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Ribbon Acquisition Corp (RIBB+0.30%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's status as a blank check company, incorporated on July 17, 2024, in the Cayman Islands, with the purpose of effecting a business combination.
The company completed its initial public offering on January 16, 2025, raising $50 million by offering 5,000,000 units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right to receive one-seventh of a Class A ordinary share.
Simultaneously with the IPO, the company completed a private placement of 220,000 units to its sponsor, Ribbon Investment Company Ltd, generating additional proceeds of $2.2 million.
The net proceeds from the IPO and the private placement were placed in a trust account, which will be used to fund the company's initial business combination.
Ribbon Acquisition Corp has not yet identified a target for its business combination and has not engaged in any substantive discussions with potential targets.
The company reported a net loss of $10,305 for the period from July 17, 2024, to December 31, 2024, primarily due to formation costs.
As of December 31, 2024, the company had no cash and a working capital deficit of $493,967, raising substantial doubt about its ability to continue as a going concern.
The company's management team, led by CEO Angshuman Ghosh, is focused on identifying and evaluating suitable acquisition targets, with efforts supported by the sponsor and the board of directors.
Ribbon Acquisition Corp's shares are traded on the Nasdaq Capital Market under the symbols 'RIBB' for Class A ordinary shares and 'RIBBR' for rights.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ribbon Acquisition Corp annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.