RDAC

RDAC is a blank-check shell, not an operating business. Its entire FY2025 'net income' of $1.57M is trust-account interest, not revenue from a product or service (revenue is blank). Judging it on fundamentals is a category error: total assets of $44.4M are essentially the trust, current assets outside trust are just $37.2K of cash, and stockholders' equity is negative $2.25M because the redeemable public shares sit in temporary equity. Operating cash flow was negative $660K. The auditor issued an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern, with a stated working-capital deficit of $382,105 and only $37,174 of cash — the company is dependent on the sponsor funding monthly trust-extension deposits (the lesser of $100K/month or $0.033/share) to keep the clock running.

The reason to own or avoid a SPAC is the pending deal, and here it cuts negative. RDAC signed a January 27, 2025 merger with HZJL (to become Xpand Boom Technology), a Cayman/China-linked target run out of Taiyuan, Shanxi Province — a structure that layers PRC regulatory and SEC-effectiveness risk on top of ordinary SPAC closing conditions. Momentum is already against the deal: at the December 12, 2025 extraordinary meeting, holders redeemed 1,548,345 shares (~26% of the 5.95M outstanding) at ~$10.55, and the board amended the trust agreement to allow up to six one-month extensions — a signal the combination is running long and shareholders are voting with their feet at cash value.