Republic Digital Acquisition Company (RDAG) is a Cayman Islands blank-check SPAC that completed its IPO on May 1, 2025, raising $300.0M gross proceeds from 30,000,000 Class A ordinary shares at $10.00 per unit. As of March 31, 2026, the balance sheet is dominated by a single asset: $310.8M of investments held in a grantor trust account (money market mutual funds, Level 1, custodied at Continental Stock Transfer). Under the liquidation lens, this trust asset receives a 100% recovery haircut treatment only to the extent it is freely available to equity—it is not. The $310.8M in trust is encumbered first by the redemption obligation to Class A public shareholders ($310.8M carried as mezzanine temporary equity at $10.36/share) and second by the $12.7M deferred underwriting fee (rdag:DeferredFeePayable), which is a contractual liability payable to Cantor Fitzgerald upon Business Combination consummation. In a forced liquidation scenario where no Business Combination closes by May 1, 2027, the trust is distributed pro rata to public shareholders; Sponsor waives its right to trust distributions on founder shares. The deferred underwriting fee technically does not survive a failed-SPAC liquidation under the underwriting agreement (fee is contingent on Business Combination closing), but under the strict face-value liability assumption of this lens, it remains on the books. Outside the trust, liquid assets are $868,792 cash and $148,036 in prepaid expenses (current + long-term), totalling approximately $1.02M. Total liabilities outside the deferred fee are $113,697 (accrued offering costs $75,000 + AP/accruals $38,697). Applying the liquidation lens to non-trust assets: cash $869K (100%), prepaid $148K (0% recovery), against face liabilities of $114K, yields approximately $755K net non-trust recovery to equity—consistent with MFFAIS-reported OLV/LLV/CLV of $1.95M (which likely reflects trust interest accrual differential). Shareholders' deficit stands at ($11.8M), reflecting the accumulated accretion of Class A shares to redemption value net of $750 Class B par. There are no operating leases, pension obligations, or long-term debt outside the deferred underwriting fee. The filing discloses a going-concern qualification tied to mandatory liquidation by May 1, 2027 if no Business Combination is consummated. No target has been identified. Working Capital Loans of up to $1.5M are available but undrawn. The deferred underwriting fee is discussed in MD&A and Note 6 but is tagged under a company-specific XBRL element (rdag:DeferredFeePayable); however, TAG_CONTEXT is empty for this filing period, so no XBRL-tagged values are available for tag_insights. Quarter-over-quarter, trust grew $2.7M from interest/dividends ($308.1M to $310.8M), while outside-trust cash declined $148K from operating spend ($165K G&A partially offset by $8K operating account interest). No structural changes to the liability stack occurred.
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