RDACUHIGH SIGNALFINANCIAL10-K

RDACU completed a business combination with massive shareholder redemptions (76% of shares redeemed), causing severe balance sheet deterioration and operational cash flow doubling losses despite reporting higher net income.

The extraordinary general meeting resulted in 5.7 million of 7.5 million shares being redeemed, representing a 76% shareholder exodus that signals lack of confidence in the business combination. The dramatic reduction in outstanding shares from 7.5M to 5.95M, combined with severe working capital deterioration, suggests the SPAC merger was poorly received by investors who chose to redeem rather than participate in the combined entity.

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

The company shows severe financial distress with current assets collapsing 92% to just $37K while current liabilities spiked 1,764% to $419K, creating a dangerous liquidity crisis. Total assets declined 24% to $44.4M while stockholders' equity worsened 57% to negative $2.3M, and operating cash flow losses doubled to $660K despite paradoxically reporting 511% higher net income at $1.6M. This disconnect between reported profits and deteriorating cash flows, combined with the massive asset reduction and working capital crisis, signals immediate financial distress following the business combination.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+1763.5%
$23K→$419K

Current liabilities surged 1763.5% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
+511.2%
$258K→$1.6M

Net income grew 511.2% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-102.6%
-$326K→-$660K

Operating cash flow fell 102.6% — earnings quality concerns; investigate working capital changes and non-cash items.

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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