Fri, Jan 24, 10:28 PM (24 days ago)
Range Capital Acquisition Corp. (RANG), a blank check company formed on July 24, 2024, reported its quarterly financial results for the period ending September 30, 2024. As of this date, the company had total assets of $1,661,413, primarily consisting of $23,679 in cash and $1,637,734 in deferred offering costs. The company incurred a net loss of $27,788 due to formation and operating costs, reflecting the absence of revenue as it had not yet completed any business combinations. Liquidity remains a concern; however, the company anticipates that funds from its Initial Public Offering (IPO), completed on December 23, 2024, will provide sufficient capital for future operations. The IPO raised $100,000,000, with an additional $15,000,000 from an over-allotment option exercised on January 3, 2025. Total cash in the trust account reached $115,575,000, which will be used for potential business combinations. The company faces risks related to ongoing geopolitical tensions, which could impact its ability to identify and complete a business combination. As of the reporting date, the company had not commenced operations and had no significant liabilities, aside from a promissory note of $20,720 owed to a related party.