UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(MARK ONE)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~September~~For 30the quarter ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number:

001-42448

Range Capital Acquisition Corp.

(Exact Name of Registrant as Specified in Its Charter)


Cayman Islands		N/A
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

44 Main Street

Cold Spring Harbor

New York 11724

(Address of principal executive offices)

(631)246-0360

(Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	TradingSymbol(s)	Name of each exchangeon which registered
Units, each consisting of one Ordinary Share and one Right	RANGU	The Nasdaq Stock Market LLC
Ordinary shares, par value $0.0001 per share	RANG	The Nasdaq Stock Market LLC
Rights, each Right to acquire one-tenth (1/10) of one Ordinary Share	RANGR	The Nasdaq Stock Market LLC
Rights, each Right to acquire one-tenth(1/10) of one Ordinary Share	RANGR	The Nasdaq Stock Market LLC

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T(§232.405

of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in

non-accelerated

Rule 12b-2

of the Exchange Act.

If an emerging

~~If an emerging~~ growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). Yes ☒ No ☐

As of May

~~16,037,500~~15

, 2025, there were 16,037,500 ordinary shares, $0.0001 par value, issued and outstanding.

RANGE CAPITAL ACQUISITION CORP.

FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

TABLE OF CONTENTS

	Page
Part I. Financial Information		1
Item 1. Financial Statements		1
Condensed Balance Sheet as of September 30, 2024 (Unaudited)		1
Balance Sheet as of March 31, 2025 (Unaudited) and December 31, 2024		1
Condensed Statement of Operations For the Period from July 24, 2024 (Inception) Through September 30, 2024 (Unaudited)		2
Condensed Statement of Operations for the Three Months ended March 31, 2025 (Unaudited)		2
Condensed Statement of Changes in Shareholders’ Equity For the Period from July 24, 2024 (Inception) Through September 30, 2024 (Unaudited)		3
Condensed Statement of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2025 (Unaudited)		3
Condensed Statement of Cash Flows For the Period from July 24, 2024 (Inception) Through September 30, 2024 (Unaudited)		4
Condensed Statement of Cash Flows for the Three Months Ended March 31, 2025 (Unaudited)		4
Notes to Condensed Financial Statements (Unaudited)		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		1317
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk		1419
Item 4. Controls and Procedures		1419
Part II. Other Information
Item 1. Legal Proceedings		1520
Item 1A. Risk Factors		1520
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		1521
Item 3. Defaults Upon Senior Securities		1521
Item 4. Mine Safety Disclosures		1521
Item 5. Other Information		1521
Item 6. Exhibits		1622
Part III. Signatures		1723

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

RANGE CAPITAL ACQUISITION CORP.

CONDENSED BALANCE SHEET

SEPTEMBER 30, 2024


	March 31, 2025 (Unaudited)		December 31, 2024
Assets
Current assets
Cash	$	628,113	$	881,853
Due from Sponsor		2,284		—
Prepaid expenses		186,448		128,720

Total Current assets		816,845		1,010,573
Long-term prepaid insurance		74,471		100,054
Investments held in Trust Account		116,876,887		100,596,478

Total Assets	$	117,768,203	$	101,707,105

Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Equity
Current liabilities
Accrued offering costs	$	75,000	$	75,000
Accounts payable and accrued expenses		102,029		41,117
Over-allotment option liability		—		147,970

Total Liabilities		177,029		264,087

Commitments And Contingencies (Note 6)
Ordinary shares subject to possible redemption, 11,500,000 and 10,000,000 shares at redemption value of $10.16 and $10.06 per share as of March 31, 2025 and December 31, 2024, respectively		116,876,887		100,596,478
Shareholders’ Equity
Prefer ence shares, $0.0001 par value; 100,000,000 shares authorized; none issued and outstanding		—		—
Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,537,500 and 4,500,000 issued and outstanding (excluding 11,500,000 and 10,000,000 subject to possible redemption) as of March 31, 2025 and December 31, 2024, respectively (1)(2)		454		450
Additional paid-in capital		—		885,564
Retained Earnings (Accumulated deficit)		713,833		(39,474	)

Total Shareholders’ Equity		714,287		846,540

Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Equity	$	117,768,203	$	101,707,105

(~~Unaudited~~1) December 31, 2024 includes an aggregate of up to 500,000 ordinary shares subject to forfeiture if the over-allotment was not exercised in full or in part by the underwriters (See Notes 5 and 7).

Assets
Current assets
Cash	$	23,679
Total current assets		23,679
Deferred offering costs		1,637,734
Total Assets	$	1,661,413
Liabilities and Shareholders’ Equity
Current Liabilities
Accrued offering costs	$	98,013
Accrued expenses		7,068
Promissory note - related party		20,720
Total Liabilities		125,801
Commitments and Contingencies
Shareholders’ Equity
Preferred shares, $0.0001 par value; 100,000,000 shares authorized; none issued or outstanding		—
Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,100,000 shares issued and outstanding(1)(2)		410
Additional paid-in capital		1,562,990
Accumulated deficit		(27,788	)
Total Shareholders’ Equity		1,535,612
Total Liabilities and Shareholders’ Equity	$	1,661,413

(2)	On January 3, 2025, the underwriters fully exercised their over-allotment option resulting in no shares subject to forfeiture related to the over-allotment option.

(1) Includes an aggregate of up to 500,000 ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (See Notes 5 and 7). On January 3, 2025, the underwriters exercised their over-allotment option and as of such date, 500,000 shares were no longer subject to forfeiture.

(2) Subsequently on November 14, 2024, Range Capital Acquisition Sponsor, LLC (the “Sponsor”) surrendered 479,167 Founder Shares for no consideration and EarlyBirdCapital, Inc. (“EBC”) surrendered 133,333 EBC founder shares for no consideration. All share and per share information has been retrospectively presented.

The accompanying notes are an integral part of the unaudited condensed financial statements.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

CONDENSED STATEMENT OF OPERATIONS

FOR THE ~~PERIOD~~THREE ~~FROM~~MONTHS ~~JULY 24,~~ENDED ~~2024 (INCEPTION) THROUGH SEPTEMBER~~MARCH 3031, ~~2024~~2025

(UNAUDITED)

Formation and operating costs	$	27,788
Operating costs	$	298,973
Net loss	$	(27,788	)
Loss from operations		(298,973	)
Basic and diluted weighted average shares outstanding (1)(2)		4,100,000
Other (expense) income:
Basic and diluted net loss per share	$	(0.01	)
Change on fair value of over-allotment option liability		(446	)
Interest earned on investments held in Trust Account		1,205,409
Total other income, net		1,204,963
Net Income	$	905,990
Weighted average redeemable shares outstanding		11,466,667
Basic and diluted net loss per redeemable ordinary share	$	0.06
Weighted average non-redeemable shares outstanding		4,536,667
Basic and diluted net loss per non-redeemable ordinary share	$	0.06

(1) Excludes an aggregate of up to 500,000 ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (See Notes 5 and 7). On January 3, 2025, the underwriters exercised their over-allotment option and as of such date, 500,000 shares were no longer subject to forfeiture.

