive officers underwent significant changes in November 2023, with new appointments following a securities purchase agreement with Perception Capital Partners IV LLC.
The company has not paid any cash dividends to date and does not intend to pay cash dividends prior to the completion of an initial business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RCFAF annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.