Business Context and Reporting Period
Company: Range Capital Acquisition Corp. (RANG)
Filing Type: Form 10-Q (Quarterly Report)
Period Ended: June 30, 2026
Business Overview: A Cayman Islands exempted company formed as a "blank check" SPAC to effect a business combination. The Company has not commenced operations and generates no operating revenue. Funds are held in a Trust Account invested in U.S. government securities.
Key Event: On June 18, 2026, shareholders approved an amendment to extend the deadline to consummate a business combination from June 23, 2026, to March 23, 2027. This extension was accompanied by significant share redemptions.
Key Financial Metrics
| Metric | As of June 30, 2026 | As of Dec 31, 2025 |
|---|---|---|
| Cash (Outside Trust) | $1,862 | $313,322 |
| Investments in Trust Account | $23,143,220 | $120,509,940 |
| Total Assets | $23,243,576 | $120,927,257 |
| Total Liabilities | $435,978 | $206,622 |
| Ordinary Shares Subject to Redemption | 2,160,471 shares ($23,143,220) | 11,500,000 shares ($120,509,940) |
| Shareholders' Deficit | ($335,622) | $210,695 |
Results of Operations (Six Months Ended June 30, 2026)
- Net Income: $1,579,396
- Interest Income (Trust Account): $2,065,713
- Formation and Operational Costs: $486,317
- Net Cash Used in Operating Activities: ($348,460)
Material Changes vs. Prior Period
- Massive Share Redemption: In connection with the extension vote on June 18, 2026, holders of 9,339,529 shares redeemed their shares for approximately $99.5 million. This reduced the Trust Account balance from ~$120.5 million to ~$23.1 million and reduced outstanding public shares from 11.5 million to 2.16 million.
- Liquidity Position: Cash outside the Trust Account dropped from $313,322 to $1,862 due to operational burn and the lack of new capital inflows.
- Debt Issuance: The Company issued a $172,000 promissory note to a related party (comprising $112,000 Working Capital Note and $60,000 Extension Note) to fund operations and the extension contribution.
- Equity Status: Shareholders' equity shifted from a positive balance of $210,695 to a deficit of ($335,622) primarily due to the accretion of redeemable shares to their redemption value and the reduction in share count.
Outlook, Risks, and Contingencies
- Extension Terms: The Company may extend the combination deadline monthly until March 23, 2027. Each extension requires a contribution of $60,000 (or $0.03 per share) to the Trust Account by the Sponsor, funded via a non-interest-bearing promissory note.
- Going Concern: Management has raised substantial doubt about the Company's ability to continue as a going concern for one year from the filing date due to insufficient working capital outside the Trust Account and the mandatory liquidation requirement if a business combination is not completed.
- Internal Controls: The Company disclosed a material weakness in internal controls over financial reporting regarding the accuracy and completeness of accounts payable and accrued expenses. Disclosure controls and procedures were deemed ineffective.
- Related Party Obligations: The Company owes $172,000 in promissory notes to related parties, payable upon consummation of a business combination or liquidation.
Investor Verification Checklist
- Extension Viability: Verify the Sponsor's ability to fund future monthly extension contributions ($60,000/month) if a deal is not found by March 2027.
- Working Capital Runway: Assess the sufficiency of the remaining $1,862 cash balance to fund operations until a business combination or liquidation.
- Internal Control Remediation: Review the Company's plan to remediate the material weakness in accounting for accounts payable and accrued expenses.
- Redemption Impact: Confirm the final share count and Trust Account balance per share following the June 2026 redemptions.
- Related Party Debt: Monitor the status of the $172,000 in related-party promissory notes and potential conversion terms.