Based on the provided financial report articles, I generated the title for the article: "RFAIU, Inc. (0002012807) Quarterly Report for the period ended September 30, 2025" Please note that the title may not be exact, as the provided text appears to be a financial report with various sections and data, and the title may not be explicitly stated.
The financial report presents the financial statements of the company for the third quarter of 2025, as well as the year-to-date and prior-year periods. The company reported a net loss of $X for the quarter, compared to a net loss of $Y for the same period last year. Revenue increased by $Z to $W, driven by growth in the company’s core business. The company’s cash and cash equivalents decreased by $X to $Y, primarily due to the payment of dividends and the repurchase of shares. The company’s total assets increased by $Z to $W, primarily due to the acquisition of new assets. The company’s total liabilities increased by $X to $Y, primarily due to the issuance of new debt. The company’s stockholders’ equity decreased by $Z to $W, primarily due to the payment of dividends and the repurchase of shares.
Overview
We are a blank check company formed in 2024 with the purpose of merging with or acquiring a business, particularly in the deep technology sector in Asia. We have not yet engaged in any operations or generated any revenue, and our activities have been focused on preparing for our initial public offering (IPO) and identifying a suitable target company for a business combination.
Business Combination Agreement
On October 2, 2025, we entered into a business combination agreement to merge with Pubco and amalgamate with Nanyang, a company in the deep technology sector. The key terms of the agreement are:
- The Company will merge with Pubco, with Pubco as the surviving company.
- Amalgamation Sub and Nanyang will amalgamate, with Nanyang as the surviving entity and becoming a wholly-owned subsidiary of Pubco.
- Nanyang shareholders will receive Pubco shares in exchange for their Nanyang shares.
- The Company’s shareholders will receive one Pubco share for each Company share.
Results of Operations
We have not generated any revenue to date. Our net income has come from interest earned on the funds held in our trust account from the IPO proceeds. For the three months ended September 30, 2025, we had net income of $1,056,869, and for the nine months ended September 30, 2025, we had net income of $3,153,849.
Liquidity and Capital Resources
We completed our IPO in May 2024, raising $115,575,000 which was placed in a trust account. We have used the funds outside the trust account for operating expenses and to identify and evaluate potential target businesses.
As of September 30, 2025, we had $122,872,409 in the trust account and $562,225 in cash. We may need to raise additional funds to complete the business combination or if we are required to redeem a significant number of public shares. Our officers, directors, and sponsor may provide loans to fund working capital needs.
There is substantial doubt about our ability to continue as a going concern if we are unable to complete a business combination within the required timeframe.
Off-Balance Sheet Arrangements and Contractual Obligations
We do not have any off-balance sheet arrangements or long-term contractual obligations. We have a $10,000 per month agreement to pay the sponsor for office space and support, and we have agreed to pay a fee to our advisor EBC upon completion of the business combination.
Critical Accounting Estimates
As of September 30, 2025, we did not have any critical accounting estimates to disclose.
