RDACUHIGH SIGNALFINANCIAL10-K

RDACU completed a business combination transaction with substantial shareholder redemptions, resulting in dramatically reduced share count and severely depleted current assets.

The extraordinary general meeting on November 20, 2025 approved multiple merger proposals, but 5.7 million of the 7.5 million outstanding shares were redeemed by shareholders, signaling significant investor skepticism about the transaction. The company's outstanding shares fell from 7.5 million to 5.9 million, while current assets collapsed from $456K to just $37K, creating potential liquidity concerns for ongoing operations.

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

The balance sheet reflects the strain of completing the business combination, with current assets declining catastrophically by over 90% to just $37K, while stockholders' equity deficit expanded meaningfully from -$1.4M to -$2.3M. Total assets decreased substantially from $58.8M to $44.4M, primarily reflecting the trust account redemptions, while total liabilities increased modestly to $2.3M. The financial position suggests significant operational challenges ahead given the minimal current asset base and negative equity position.

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.
In connection with the shareholders vote at the EGM, 5,715,609 ordinary shares were tendered for redemption.
RDAC held its Extraordinary General Meeting of shareholders (the Extension Meeting ) on December 12, 2025.
As of September 11, 2025, the record date for the Extension Meeting, there were 7,499,375 ordinary shares entitled to vote at the Extension Meeting.
At the Extension Meeting, there were 5,165,854 ordinary shares voted by proxy or in person, representing 68.88% of the Company s ordinary shares issued and outstanding and entitled to vote at the Extension Meeting as of the record date and constituting a quorum for the transaction of business.
the Trust Agreement Amendment Proposal and the Adjournment Proposal, were approved by the shareholders at the Extension Meeting.
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.
Holders of Record As of March 26, 2025, there were 7,499,375 (inclusive of ordinary shares included in our units) of our ordinary shares issued and outstanding, held by a total of ten record holders.
22 Securities Authorized for Issuance Under Equity Compensation Plans None.
For the year ended December 31, 2024, we had a net income of $257,513, which consisted of interest earned on marketable securities held in the Trust Account of $543,046, offset by formation and operational costs of $285,533.
Liquidity and Capital Resources For the year ended December 31, 2024, cash used in operating activities was $326,033.
Net income of $257,513 was affected by formation and operational costs of $285,533, interest earned on marketable securities held in the Trust Account of $543,046.
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