The accompanying notes are an integral part of the unaudited condensed financial statements.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE ~~PERIOD~~THREE ~~FROM~~MONTHS ~~JULY 24,~~ENDED ~~2024 (INCEPTION) THROUGH SEPTEMBER~~MARCH 3031, ~~2024~~2025

(UNAUDITED)

	Ordinary Shares				~~StockSubscriptionReceivable~~Stock Subscription Receivable from			~~AdditionalPaid~~Additional Paid-in Capital			~~Accumulated~~Retained Earnings			~~TotalShareholders~~Total Shareholders’ Equity
	Shares		Amount		Shareholders			~~Capital~~			~~Deficit~~			~~Equity~~
Balance — July 24, 2024 (Inception)		—	$	—	$	—		$	—		$	—		$	—
Balance – January 1, 2025		4,500,000	$	450	$	—		$	885,564		$	(39,474	)	$	846,540
Ordinary shares issued to Sponsor(1)(2)		3,833,333		383		(25,000	)		24,617			—			—
Sale of 37,500 Private Placement Units		37,500		4		—			374,996			—			375,000
Ordinary shares issued to underwriter		266,667		27		—			1,538,373			—			1,538,400
Fair value of rights included in Public Units		—		—		—			206,850			—			206,850
Collection of stock subscription receivable from shareholder		—				25,000			—			—			25,000
Fair value of over-allotment exercised		—		—		—			148,416			—			148,416
Net loss		—		—		—			—			(27,788	)		(27,788	)
Allocated value of transaction costs to Class A ordinary shares		—		—		—			(3,878	)		—			(3,878	)
Balance – September 30, 2024 (unaudited)		4,100,000	$	410	$	—		$	1,562,990		$	(27,788	)	$	1,535,612
Accretion for redeemable ordinary shares to redemption amount		—		—		—			(1,611,948	)		(152,683	)		(1,764,631	)
Net income		—		—		—			—			905,990			905,990
Balance – March 31, 2025		4,537,500	$	454	$	—		$	—		$	713,833		$	714,287

The accompanying notes are an integral part of the unaudited condensed financial statements.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

CONDENSED STATEMENT OF CASH FLOWS

FOR THE ~~PERIOD~~THREE ~~FROM~~MONTHS ~~JULY 24,~~ENDED ~~2024 (INCEPTION) THROUGH SEPTEMBER~~MARCH 3031, ~~2024~~2025

(UNAUDITED)

Cash Flows from Operating Activities:
Net loss	$	(27,788	)
Net income	$	905,990
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on investments held in Trust Account		(1,205,409	)
Change in Fair Value of Over-allotment liability		446
Changes in operating assets and liabilities:
Accrued expenses		7,068
Prepaid expenses		(32,145	)
Net cash used in operating activities		(20,720	)
Due from Sponsor		(2,284	)
Accounts payable and accrued expenses		60,912
Net cash used in operating activities		(272,490	)
Cash Flows from Investing Activities:
Investment of cash into Trust Account		(15,075,000	)
Net cash used in investing activities		(15,075,000	)
Cash Flows from Financing Activities:
Proceeds from share subscription receivable from shareholder		25,000
Proceeds from sale of Units, net of underwriting discounts paid		14,718,750
Proceeds from Issuance of Representative shares		2,319
Proceeds from sale of Private Placement Units		375,000
Proceeds from promissory note – related party		20,720
Net cash provided by financing activities		15,093,750
Payment of offering costs		(3,640	)
Net Change in Cash		(253,740	)
Net cash provided by financing activities		44,399
Cash – Beginning of period		881,853
Net Change in Cash		23,679
Cash – End of period	$	628,113
Cash – Beginning of period		—
Cash – End of period	$	23,679
Non-Cash investing and financing activities:
Deferred offering costs included in accrued offering costs	$	98,013
Accretion of redeemable ordinary shares to redemption value	$	1,764,631
Fair Value of EBC founder shares charged to Deferred offering costs	$	1,536,081

The accompanying notes are an integral part of the unaudited condensed financial statements.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

NOTE 1. ORGANIZATION AND BUSINESS OPERATIONS

Range Capital Acquisition Corp. (the “Company”) is a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (a “Business Combination”). The Company intends to pursue a Business Combination with a target in any industry or geographic region that can benefit from the expertise and capabilities of the Company’s management team.

As of March 31, 2025, the Company had not commenced any operations. All activity for the period from July 24, 2024 (inception) through March 31, 2025 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of an initial Business Combination, at the earliest. The Company will generate

non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering.

The registration statement for the Company’s Initial Public Offering was declared effective on December 19, 2024. On December 23, 2024, the Company consummated the Initial Public Offering of 10,000,000 units (the “Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $100,000,000. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 400,000 private placement units (each, a “Private Placement Unit”) at a price of $10.00 per Private Placement Unit in a private placement to Range Capital Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”) and EarlyBirdCapital, Inc., (“EBC”) the representative of the underwriters in the Initial Public Offering ~~(“EBC”)~~, generating gross proceeds of $4,000,000.

On December 31, 2024, the underwriters notified the Company of their exercise of the over-allotment option in full and purchased 1,500,000 additional units (the “Option Units”) at $10.00 per ~~unit~~Unit ~~upon~~on ~~the~~January 3, ~~closing of the over-allotment option~~2025, generating gross proceeds of $15,000,000. ~~The over-allotment option closed on January 3, 2025.~~ Simultaneously with the closing of the over-allotment option, the Company consummated the private placement of an aggregate of 37,500 ~~private~~Private ~~placement~~Placement ~~units~~Units (each, an “Option Private Placement Units”) to the Sponsor and EBC at a price of $10.00 per ~~unit~~Unit, generating gross proceeds of $375,000.

~~Transaction~~Upon the underwriters’ full exercise of the over-allotment option, transaction costs amounted to $4,203,522, consisting of $2,156,250 of cash underwriting fee (net of $143,750 underwriters’ reimbursement) and $2,047,272 of other offering costs.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Pursuant to applicable stock exchange listing rules, the Company’s initial Business Combination must be with one or more businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account, if any). The Company intends to only complete a Business Combination if the post- Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

Following the closings of the Initial Public Offering on December 23, 2024 and the over-allotment on January 3, 2025, an aggregate amount of $115,575,000 ($10.05 per Unit) from the net proceeds of the sale of the Units and Option Units, and a portion of the net proceeds from the sale of the Private Placement Units and Option Private Placement Units, was placed in the trust account (“Trust Account”) and held in demand deposit or cash accounts or invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule

2a-7

of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.

~~Distinguishing~~The ~~Liabilities~~Company ~~from~~will ~~Equity~~provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company in its sole discretion subject to requirements of corporate law. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount

If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and, subject to applicable securities laws, any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

then in the Trust Account (initially $10.05 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). The Public Shares subject to redemption were recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “

Distinguishing Liabilities from Equity

.”

Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.

The Sponsor and EBC have agreed (a) to waive their redemption rights with respect to any Founder Shares, EBC founder shares (defined below), ordinary shares included in the Private Placement Units (“Private Shares”) and Public Shares held by them in connection with the completion of a Business Combination, (b) to waive their redemption rights with respect to their Founder Shares, EBC founder shares, Private Shares and Public Shares in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association to (1) modify the substance or timing of the obligation to provide for the redemption of the Public Shares in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete the initial Business Combination within 18 months from the closing of the Initial Public Offering, June 23, 2026, or (2) with respect to any other material provisions relating to shareholders’ rights or

pre-initial

Business Combination activity, and (c) to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares, EBC founder shares and Private Shares held by them if the Company fails to complete the initial Business Combination within 18 months from the closing of the Initial Public Offering. If the Company submits the initial Business Combination to the public shareholders for a vote, the Sponsor and the Company’s officers and directors have agreed (and their permitted transferees will agree) to vote any Founder Shares, Private Shares and, subject to applicable securities laws, any Public Shares purchased by them in or after this Initial Public Offering (including in open market and privately-negotiated transactions) in favor of an initial Business Combination.

The Company has until 18 months from the closing of the Initial Public Offering, June 23, 2026, to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within the Combination Period and the Combination Period is not extended by shareholders pursuant to an amendment to the Company’s amended and restated articles of association, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a

usiness Combination.

