RFAI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• In order for the Company to remain able to hold an extraordinary general meeting on August 19, 2026 and consummate the Business Combination, the Company is separately soliciting proxies for an extraordinary general meeting of its shareholders (the “Extension Meeting”) to seek shareholder approval of…

• We have neither engaged in any operations nor generated any revenues to date. Our only activities from February 5, 2024 (inception) through June 30, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and subsequent to the Initial Public …

• For the six months ended June 30, 2026, we had net income of $198,129, which consist of interest earned on cash held in Trust Account of $913,583, partially offset by general, administrative and operational costs of $715,454.

• For the three months ended June 30, 2025, we had net income of $1,076,010, which consist of interest earned on cash held in Trust Account of $1,257,739, partially offset by general, administrative and operational costs of $181,729.

• For the six months ended June 30, 2025, we had net income of $2,096,980, which consist of interest earned on cash held in Trust Account of $2,491,947, partially offset by general, administrative and operational costs of $394,967.

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• We have neither engaged in any operations nor generated any revenues to date. Our only activities from February 5, 2024 (inception) through March 31, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and subsequent to the Initial Public…

• For the three months ended March 31, 2026, we had net income of $93,702, which consist of interest earned on cash held in Trust Account of $454,296, partially offset by general, administrative and operational costs of $360,594.

• As of March 31, 2026, we had cash held outside the Trust Account of $34,737. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or simi…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based on this evaluation, our Chief Executi…

• A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

• In response to the identified material weaknesses, we have undertaken several initiatives to strengthen our internal controls:

• 1.Segregation of Duties: We are reevaluating the allocation of responsibilities within our accounting and finance functions to improve segregation of duties, including implementing compensating controls where full segregation is impractical due to our small business environment.

• 2.Documentation of Controls: We are developing and formalizing written documentation of our internal control policies and procedures, in compliance with the requirements of the Sarbanes-Oxley Act.

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based on this evaluation, our Chief Execut…

• Management intends to implement remediation steps to improve our disclosure controls and procedures and our internal control over financial reporting. Specifically, we intend to expand and improve our review process for complex securities and related accounting standards. We have improved this proce…

• There was no change in our internal control over financial reporting that occurred during the quarter ended March 31, 2026, covered by this Quarterly Report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.