Quarterly ResultMay 12, 2026, 04:38 PM
Rithm Acquisition Corp. Q1 Net Income $2.02M; Faces Going Concern Doubt
AI Summary
Rithm Acquisition Corp., a blank check company, reported a net income of $2.02 million for the three months and $4.19 million for the six months ended March 31, 2026. This income is primarily derived from interest earned on its Trust Account, which holds $240.65 million. However, management has identified a substantial doubt about the company's ability to continue as a going concern due to a lack of liquidity and the impending deadline to complete a business combination by February 28, 2027.
Key Highlights
- Rithm Acquisition Corp. identified substantial doubt about its ability to continue as a going concern.
- Net income was $2,016,860 for the three months ended March 31, 2026.
- Net income was $4,193,618 for the six months ended March 31, 2026.
- Basic and diluted net income per Class A share was $0.07 for the three months.
- Cash held in Trust Account increased to $240,654,033 as of March 31, 2026.
- Current cash decreased to $155,428 as of March 31, 2026, from $551,200 as of September 30, 2025.
- The company must complete a Business Combination by February 28, 2027, or face liquidation.