The Compan

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned and not previously released to us to pay our taxes, if any (less $100,000 to pay liquidation and dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it would receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its affiliates acquires Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.05 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes

~~In order to protect the amounts held in the Trust Account~~, ~~the Sponsor has agreed that it will be liable to the Company~~ if ~~and to the extent~~ any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.05 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims by the Company’s auditors or under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

10-Q

S-X

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

8This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims by the Company’s auditors or under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-Kparty claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

~~Liquidity~~On January 13, 2025, the Company’s Public Units began separately trading from the ordinary shares and rights included in such Units. Those Public Units that are not separated trade on the Nasdaq Global Market under the symbol “RANGU” and the ordinary shares and rights that are separated are trading on the Nasdaq Global Market under the symbols “RANG” and “RANGR,” respectively.

~~205-40,~~NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form

10-Q

and Article 8 of Regulation

S-X

of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Annual Report on Form

10-K

as filed with the SEC on March 31, 2025. The interim results for the three months ended March 31, 2025, are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future periods.

Segment Reporting

The Company complies with ASU

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU

2023-07),

which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $23628,~~679~~113 and $881,853 in cash and no cash equivalents as of ~~September~~March 3031, 2025 and December 31, 2024, respectively.

Investments Held in Trust Account

At March 31, 2025 and December 31, 2024, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest earned on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. For the three months ended March 31, 2025, the Company did not withdraw any interest earned on the Trust Account.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. As of March 31, 2025, the Company has not experienced losses on this account.

~~Deferred~~ Offering Costs

The Company complies with the requirements of the ASC

340-10-S99

and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “Expenses of Offering”. Deferred offering costs consist of underwriting, legal, and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.

7Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “

Income Taxes

.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

~~Income~~ASC ~~Taxes~~740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2025 and December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Income Taxes

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

The Company is considered to be an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “

Fair Value Measurement

,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

Fair Value Measurements

The Company follows the guidance in ASC 820 for its financial assets and liabilities that arere-measured and reported at fair value at each reporting period, and

re-measured

non-financial

assets and liabilities that

are-measured

and reported at fair value at least annually.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then

re-valued

at each reporting date, with changes in the fair value reported in the statement of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or

non-current

based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriters’ over-allotment option was deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and was accounted for as a liability pursuant to ASC 480 since the underwriters did not exercise their over-allotment option at the closing of Initial Public Offering on December 23, 2024. As of December 31, 2024, the over-allotment was outstanding and on January 3, 2025, the underwriters fully exercised their over-allotment option.

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

Share Rights

The Company accounts for the Public Rights (as defined in Note 3) and Private Rights (as defined in Note 4) issued in connection with the Initial Public Offering on December 23, 2024 and with the underwriter’s exercise of the over-allotment option on January 3, 2025, and the related private ~~placement~~placements in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the rights under equity treatment at its assigned value.

Net ~~Loss~~Income per Ordinary Share

Net ~~loss~~income per share is computed by dividing net ~~loss~~income by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 500,000 ordinary shares that ~~are~~were subject to forfeiture by the holders thereof depending on the extent to which the underwriter’s over-allotment option is exercised. ~~(see~~On ~~Notes~~January 53, ~~and~~2025, 7)the Company’s underwriters fully exercised their over-allotment option resulting to no shares subject to forfeiture. At ~~September~~March 3031, ~~2024~~2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted ~~loss~~income per share is the same as basic ~~loss~~income per share for the ~~periods~~period presented.

~~Recent~~The ~~Accounting~~following ~~Standards~~table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.


	For the Three Months Ended March 31, 2025
Basic and diluted net income per ordinary share:	Redeemable		Non- Redeemable
Numerator:
Allocation of net income, basic and diluted	$	649,158	$	256,832
Denominator:
Basic and diluted weighted average ordinary shares outstanding		11,466,667		4,536,667
Basic and diluted net income per ordinary share	$	0.06	$	0.06

Ordinary Shares Subject to Possible Redemption

The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with

ASC480-10-S99,

the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes

redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional

paid-in

capital (to the extent available) and accumulated equity. Accordingly, as March 31, 2025 and December 31, 2024, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. As of March 31, 2025 and December 31, 2024, the ordinary shares subject to possible redemption reflected in the balance sheet are reconciled in the following table:


Ordinary Shares subject to possible redemption	Shares		Amount
Gross proceeds		10,000,000	$	100,000,000
Less:
Proceeds allocated to Public Rights				(1,379,000	)
Proceeds allocated to over-allotment option				(158,636	)
Ordinary shares issuance costs				(3,784,431	)
Plus:
Remeasurement of carrying value to redemption value				5,918,545

Balance - December 31, 2024		10,000,000	$	100,596,478

Gross proceeds from exercise of over-allotment option		1,500,000		15,000,000
Less:
Proceeds allocated to Public Rights from exercise of over-allotment option				(206,850	)
Ordinary shares issuance costs from exercise of over-allotment option				(277,372	)
Plus:
Remeasurement of carrying value to redemption value				1,764,631

Balance - March 31, 2025		11,500,000	$	116,876,887

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU

2023-09,

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

(ASU2023-09),

which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU

2023-09

is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU

2023-09

will have a material impact on its financial statements and disclosures.

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Liquidity, Capital Resources and Going Concern

As of March 31, 2025, the Company had $628,113 in cash and working capital of $639,816.

The Company has until June 23, 2026, to consummate the initial Business Combination (assuming no extensions). If the Company does not complete a Business Combination, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the amended and restated memorandum and articles of association. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update 2014—15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the funds which the Company has available following the completion of the Initial Public Offering may not be sufficient to sustain operations for a reasonable period of time, which is considered to be at least one year from the date that the financial statements are issued as it expects to incur significant costs in pursuit of its acquisition plans. Management has determined that mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution and the liquidity issue raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financial statements are issued. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 23, 2026.

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering on December 23, 2024, the Company sold 10,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one ordinary share and one right (“Public Right”), with each Public Right entitling the holder to receive

one-tenth

of one ordinary share upon completion of an initial Business Combination. On December 31, 2024, the underwriters notified the Company of their exercise of the over-allotment option in full and purchased 1,500,000 Units at $10.00 per unit upon the closing of the over-allotment option, generating gross proceeds of $15,000,000. The over-allotment option closed on January 3, 2025.

NOTE 4. PRIVATE ~~PLACEMENTS~~PLACEMENT

Simultaneously with Initial Public Offering, the Sponsor and EBC and/or their designees purchased an aggregate of 400,000 Private Placement Units (300,000 Private Placement Units to be purchased by the Sponsor and 100,000 Private Placement Units to be purchased by EBC and its designees) at a price of $10.00 per Private Placement Units from the Company in a private placement, generating gross proceeds of $4,000,000. Simultaneously with the closing of the over-allotment option, the Company consummated the private placement of an aggregate of 37,500 Private Placement Units to the Sponsor and EBC at a price of $10.00 per Unit, generating gross proceeds of $375,000. Each Unit consists of one ordinary share, and one right (“Private Right”), with each Private Right entitling the holder to receive

one-tenth

of one ordinary share. The proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). The Private Placement Units and underlying securities will not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain exceptions.

~~NOTE~~11 ~~5. RELATED PARTIES~~

Founder Shares and EBC Founder Shares

On August 27, 2024, the Company issued 4,312,500 ordinary shares (“Founder Shares”) to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.006 per share. The Company received payment for the Founder Shares in September 2024. On November 14, 2024, the Sponsor surrendered 479,167 Founder Shares for no consideration, resulting in the Sponsor holding 3,833,333 Founder Shares. Up to 500,000 of such Founder Shares were subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full.

