10-K/A - Rigel Resource Acquisition Corp. (0001860879) (Filer)

Fri, Sep 27, 8:06 PM (7 days ago)

Rigel Resource Acquisition Corp's Amendment No. 1 to its 10-K report for the fiscal year ended December 31, 2023, primarily addresses a material weakness in internal controls over financial reporting. The company concluded that its internal controls were ineffective as of the evaluation date, impacting the accuracy of financial statements. This amendment does not alter previous financial data but emphasizes the need for enhanced oversight and remediation efforts, particularly regarding complex financial instruments and operating expense accruals. As of June 30, 2023, the market value of Class A shares was $321,600,000, with 24,570,033 Class A shares and 7,500,000 Class B shares outstanding. No significant changes to internal controls occurred during the fiscal year, but management is committed to improving these processes. Future risks include potential misstatements and compliance issues, which could affect investor confidence and stock performance. The company remains classified as a smaller reporting and emerging growth company, with ongoing evaluations planned to strengthen financial reporting reliability.