RDAC: net income $1.6M. RDAC extends merger deadline to April 2026 after 96% of public shares redeemed

Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 26, 2025 · ~1 min read

Key Changes

• high

  Shareholders redeemed 7.2 million shares (96% of public float) across two meetings in Nov-Dec 2025, draining $16.3M from trust and leaving just $44.4M for the HZJL merger. Redemption rate signals overwhelming investor skepticism.

  Business: EGM shareholder approval verify on EDGAR →
• high

  Cash plunged 91% to $37K and working capital flipped from $433K surplus to $382K deficit. Auditor maintains going concern warning as company burns through remaining liquidity.

  Risk Factors: Going concern verify on EDGAR →
• high

  Sponsor and merger partner HZJL each funded $150K in convertible notes (3 tranches) to extend deadline from Jan to April 2026. Notes convert to units at $10.00, diluting existing holders if merger closes.

  MD&A: Convertible promissory notes verify on EDGAR →