Upon the closing of the Initial Public Offering, the Founder Shares were placed into an escrow account maintained by Continental Stock Transfer & Trust Company acting as escrow agent. Pursuant to such escrow arrangement, the Founder Shares may not, subject to limited exceptions, be transferred, assigned, sold or released from escrow until the earlier to occur of: (A) six months after the completion of the initial Business Combination and (B) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction after the initial Business Combination that results in all public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

paid-in

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

~~marketability~~NOTE ~~calculation of 1.6%, volatility of~~ 5.~~3%,~~ aRELATED ~~risk~~PARTY ~~free~~TRANSACTIONS rate of 3.99% and restricted term in years of 1.69. The EBC founder shares are classified as Level 3 at the measurement date due to the use of unobservable inputs including the probability of a business combination (assumed to be 44%, based on market data from 2021 through 2023 of similar entities who have settled versus completed a business combination), the probability, at the time of determination, of the initial public offering (assumed to be 90%, based on management assumptions and an overview of market data), and other risk factors. EBC has agreed (i) to waive its redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of our initial business combination and (ii) to waive its rights to liquidating distributions from the trust account with respect to such shares if the Company fails to complete the initial Business Combination within 18 months from the closing of the Initial Public Offering.

Founder Shares and EBC Founder Shares

Upon the closing of the Initial Public Offering, the Founder Shares were placed into an escrow account maintained by Continental Stock Transfer & Trust Company acting as escrow agent. Pursuant to such escrow arrangement, the Founder Shares may not, subject to limited exceptions, be transferred, assigned, sold or released from escrow until the earlier to occur of: (A) six months after the completion of the initial Business Combination or (B) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction after the initial Business Combination that results in all public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

On November 14, 2024, the Sponsor transferred 125,000 Founder Shares to director nominees and special advisors to the Company. The sale of the Founders Shares to the Company’s director’s nominees and special advisors is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 125,000 shares granted to the Company’s director’s nominees and special advisors was $477,500 or $3.82 per share. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of the issuance date of these financial statement, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders Shares.

On August 27, 2024, the Company issued to EBC 400,000 ordinary shares (“EBC founder shares”) for a purchase price of approximately $0.006 per share and an aggregate purchase price of $2,319. The Company received payment for the EBC founder shares in September 2024. On November 14, 2024, EBC surrendered 133,333 EBC founder shares for no consideration, resulting in EBC holding 266,667 EBC founder shares. The Company estimated the fair value of the EBC founder shares to be $1,538,400, or $3.846 per share. Accordingly, $1,536,081 (the total $1,538,400 fair value less $2,319 paid by EBC) was recorded as a deferred offering costs with a corresponding increase in additional

paid-in

capital. The Company established the initial fair value for the EBC founder shares on August 27, 2024, the date of the issuance, using a calculation prepared by a third-party valuation firm which takes into consideration a discount for lack of marketability calculation of 1.6%, volatility of 5.3%, a risk-free rate of 3.99% and restricted term in years of 1.69. The EBC founder shares are classified as Level 3 at the measurement date due to the use of unobservable inputs including the probability of a Business Combination (assumed to be 44%, based on market data from 2021 through 2023 of similar entities who have settled versus completed a Business Combination), the probability, at the time of determination, of the Initial Public Offering (assumed to be 90%, based on management assumptions and an overview of market data), and other risk factors. EBC has agreed (i) to waive its redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of our initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial Business Combination within 18 months, June 23, 2026, from the closing of the Initial Public Offering.

On November 14, 2024, the Sponsor surrendered 479,167 Founder Shares for no consideration and EBC surrendered 133,333 EBC founder shares for no consideration. All share and per share information has been retrospectively presented.

The EBC founder shares have been deemed compensation by FINRA and are therefore subject to a

lock-up

for a period of 180 days immediately following the date of the effectiveness of the Initial Public Offering Pursuant to FINRA Rule 5110(e)(1), these securities will not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the Initial Public Offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.

Promissory Note — Related Party

Prior to the Initial Public Offering, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. The loan was

non-interest

bearing, unsecured and due at the earlier of December 31, 2024 or the closing of the Initial Public Offering. The loan was repaid at the closing of the Initial Public Offering out of the $750,000 of offering proceeds that were allocated to the payment of offering expenses. As of March 31, 2025 and December 31, 2024, the Company had borrowed $0 under the promissory note and no other borrowing are permitted under this loan agreement.

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

Administration Fee

Commencing on December 19, 2024 through the earlier of the Company’s consummation of a Business Combination and its liquidation, the Company entered into an agreement with the Sponsor to pay the Sponsor or an affiliate thereof a total of $10,000 per month for office space, administrative and support services. The Company will cease payments upon the completion of a Business Combination or a liquidation event. As of March 31, 2025 and December 31, 2024, the Company incurred $32,667 and $1,667, respectively, of administrative services fees which was included in operating expenses on the statement of operations. At March 31, 2025 and December 31, 2024, $0 and $1,667 was outstanding and reported as accrued expenses on the accompanying balance sheets.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into ~~private~~Private ~~placement~~Placement ~~units~~Units of the post Business Combination entity at a price of $10.00 per ~~unit~~Unit at the option of the lender. The ~~units~~Units would be identical to the Private Placement Units. As of ~~September~~March 3031, 2025 and December 31, 2024, no such Working Capital Loans were outstanding.

Special Advisors

Jonathan Rotolo and William Callanan serve as special advisors to the Company to (i) assists the Company in sourcing, negotiating and consummating a potential Business Combination, (ii) provide their business insights when the Company assesses potential Business Combination targets and (iii) upon the Company’s requests, provide their business insights as the Company works to create additional value in the businesses that the Company acquires. The Company has no written advisory agreements with either of these individuals and they have no other employment or compensation arrangements with the Company. They will not serve on the board or any committee thereof, nor will they have any voting or decision-making capacity on the Company’s behalf. They will also not be required to devote any specific amount of time to the Company’s efforts or be subject to the fiduciary requirements to which the board members are subject. Accordingly, if either becomes aware of a Business Combination opportunity which is suitable for the Company, they are under no obligation to introduce it to the Company before any other prospective acquiror. Jonathan Rotolo is the brother of Tim Rotolo and William Callanan has no familial relations with the Company’s management or board members.

NOTE 6. COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the Founder Shares, EBC founder shares, Private Placement Units and any Units that may be issued upon conversion of working capital loans (and all underlying securities) will be entitled to registration rights pursuant to a registration rights agreement entered into in connection with the Initial Public Offering requiring the Company to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their

lock-up

restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a

45-day

option from the date of Initial Public Offering to purchase up to 1,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. The over-allotment option was exercised in full by the underwriters on December 31, 2024, and the over-allotment option closed on January 3, 2025. Simultaneously with the closing of the over-allotment option, the Company consummated the private placement of an aggregate of 37,500 Units to the Sponsor and EBC at a price of $10.00 per Private Placement Unit, generating gross proceeds of $375,000.

10The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate, which was paid at the closing of the Initial Public Offering, on December 23, 2024. The underwriters were entitled to a cash underwriting discount of $0.20 per Option Unit, or $300,000 in the aggregate, which was paid at the closing of the over-allotment option, on January 3, 2025.

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RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate, which was paid at the closing of the Initial Public Offering, on December 23, 2024. The underwriters were entitled to a cash underwriting discount of $0.20 per Option Unit, or $300,000 in the aggregate, which was paid at the closing of the over-allotment option, on January 3, 2025.

