Rithm Acquisition Corp., a Cayman Islands-based blank check company, filed its annual report on Form 10-K for the fiscal year ended September 30, 2025. The company, formed to effect a merger, share exchange, asset acquisition, or similar business combination, reported a net income of $5.45 million for the period from its inception on November 21, 2024, through September 30, 2025. This income primarily resulted from $5.99 million in interest earned on cash held in the trust account, offset by $538,089 in general and administrative expenses. As a blank check company, Rithm Acquisition Corp. has not generated any operating revenues to date and does not anticipate doing so until after completing its initial business combination.
The company's balance sheet as of September 30, 2025, showed total assets of $236.87 million, including $551,200 in cash and $235.99 million held in a trust account. Current liabilities totaled $51,261, with deferred underwriting fees payable amounting to $8.05 million. Class A ordinary shares subject to possible redemption were valued at $235.99 million, reflecting 23 million shares at a redemption value of $10.26 per share. The company's accumulated deficit was $7.22 million, resulting in a total shareholders' deficit of $7.22 million.
Rithm Acquisition Corp. completed its initial public offering on February 28, 2025, generating gross proceeds of $230 million through the sale of 23 million units at $10.00 each. Simultaneously, it completed a private placement with its sponsor, Rithm Acquisition Corp Sponsor LLC, raising $6.6 million from the sale of 660,000 private placement units at $10.00 per unit. The company incurred $13.31 million in offering costs related to the IPO. The company intends to use the funds held in the trust account to complete a business combination with one or more target businesses.
The company's strategy involves targeting companies in the financial services, real estate, and digital infrastructure sectors. However, the company acknowledges that it may face challenges in identifying and completing a suitable business combination within the allotted timeframe. The company's management has determined that the company currently lacks the liquidity it needs to sustain operations for a reasonable period of time, which raises substantial doubt about its ability to continue as a going concern. The company's ability to continue as a going concern is dependent upon the company's ability to complete a business combination.
About Rithm Acquisition Corp.
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