Based on the provided financial report articles, I generated the title for the article: **"RFAIU, Inc. Quarterly Report (Q3 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.
Based on the provided financial report articles, I generated the title for the article: **"RFAIU, Inc. Quarterly Report (Q3 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 nine months ended September 30, 2025. The company reported a net loss of $X million, with total revenues of $Y million and total expenses of $Z million. The company’s cash and cash equivalents decreased by $X million to $Y million, and its total assets decreased by $Z million to $W million. The company’s common stock outstanding increased by X shares to Y shares, and its additional paid-in capital increased by $Z million to $W million. The company’s retained earnings decreased by $X million to $Y million. The report also includes the company’s balance sheet as of September 30, 2025, and its statements of cash flows for the nine months ended September 30, 2025.
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. Under the agreement, Nanyang’s shareholders will receive PubCo shares in exchange for their Nanyang shares, and our shareholders will receive one PubCo share for each of our shares.
Results of Operations
Since our inception in February 2024 through September 2025, we have generated net income from interest earned on the funds held in our trust account, which was partially offset by our operating costs. For the nine months ended September 30, 2025, we had net income of $3.15 million, consisting of $3.78 million in interest income and $624,629 in operating expenses.
Liquidity and Capital Resources
We raised $115.6 million from our IPO and private placement in 2024, which is currently held in a trust account. As of September 30, 2025, we had $122.9 million in the trust account and $562,225 in cash outside the trust account. We intend to use the funds in the trust account, along with debt or equity financing, to complete our business combination with Nanyang.
We believe we have sufficient funds to meet our expenditures prior to the business combination, but we may need to raise additional capital if the actual costs are higher than expected. If we are unable to complete a business combination within the required timeframe, we would proceed with a voluntary liquidation.
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 with our sponsor for office space and administrative 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.
In summary, we are a blank check company that has made progress towards completing a business combination with Nanyang, a deep technology company in Asia. We have sufficient funds to continue our operations, but may need to raise additional capital to complete the transaction. Our financial performance has been driven by interest income on our trust account funds, offset by operating expenses.