Business Combination Marketing Agreement

Pursuant to a business combination marketing agreement entered into in connection with the Initial Public Offering, the Company has engaged EBC as an advisor in connection with its Business Combination to assist in holding meetings with the Company shareholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing its securities in connection with its initial Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee for such services upon the consummation of its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the Initial Public Offering, provided that 1.0% (of the 3.5%) shall be paid to EBC in proportion to the amount of capital retained in the Trust Account following the initial Business Combination. In addition, the Company will pay EBC a cash fee in an amount equal to 1.0% of the total consideration payable in the initial Business Combination if it introduces the Company to the target business with whom the Company completes the Business Combination; provided that the foregoing fee will not be paid prior to the date that is 60 days from the effective date of the Initial Public Offering, unless FINRA determines that such payment would not be deemed underwriters’ compensation in connection with the Initial Public Offering pursuant to FINRA Rule 5110.

Risks and Uncertainties

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above-mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial business combination and any target business with which the Company may ultimately consummate an initial business combination.

NOTE 7. SHAREHOLDERS’ EQUITY

Prefer

~~Preferred Shares~~ence

— The Company is authorized to issue 100,000,000 prefer

ence

shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At March 31, 2025 and December 31, 2024, there were no preference shares issued or outstanding.

Ordinary Shares

— The Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holders of ordinary shares are entitled to one vote for each share.

As of ~~September~~March 3031, 2025 and December 31, 2024, there were 4,~~100~~537,500 and 4,500,000 ordinary shares issued and outstanding, ~~which~~respectively, excluding 11,500,000 and 10,000,000 shares subject to redemption. At March 31, 2025 and December 31, 2024, shares outstanding includes (i) 3,833,333 Founder Shares, of which an aggregate of up to 500,000 ordinary shares were subject to forfeiture to the extent that the underwriters’ over-allotment option iswas not exercised in full or in part so that the number of Founder Shares will equal 25% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering (excluding Private Placement Shares), ~~and~~ (ii) 266,667 EBC ~~founder~~Founder Shares, and (iii) 400,000 Private Placement Shares issued at the closing of the Initial Public Offering. Additionally, March 31, 2025, includes an additional 37,500 ordinary shares acquired upon the exercise of the over-allotment option on January 3, 2025. Upon the underwriters fully exercising their over-allotment option, no shares were subject to forfeiture related to the over-allotment option.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

Rights

— Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive

one-tenth

(1/10) of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the

one-tenth

(1/10) of one ordinary share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination within the required time period and the Company will redeem the Public Shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.

11NOTE 8 — FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s assets and liabilities that are measured at fair value as of March 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	Level		March 31, 2025		December 31, 2024
Investments held in Trust Account		1	$	116,876,887	$	100,596,478
Over-allotment option liability		3	$	—	$	147,970

At March 31, 2025 and December 31, 2024, investments held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. The estimated fair values of investments held in Trust Account are determined using available market information. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The over-allotment option was accounted for as a liability in accordance with ASC

815-40

and was presented within liabilities on the balance sheet. The over-allotment option liability is measured at fair value at December 23, 2024 and on a recurring basis, with changes in fair value presented within change in fair value of over-allotment option liability in the statement of operations. Upon exercise of the over-allotment option on January 3, 2025, the fair value of the over-allotment option was

de-recognized

in the statement of shareholders’ equity.

The Company used a Black-Scholes model to value the over-allotment option upon. The over-allotment option liability was classified within Level 3 of the fair value hierarchy at the measurement date due to the use of unobservable inputs inherent in pricing models are assumptions related to expected share-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its ordinary share based on historical volatility that matches the expected remaining life of the option. The risk-free interest rate is based on the U.S. Treasury

zero-coupon

yield curve on the grant date for a maturity similar to the expected remaining life of the option. The expected life of the option is assumed to be equivalent to their remaining contractual term.

On January 3, 2025, the underwriters closed on the over-allotment option. As such, the over-allotment option ceased to exist thereafter.

The key inputs into the Black-Scholes model were as follows at December 31, 2024:


	December 31, 2024
Risk-free interest rate		4.40	%
Expected term (years)		0.12
Expected volatility		4.91	%
Exercise price	$	10.00
Fair value of over-allotment Unit	$	0.099

NOTE 9 — SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

Table of Contents

RANGE CAPITAL ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

(Unaudited)

As of March 31, 2025, the Company had not commenced any operations. All activity for the three months ended March 31, 2025 relates to the Company’s formation and the Initial Public Offering. The Company will not generate any operating revenues until after the completion of an initial Business Combination, at the earliest. The Company will generate

~~NOTE 8. SUBSEQUENT EVENTS~~non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering, which are held in a Trust Account.

The Company will generate

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements. non-operating

income or expense from the changes in the fair value of its over-allotment option, which is not considered a measure of financial performance used by the CODM.

OnThe ~~November 14,~~Company’s ~~2024,~~CODM has been identified as the ~~Sponsor~~Chief ~~surrendered~~Executive ~~479~~Officer,~~167~~ ~~Founder~~who ~~Shares~~reviews the operating results for nothe ~~consideration~~Company as a whole to make decisions about allocating resources and ~~EBC~~assessing ~~surrendered~~financial ~~133~~performance. Accordingly,~~333~~ ~~EBC~~management ~~founder~~has ~~shares~~determined ~~for~~that nothe ~~consideration~~Company only has one operating segment. ~~All~~The ~~share~~CODM does not review assets, which primarily consists of investments held in the Trust Account, in evaluating the results of the Company, and ~~per~~therefore, ~~share~~such information ~~has~~is ~~been~~not ~~retrospectively~~ presented.

OnWhen ~~November 14,~~evaluating ~~2024,~~ the ~~Sponsor transferred 125,000 Founder Shares to director nominees and special advisors to the~~ Company~~. The sale of the Founders Shares to the Company~~’s director’s nominees and special advisors is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 125,000 shares granted to the Company’s director’s nominees and special advisors was $477,500 or $3.82 per share. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of the issuance date of these financial statement, the Company determined that a Business Combination was not considered probable, and, ~~therefore,~~making nokey ~~stock-based~~decisions ~~compensation~~regarding ~~expense~~resource ~~has~~allocation ~~been recognized. Stock-based compensation would be recognized at~~ the ~~date~~CODM areviews ~~Business~~several ~~Combination~~key ~~is considered probable (i.e.~~metrics, ~~upon~~which ~~consummation~~include ~~of a Business Combination) in an amount equal to~~ the ~~number~~following: ~~of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders Shares.~~

On December 10, 2024, the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $300,000 to the Sponsor, a significant stockholder of the Company, which was permitted to be drawn down from time to time prior to the Maturity Date (defined below) upon request by the Company. The Note amended, replaced and superseded in its entirety that certain promissory note, dated August 23, 2024, made by the Company in favor of the Sponsor in the principal amount of up to $150,000 (the “Original Note”), and any unpaid principal balance of the indebtedness evidenced by the Original Note was merged into and evidenced by the Note. The Note did not bear interest and the principal balance was payable on the earlier of (i) December 31, 2024 and (ii) the date on which the Company consummated its Initial Public Offering (such date, the “Maturity Date”).


