RIBBUHIGH SIGNALOPERATIONAL10-K

RIBBU has entered into a definitive Business Combination Agreement with DRC Medicine Inc. and related entities, ending its search for acquisition targets and committing to complete this specific transaction.

This represents a pivotal moment for the SPAC as it transitions from target-hunting mode to execution phase with a identified merger partner in the medicine/healthcare sector. The removal of language about leveraging management's deal sourcing capabilities and broad industry networks indicates the company has moved beyond the search phase and is now focused solely on closing this particular business combination.

Comparing 2026-03-31 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet shows signs of financial strain with current assets declining dramatically from $509K to $51K, while current liabilities increased modestly to $607K. This shift has pushed the company into a negative working capital position, which is concerning for operational flexibility. The substantial depletion of liquid assets suggests the SPAC may be approaching critical financing decisions as it works to complete the proposed merger transaction.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-90%
$509K$51K

Current assets declined 90% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
+22.9%
$494K$607K

Current liabilities rose 22.9% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-01
ADDED
On June 30, 2025, we entered into a Business Combination Agreement (the Business Combination Agreement ) with DRC Medicine Inc., DRC Medicine Ltd.
and DRC Merger Inc., as disclosed in our Current Report on Form 8-K filed on July 1, 2025.
Accordingly, we are no longer pursuing other prospective target businesses and are focused on completing the proposed business combination.
We will not undertake our initial business combination with any company being based in or having the majority of the company s operations in Greater China other than pursuant to the Business Combination Agreement described above.
On June 30, 2025, we entered into a Business Combination Agreement with DRC Medicine Inc., DRC Medicine Ltd.
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REMOVED
We do not have any specific business combination under consideration and we have not (nor has anyone on our behalf), directly or indirectly, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction.
We will not undertake our initial business combination with any company being based in or having the majority of the company s operations in Greater China.
We believe that our management s track record of identifying and sourcing business combination targets positions us well to appropriately evaluate potential candidates and select the one that will be well received by the public markets 2 Differentiated access to deal sourcing and leading industry relationships Our target identification and selection process will leverage the broad and deep relationship network of our management team, sponsor and other strategic and operating partners across corporate executives, founders, venture capitalists and private equity firms.
We believe that, through their broad range of industry contacts and deep industry insights, we are well-positioned to identify and access a differentiated pipeline of high-quality business combination opportunities.
Strong understanding of the public and private markets We believe that the significant experience of our management team in biotechnology, capital markets and M A transactions will greatly assist us in consummating transactions at attractive valuations.
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