RDACHIGH SIGNALFINANCIAL10-K

RDAC completed a business combination transaction with significant shareholder redemptions, resulting in a dramatic reduction in share count from 7.5 million to 6.0 million shares and severely depleted current assets.

The November 2025 Extraordinary General Meeting approved multiple merger proposals, but 5.7 million shares (76% of outstanding shares) were redeemed by shareholders, indicating weak investor confidence in the transaction. This massive redemption activity has left the company in a precarious financial position with minimal liquid assets to fund operations.

Comparing 2026-03-30 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet reflects the severe impact of the business combination, with current assets collapsing from $456K to just $37K, representing a loss of over 90% of liquid resources. Total assets declined meaningfully from $58.8M to $44.4M as the trust account was substantially drawn down to fund redemptions. The company's stockholders' equity deficit expanded notably from -$1.4M to -$2.3M, while total liabilities increased to $2.3M, creating significant financial strain for the post-transaction entity.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-91.8%
$456K→$37K

Current assets declined 91.8% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-56.8%
-$1.4M→-$2.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Assets
Balance Sheet
-24.4%
$58.8M→$44.4M

Total assets contracted 24.4% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
+21%
$1.9M→$2.3M

Liabilities increased 21% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-26
ADDED
As of March 30, 2026, the Registrant had 5,951,030 ordinary shares outstanding (inclusive of shares included in our units).
Recent Developments RDAC held its Extraordinary General Meeting of shareholders (the EGM ) on November 20, 2025.
As of September 11, 2025, the record date for the EGM, there were 7,499,375 ordinary shares entitled to vote at the EGM.
At the EGM, there were 5,049,309 ordinary shares voted by proxy or in person, representing 67.33% of the ordinary shares issued and outstanding and entitled to vote at the EGM as of the record date and constituting a quorum for the transaction of business.
the Reincorporation Merger Proposal, the Acquisition Merger Proposal, the Nasdaq Proposal, the PubCo Charter Proposal, the Director Approval Proposal, and the Adjournment Proposal, were approved by the shareholders.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
Therefore, the aggregate market value of the Registrant s ordinary shares held by non-affiliates of the Registrant was $ 0 .
As of March 26, 2025, the Registrant had 7,499,375 ordinary shares outstanding (inclusive of shares included in our units).
Financial Position With a trust account initially in the amount of $50,750,000 (or $58,287,500 if the over-allotment option is exercised in full) (which includes up to approximately $1,625,000 (or up to $1,868,750 if the over-allotment option is exercised in full), for the payment of deferred underwriting discounts), we can offer a target business a variety of options to facilitate a business combination and fund future expansion and growth of its business.
As of December 31, 2024, the Company had cash of $392,679 and a working capital equity of $433,179.
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