	For the Three Months Ended March 31, 2025
Operating costs	$	298,973
Interest earned on investments held in Trust Account	$	1,205,409

OnThe ~~December 23,~~key ~~2024,~~measures ~~the~~of ~~Company~~segment ~~consummated~~profit or loss reviewed by the ~~Initial~~CODM ~~Public~~are ~~Offering~~operating ofcosts ~~10,000,000~~and ~~Units~~interest atearned ~~$10~~on investments held in Trust Account.00 ~~per~~The ~~Unit,~~CODM ~~generating~~reviews ~~gross~~interest ~~proceeds~~earned ofon ~~$100,000,000.~~investments ~~Simultaneously~~held ~~with~~in Trust Account to measure and monitor shareholders value and determine the ~~closing~~most effective strategy of investments with the ~~Initial~~Trust ~~Public~~Account ~~Offering,~~funds while maintaining compliance with the ~~Company~~trust ~~consummated~~agreement. Operating costs are reviewed and monitored by the ~~sale~~CODM ofto ~~400,000~~manage ~~Private~~and ~~Placement~~forecast ~~Unit~~cash atto ensure enough capital is available to complete a ~~price~~Business ofCombination ~~$10.00~~within ~~per~~the ~~Private~~Combination ~~Placement~~Period. ~~Unit~~The inCODM aalso ~~private~~reviews ~~placement~~operating costs to ~~the~~manage, ~~Sponsor~~maintain and ~~“EBC,~~enforce ~~generating~~all ~~gross~~contractual ~~proceeds~~agreements ofto ~~$4,000,000~~ensure costs are aligned with all agreements and budget.

OnNOTE ~~December 23, 2024 in connection with the closing of the Initial Public Offering, the Company paid EBC a cash underwriting discount of $0~~10.20 ~~per~~SUBSEQUENT ~~Unit,~~EVENTS ~~or $2,000,000 in the aggregate.~~

OnThe ~~December 31,~~Company ~~2024,~~evaluated ~~the~~subsequent ~~underwriters~~events ~~notified~~and ~~the~~transactions ~~Company~~that ofoccurred ~~their~~after ~~exercise of~~ the ~~over-allotment~~balance ~~option~~sheet indate ~~full~~up ~~and~~to ~~purchased~~the ~~1,500,000~~date ~~additional~~that ~~units (~~the ~~“Option~~financial ~~Units”)~~statements atwere ~~$10~~issued.00 ~~per~~Based ~~unit~~ upon ~~the~~this ~~closing~~review, of the ~~over-allotment~~Company ~~option,~~did ~~generating~~not ~~gross~~identify ~~proceeds~~any ofsubsequent ~~$15~~events,~~000,000.~~ ~~The~~other ~~over-allotment~~than ~~option~~discussed ~~closed on January 3~~below, ~~2025.~~that ~~Simultaneously~~would ~~with~~have ~~the~~required ~~closing~~adjustment ofor ~~the~~disclosure ~~over-allotment~~in ~~option,~~ the ~~Company~~financial ~~consummated~~statements ~~the~~other ~~private~~than ~~placement~~disclosed ofin ~~an aggregate of 37,500 private placement units to~~ the ~~Sponsor and EBC at a price of $10~~Notes.00 ~~per unit, generating gross proceeds of $375,000.~~

On ~~January 8~~April 1, 2025, the Company ~~issued~~was anotified ~~press~~by ~~release,~~Marcum ~~announcing~~LLP (“Marcum”) that ~~the~~Marcum ~~holders~~resigned ofas the ~~Company’s~~independent ~~public~~registered ~~units~~accounting ~~may~~firm ~~elect~~of ~~to separately trade~~ the ~~ordinary~~Company. ~~shares~~On ~~and~~April ~~rights included in such units commencing on January 13~~2, 2025., ~~Those~~upon ~~public~~Marcum’s ~~units~~resignation ~~that~~as ~~are~~auditors ~~not~~of ~~separated~~the ~~continue~~Company toand ~~trade~~with on the ~~Nasdaq~~approval ~~Global~~of ~~Market under~~ the ~~symbol~~Company’s ~~“RANGU”~~Board ~~and~~of ~~the~~Directors, ~~ordinary~~CBIZ ~~shares~~CPAs ~~and~~P.C. ~~rights~~was ~~that~~engaged ~~are~~as ~~separated~~the ~~are~~Company’s ~~trading~~independent onregistered ~~the~~public ~~Nasdaq~~accounting ~~Global~~firm ~~Market~~for ~~under~~ the ~~symbols~~fiscal ~~“RANG”~~year ~~and~~ending ~~“RANGR~~December 31,” ~~respectively~~2025.

1216

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Range Capital Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, references to the “Sponsor” refer to Range Capital Acquisition Sponsor, LLC, and references to “EBC” refers to EarlyBirdCapital, Inc. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our ability to complete an initial business combination (a “Business Combination”), the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering (the “Initial Public Offering”) filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated in the Cayman Islands on July 24, 2024 formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar Business Combination with one or more businesses. We intend to effectuate our Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Units, our shares, debt or a combination of cash, shares and debt. We are not limited to target businesses in any specific industry or geographic location. We have generated no revenues to date and we do not expect that we will generate operating revenues until, at the earliest, we consummate our initial business combination. Our management team is continuously made aware of potential business opportunities, one or more of which we may desire to pursue for an initial business combination. However, we have not selected any specific target.

We may retain all of our available funds and any future earnings following an initial business combination to fund the development and growth of our business. As a result, we may not pay any cash dividends in the foreseeable future. We believe our management team is well positioned to identify opportunities offering attractive risk- adjusted returns and that our professional contacts and transaction sources, ranging from industry executives, private owners, private equity funds, family offices, commercial and investment bankers, lawyers and other financial sector service providers and participants, in addition to the geographical reach of our management team and their affiliates, will enable us to pursue a broad range of opportunities.

On December 23, 2024, we consummated our initial public offering (the “Initial Public Offering”) of 10,000,000 units at $10.00 per unit, each unit consisting of one ordinary share and one right entitling the holder thereof to receive one-tenth of one ordinary share upon the completion of our initial business combination, generating gross proceeds of $100,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 400,000 private placement units at a price of $10.00 per unit in a private placement to Range Capital Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”) and EarlyBirdCapital, Inc., the representative of the underwriters in the Initial Public Offering (“EBC”), generating gross proceeds of $4,000,000. On December 31, 2024, the underwriters notified the Company of their exercise of the over-allotment option in full and purchased 1,500,000 additional units at $10.00 per unit upon the closing of the over-allotment option, generating gross proceeds of $15,000,000. Simultaneously with the closing of the over-allotment option on January 3, 2025, we consummated the private placement of an aggregate of 37,500 private placement units to the Sponsor and EBC at a price of $10.00 per unit, generating gross proceeds of $375,000.

Following the closings of the Initial Public Offering on December 23, 2024 and the over-allotment on January 3, 2025, an aggregate amount of $115,575,000 ($10.05 per unit) from the net proceeds of the sale of the public units, and a portion of the net proceeds from the sale of the private placement units, was placed in the trust account (the “Trust Account”) and held in demand deposit or cash accounts or invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a business combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Recent Developments

On April 1, 2025, the Company was notified by Marcum LLP (“Marcum”) that Marcum resigned as the independent registered accounting firm of the Company. On April 2, 2025, upon Marcum’s resignation as auditors of the Company and with the approval of the Company’s Board of Directors, CBIZ CPAs P.C. was engaged as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from July 24, 2024 (inception) through ~~September~~March 3031, ~~2024~~2025 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest ~~income~~earned on ~~marketable~~investments ~~securities~~ held in ~~the~~ Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance~~), as well as for due diligence expenses~~.

For the ~~period~~three ~~from~~months ~~July 24,~~ended ~~2024 (inception) through September~~March 3031, ~~2024~~2025, we had net ~~loss~~income of $27905,~~788~~990, which consisted of ~~formation~~interest ~~and~~earned ~~operating~~on marketable securities held in Trust Account of $1,205,409 partially offset by operational costs of $298,973 and change on over-allotment liability of $446.

