Ribbon Acquisition Corp. SEC 10-Q Report

Ribbon Acquisition Corp., a blank check company focused on mergers and acquisitions, has released its Form 10-Q report for the third quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities, highlighting significant developments and future plans. Financial Highlights Net Income: Ribbon Acquisition Corp. reported a net income of $62,142 for the three months ended September 30, 2025, and $569,295 for the nine months ended September 30, 2025. This income was primarily earned from marketable securities held in the Trust Account.Net Income Per Ordinary Share, Redeemable Ordinary Shares: The net income per redeemable ordinary share was $0.08 for the three months ended September 30, 2025, and $0.31 for the nine months ended September 30, 2025.Net Loss Per Ordinary Share, Non-Redeemable Ordinary Shares: The net loss per non-redeemable ordinary share was $(0.23) for the three months ended September 30, 2025, and $(0.61) for the nine months ended September 30, 2025.Operating Expenses: The company incurred operating expenses of $463,712 for the three months ended September 30, 2025, and $892,007 for the nine months ended September 30, 2025. These expenses were primarily due to administrative fees.Income Earned on Marketable Securities Held in Trust Account: The income earned on marketable securities held in the Trust Account was $525,854 for the three months ended September 30, 2025, and $1,461,302 for the nine months ended September 30, 2025, contributing significantly to the net income. Business Highlights Business Combination Agreement: Ribbon Acquisition Corp. entered into a Business Combination Agreement with DRC Medicine Inc., DRC Medicine Ltd., and DRC Merger Inc. This agreement involves a share exchange and a merger, with the aim of DRC Medicine becoming a wholly-owned subsidiary of a new holding company, PubCo.Operational Focus: The company is a blank check company, primarily focused on effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.Geographical Performance: The business combination involves entities in the United States and Japan, indicating a focus on expanding operations across these regions.Future Outlook: The company plans to complete its initial business combination by January 16, 2026. If not completed, the company will undergo liquidation. The management is focused on using the proceeds from the IPO and private placement to finance the business combination and subsequent operations.Segment Reporting: The company operates as a single reportable segment, with the Chief Executive Officer reviewing the overall performance to allocate resources and assess financial performance.Administrative Support Services: Ribbon Acquisition Corp. has an agreement to pay $10,000 per month for office space, utilities, and administrative support, which will continue until the completion of the business combination or liquidation.Recent Developments: The company filed a Schedule 13G indicating that RiverNorth Capital Management, LLC owns approximately 6.18% of Ribbon’s outstanding units, reflecting significant investor interest.Operational Challenges: The company faces a working capital deficit and has incurred significant costs in pursuit of a business combination, raising concerns about its ability to continue as a going concern if the business combination is not completed within the specified timeframe.SEC Filing: Ribbon Acquisition Corp. [ RIBB ] - 10-Q - Nov. 14, 2025