Liquidity and Capital Resources

~~Subsequent~~On ~~to the quarterly period covered by this Quarterly Report on Form 10-Q, on~~ December 23, 2024, we consummated the Initial Public Offering of 10,000,000 Units at $10.00 per Units, generating gross proceeds of $100,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of an aggregate of 400,000 private placement units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, in a private placement to the Sponsor and the representative of the underwriters of the ~~initial~~Initial Public Offering, generating gross proceeds of $4,000,000.

~~Following~~On December 31, 2024, the ~~Initial~~underwriters ~~Public~~notified ~~Offering~~the Company of their exercise of the over-allotment option in full and purchased 1,500,000 additional units (the ~~close~~“Option Units”) at $10.00 per unit upon the closing of the over-allotment option on January 3, 2025, agenerating ~~total~~gross proceeds of $~~115~~15,~~575~~000,000. ~~was~~Simultaneously ~~placed~~with inthe closing of the ~~trust~~over-allotment ~~account~~option, (the ~~“Trust~~Company ~~Account”).~~consummated Wethe ~~incurred~~private ~~$4,203,522~~placement of ~~offering~~an ~~costs,~~aggregate ~~consisting~~ of $237,~~156,250~~500 ofprivate ~~cash~~placement ~~underwriting~~units ~~fee~~ (~~net~~the of“Option ~~$143,750~~Private ~~underwriters’~~Placement ~~reimbursement~~Units”) to the Sponsor and EBC at a price of $210.00 per Unit,~~047,272~~ ofgenerating ~~other~~gross ~~offering~~proceeds ~~costs~~of $375,000.

OnFollowing ~~December 31,~~the ~~2024,~~Initial ~~the~~Public ~~underwriters~~Offering ~~notified~~and the ~~Company~~close of ~~their exercise of~~ the over-allotment option, ina ~~full~~total ~~and~~of ~~purchased 1~~$115,~~500~~575,000 ~~additional~~was ~~units~~placed in the trust account (the “~~Option~~Trust ~~Units~~Account”) ~~at $10~~.00 ~~per~~Upon ~~unit~~the ~~upon~~underwriters’ ~~the~~full ~~closing~~exercise of the over-allotment option, ~~generating~~transaction ~~gross~~costs ~~proceeds~~amounted ofto $154,~~000~~203,~~000. The over-allotment option closed on January 3~~522, ~~2025.~~consisting ~~Simultaneously with the closing~~ of ~~the over-allotment option~~$2,156,250 ~~the~~of ~~Company~~cash ~~consummated~~underwriting ~~the~~fee ~~private~~(net ~~placement~~ of ~~an aggregate of 37~~$143,~~500~~750 ~~private~~underwriters’ ~~placement units (the “Option Private Placement Units”~~reimbursement) ~~to the Sponsor~~ and ~~EBC at a price of~~ $~~10.00 per unit~~2,047,272 ~~generating~~of ~~gross~~other ~~proceeds~~offering ~~of $375,000~~costs.

We17 intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

13For the three months ended March 31, 2025, cash used in operating activities was $272,490. Net loss of $905,990 was affected by interest earned on investments held in the Trust Account of $1,205,409 and change in fair value of over-allotment liability of $446. Changes in operating assets and liabilities provided $26,483 of cash for operating activities.

As of March 31, 2025, we had investments held in the Trust Account of $116,876,887. We intend to use substantially all of the funds held ~~outside~~in the Trust Account, ~~primarily~~including toany ~~identify~~amounts ~~and~~representing ~~evaluate~~interest ~~target~~earned ~~businesses,~~on ~~perform~~the ~~business~~Trust ~~due~~Account ~~diligence~~(less onincome ~~prospective~~taxes ~~target businesses~~payable, ~~travel~~if any), to ~~and~~complete ~~from~~our Business Combination. To the ~~offices,~~extent ~~plants~~that orour ~~similar~~share ~~locations~~capital ofor ~~prospective~~debt ~~target~~is ~~businesses~~used, in whole or ~~their~~in ~~representatives~~part, oras ~~owners~~consideration to complete our Business Combination, ~~review~~the ~~corporate~~remaining ~~documents~~proceeds ~~and~~held ~~material~~in ~~agreements~~the Trust Account will be used as working capital to finance the operations of ~~prospective~~the target business or businesses, ~~and~~make ~~structure,~~other ~~negotiate~~acquisitions and ~~complete~~pursue aour ~~Business~~growth ~~Combination~~strategies.

InAs ~~order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain~~ of ~~our officers and directors or their affiliates may~~March 31, ~~but are not obligated to~~2025, ~~loan us funds as may be required. If~~ we ~~complete~~had acash ~~Business~~of ~~Combination~~$628, ~~we would repay such loaned amounts~~113. InWe ~~the~~intend ~~event~~to ~~that a Business Combination does not close, we may~~ use ~~a portion of~~ the ~~working~~funds ~~capital~~ held outside the Trust Account primarily to ~~repay~~identify ~~such~~and ~~loaned~~evaluate ~~amounts~~target ~~but~~businesses, noperform ~~proceeds~~business ~~from~~due ~~our~~diligence ~~Trust~~on ~~Account~~prospective ~~would~~target bebusinesses, ~~used~~travel ~~for~~to ~~such~~and ~~repayment.~~from Upthe ~~to $1~~offices,~~500,000~~ ofplants ~~such~~or ~~Working~~similar ~~Capital~~locations ~~Loans may be convertible into private placement units~~ of ~~the~~prospective ~~post~~target ~~Business~~businesses ~~Combination~~or ~~entity~~their atrepresentatives aor ~~price~~owners, ofreview ~~$10.00~~corporate ~~per~~documents ~~unit~~and atmaterial ~~the~~agreements ~~option~~ of ~~the~~prospective ~~lender.~~target ~~The~~businesses, ~~units~~and ~~would~~structure, benegotiate ~~identical~~and tocomplete ~~the~~a ~~Private~~Business ~~Placement Units~~Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into Private Placement Units of the post Business Combination entity at a price of $10.00 per unit at the option of the lender. At March 31, 2025 and December 31, 2024, no Working Capital Loans were outstanding.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.

We have until June 23, 2026, to consummate the initial Business Combination (assuming no extensions). If we do not complete a Business Combination, we will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the amended and restated memorandum and articles of association. In connection with our assessment of going concern considerations in accordance with Accounting Standards Update 2014—15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the funds which the Company has available following the completion of the Initial Public Offering may not be sufficient to sustain operations for a period of at least one year from the issuance date of these financial statements. Management has determined the Company’s insufficient liquidity raises substantial doubt about the Company’s ability to continue as a going concern.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of ~~September~~March 3031, ~~2024~~2025. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual ~~obligations~~Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities~~, other than an agreement to an affiliate of the Sponsor $10,000 per month for office space, utilities and secretarial and administrative support services provided to members of the management team~~.

Critical Accounting Estimates

The preparation of ~~condensed~~ financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates. ~~As of September 30, 2024, we did not have any critical accounting estimates to be disclosed.~~

Share Rights

The Company reported its Share Rights included in its Units at fair value as the date of the initial public offering. The fair value of our Share Rights was determined using an iterative analysis based on market comparable. The model requires management to make assumptions related to the Company’s probability of completing an initial Business Combination. Significant uncertainty exists in the model and the underlying assumptions. Deviations from these estimates could result in a significate difference to our financial results.

Over-allotment Option

The Company reports its over-allotment option at fair value. Changes in the estimated fair value of the over-allotment option are recognized as non-cash gains or losses in the statements of operations. The fair value of our over-allotment option was determined using a Black-Scholes valuation model. The Black-Scholes valuation model uses significant inputs related to expected share-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its ordinary share based on historical volatility that matches the expected remaining life of the option. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the option. The expected life of the option is assumed to be equivalent to their remaining contractual term. As each of these items are out of the control of management, significant uncertainty exists in the Black-Scholes valuation model and the underlying assumptions. Deviations from these estimates could result in a significate difference to our financial results. As the changes in fair value have no impact to our cash, changes in fair value of the over-allotment option and derivations from our estimates of fair value have no impact on our cash inflows or outflows.

Share Issued to EarlyBirdCapital and Sale of Founders Shares to the Company’s Director’s Nominees and Special Advisors

The Company reported its shares issued to EarlyBirdCapital (“EBC”) and the sale of Founder Shares to the Company’s Director’s nominees and special advisors at fair value as the date of the initial public offering. The fair value of these shares was determined using a Probability Weighted Expected Return Method (“PWERM ”). The PWERM is a multistep process in which value is estimated based on the probability-weighted present value of various future outcomes and requires significant estimates by management. The PWERM model requires management to make assumptions related to the Company’s stock volatility, the risk-free rate, a discount for lack of marketability, and the probability of successfully completing its initial public offering and closing on a business combination. As each of these items are out of the control of management, significant uncertainty exists in the PWERM model and the underlying assumptions. Deviations from these estimates could result in a significate difference to our financial results.

Recent Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer (the “Certifying Officer”), or person performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our Management, including our Certifying Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of the quarterly period ended, ~~September~~March 3031, ~~2024~~2025 due to a material weakness in our internal control over financial reporting due to the lack of controls needed to assure that the accounting for accounts payable and accrued expenses is accurate and complete.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter of ~~2024~~2025 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

14The Company is making changes in its internal control over financial reporting to enhance our processes to identify and disclose accrued liabilities including increasing personnel and enhancing our review processes. The Company can offer no assurance that these changes will ultimately have the intended effects.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this report include the risk factors described in our Annual Report on Form

Factors that could cause our actual results to differ materially from those in this report include the risk factors described in our final prospectus for its Initial Public Offering filed with the SEC. As of the date of this Report, there have been no material changes to the risk factors disclosed in our final prospectus for its Initial Public Offering filed with the SEC. 10-K

filed with the SEC. As of the date of this Report, there have been no material changes to the risk factors disclosed in our Annual Report on Form

10-K

filed with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report and final prospectus for our Initial Public Offering, except for the below.

Changes in international trade policies, tariffs and treaties affecting imports and exports may have a material adverse effect on our search for an initial business combination target or the performance or business prospects of a post-business combination company.

There have recently been significant changes to international trade policies and tariffs affecting imports and exports. Any significant increases in tariffs on goods or materials or other changes in trade policy could negatively affect our search for a target and/or our ability to complete our initial business combination.

Recently, the U.S. has implemented a range of new tariffs and increases to existing tariffs. In response to the tariffs announced by the U.S., other countries have imposed, are considering imposing, and may in the future impose new or increased tariffs on certain exports from the United States. There is currently significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, taxes, government regulations and tariffs. and we cannot predict whether, and to what extent, current tariffs will continue or trade policies will change in the future.

Tariffs, or the threat of tariffs or increased tariffs, could have a significant negative impact on certain businesses (either due to domestic businesses’ reliance on imported goods or dependence on access to foreign markets, or foreign businesses’ reliance on sales into the United States). In addition, retaliatory tariffs could have a significant negative impact on foreign businesses that rely on imports from the United States, and domestic businesses that rely on exporting goods internationally. These tariffs and threats of tariffs and other potential trade policy changes could negatively affect the attractiveness of certain initial business combination targets, or lead to material adverse effects on a post-business combination company. Among other things, historical financial performance of companies affected by trade policies and/or tariffs may not provide useful guidance as to the future performance of such companies, because future financial performance of those companies may be materially affected by new U.S. tariffs or foreign retaliatory tariffs, or other changes to trade policies. The business prospects of a particular target for a business combination could change even after we enter into a business combination agreement, as a result of tariffs or the threat of tariffs that may have a material impact on that target’s business, and it may be costly or impractical for us to terminate that business combination agreement. These factors could affect our selection of a business combination target.

We may not be able to adequately address the risks presented by these tariffs or other potential trade policy changes. As a result, we may deem it costly, impractical or risky to complete an initial business combination with a particular target or with a target in a particular industry or from a particular country. Consequently, the pool of potential target companies may be reduced, which could impair our ability to identify a suitable target and to complete an initial business combination. If we complete an initial business combination with such a target, the post-business combination company’s operations and financial results could be adversely affected as a result of tariffs or changes to trade policies, which may cause the market value of the securities of the post-business combination company to decline.

Table of Contents

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On December 23, 2024, we consummated the Initial Public Offering of 10,000,000 Units at $10.00 per Units, generating gross proceeds of $100,000,000. Each Unit consists of one ordinary share and one right, entitling the holder to receive

one-tenth

of one ordinary share upon completion of an initial Business Combination.

Simultaneously with the closing of the Initial Public Offering, the Sponsor and EarlyBirdCapital, Inc., the representative of the underwriters, purchased an aggregate of 400,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement generating gross proceeds of $4,000,000.

On December 31, 2024, the underwriters notified the Company of their exercise of the over-allotment option in full and purchased 1,500,000 Option Units at $10.00 per ~~unit~~Unit upon the closing of the over-allotment option, generating gross proceeds of $15,000,000. The over-allotment option closed on January 3, 2025. Simultaneously with the closing of the over-allotment option, the Company consummated the private placement of an aggregate of 37,500 private placement units to the Sponsor and EBC at a price of $10.00 per unit, generating gross proceeds of $375,000.

Following the closings of the Initial Public Offering on December 23, 2024 and the over-allotment on January 3, 2025, an aggregate of $115,575,000 was placed in the Trust Account. The proceeds held in the Trust Account will be invested or held either (i) in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule

2a-7

of the Investment Company Act, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders.

We paid a total of $4,203,522, consisting of $2,156,250 of cash underwriting fee (net of $143,750 underwriters’ reimbursement) and $2,047,272 of other offering costs.

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form

10-Q.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

OnInsider ~~December 10,~~Trading ~~2024,~~Arrangements the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $300,000 to the Sponsor, a significant stockholder of the Company, which was permitted to be drawn down from time to time prior to the Maturity Date (defined below) upon request by the Company. The Note amended, replaced and ~~superseded~~Policies in its entirety that certain promissory note, dated August 23, 2024, made by the Company in favor of the Sponsor in the principal amount of up to $150,000 (the “Original Note”), and any unpaid principal balance of the indebtedness evidenced by the Original Note was merged into and evidenced by the Note. The Note did not bear interest and the principal balance was payable on the earlier of (i) December 31, 2024 and (ii) the date on which the Company consummated its Initial Public Offering (such date, the “Maturity Date”).

During the three months ended March 31, 2025, none of the Company’s directors or officers (as defined in Rule

15 16a-1(f)

of the Exchange Act) adopted or terminated a “Rule

10b5-1

trading arrangement” or

“non-Rule

10b5-1

trading arrangement,” as each term is defined in Item 408(a) of Regulation

S-K.

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit
3.1		Amended and Restated Memorandum and Articles of Association of the Company, dated December 23, 2024 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on December 26, 2024 and incorporated by reference herein).
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2024~~2025, formatted in Inline XBRL.

*	Filed herewith.

**	Furnished herewith.

1622

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

1723

Large accelerated filer

Accelerated filer

Non-accelerated
filer

Smaller reporting company

Emerging growth company

Filing Compare · Range Capital Acquisition Corp.