Ribbon Acquisition Corp. (RIBB) received a Nasdaq notice stating it does not meet the $35,000,000 minimum market value of listed securities (MVLS) requirement for continued listing. Nasdaq said MVLS was below that threshold for 30 consecutive business days, from September 18, 2026 through October 29, 2026, and the company also does not satisfy the alternative continued-listing requirements for stockholders’ equity and net income from continuing operations.
RIBB has an initial compliance period through April 28, 2027—180 calendar days—to regain compliance. Its MVLS must close at $35,000,000 or more for at least 10 consecutive business days; Nasdaq may require up to 20 consecutive business days. The notice has no immediate effect on listing or trading, and Class A ordinary shares continue trading on The Nasdaq Capital Market under RIBB, subject to other listing requirements. If RIBB does not regain compliance by April 28, 2027, Nasdaq will notify the company that its securities are subject to delisting; RIBB may then be eligible to appeal. Nasdaq says there is no assurance the company will regain compliance or maintain compliance with other continued-listing requirements.
Ribbon Acquisition Corp. reported an aggregate $125,000 deposited into its trust account for public shareholders on October 23, 2026. The deposit enables the company to extend its initial business-combination period by one month, moving the deadline from October 15, 2026, to November 15, 2026.
Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick each report beneficial ownership of 0 Ribbon Acquisition Corp. Class A ordinary shares, equal to 0% of the class. Wolverine Asset Management is an investment adviser; Wolverine Holdings is its sole member and manager, and Gust and Bellick may be deemed to control Wolverine Holdings as its managers.
Ribbon Acquisition Corp. (RIBB) reported that an aggregate of $125,000 was deposited on August 11 into its trust account for the benefit of its public shareholders. This payment enables the company to extend the deadline to complete its initial business combination by one month, from September 15, 2026 to October 15, 2026.
Ribbon Acquisition Corp. (RIBB) reports that its Extraordinary General Meeting of Shareholders, originally scheduled for September 14, 2026 at 10:00 a.m. Eastern Time, has been rescheduled to November 14, 2026 at 10:00 a.m. Eastern Time.
Only shareholders of record as of the close of business on February 18, 2026 remain entitled to vote at the Extraordinary General Meeting. Proxies already submitted will be voted at the adjourned meeting unless properly revoked, so shareholders who have previously voted do not need to take further action.
Ribbon Acquisition Corp. (RIBB) reported results of its September 10, 2026 Extraordinary General Meeting, where shareholders approved all eight proposals related to its proposed business combination with DRC Medicine and the domestication of the company from the Cayman Islands to Delaware. Shareholders approved amendments removing the US$5,000,001 net tangible asset redemption constraint, the domestication to Delaware, the Business Combination Agreement with DRC Medicine entities, new Pubco organizational documents, Nasdaq share issuance and incentive plan approvals, a 2026 Incentive Award Plan, the election of seven Pubco directors, and an adjournment authorization.
Holders of 3,460,471 ordinary shares elected to redeem for an aggregate of $36,646,387.89, or about $10.59 per share. After redemption reversals covering 30,633 shares, 3,429,838 shares remain subject to redemption for approximately $36,321,984.42, leaving about $1,411,594.05 in the trust account.
Ribbon Acquisition Corp. (RIBB) disclosed a set of financing arrangements with Meteora Select Trading Opportunities Master, LP to support its proposed business combination with DRC Medicine Ltd., after which DRC Medicine Inc. will be the public company. The parties entered into an OTC Equity Prepaid Forward under which the investor may purchase up to 4,100,000 Common Shares at the redemption price, via a mix of market “Recycled Shares” and newly issued “Additional Shares,” with cash-settled economics six months after closing. Ribbon also signed a Subscription Agreement for the investor to buy Additional Shares up to this maximum, subject to a 9.9% beneficial ownership cap.
Separately, Ribbon and PubCo agreed to a Standby Equity Purchase Agreement giving PubCo the right to sell up to $100,000,000 of Common Shares over 36 months at generally 97% of market price, subject to a 19.99% Nasdaq exchange cap and a 4.9% beneficial ownership limit. As part of this structure, the investor receives a $1,212,121 senior unsecured, convertible Note funded at $1,000,000 (a 17.5% original issue discount), with a 12‑month maturity, 7% payment premium, 18% default interest and mandatory prepayments from 33% of future financing proceeds, plus escrowed Common Shares equal to 9.9% of post‑closing outstanding shares as additional protection in a default. Registration rights require resale registration within 30 days of closing, with liquidated damages of 2% of Note principal per month, capped at 24%, for certain registration failures.
Ribbon Acquisition Corp. (symbol: RIBB) is the issuer of record for a Form 8-K filing submitted to the SEC.
Ribbon Acquisition Corp. reported that an aggregate of $125,000 (the “Extension Payment”) was deposited on August 11, 2026 into its trust account for the benefit of public shareholders. This payment allows the company to extend the deadline to complete its initial business combination by one month, from August 15, 2026 to September 15, 2026 (the “Extension”). The company remains listed on Nasdaq under the symbols RIBB (Class A ordinary shares), RIBBU (units), and RIBBR (rights).
Ribbon Acquisition Corporation, a Cayman Islands SPAC listed on Nasdaq, reports that as of June 30, 2026 it held $38.4 million in cash and marketable securities in its trust account and total assets of $38.5 million. Current assets outside the trust were minimal at $75,669, and current liabilities were $1.8 million, resulting in a working capital deficit of about $1.8 million.
For the six months ended June 30, 2026, Ribbon recorded net income of $233,154, driven by $649,551 of interest income on trust investments, offset by $416,397 of operating expenses. Class A ordinary shares subject to possible redemption totaled $35.1 million, reflecting redemptions of 1,436,867 public shares for $14.9 million at approximately $10.40 per share in January 2026.
The company has until January 16, 2027 to complete its initial business combination with DRC Medicine Ltd. and related parties, under a Business Combination Agreement valuing the target at an equity value of 350,000,000, with consideration shares determined by the SPAC’s redemption price. Management discloses that mandatory liquidation if no deal closes by the deadline, combined with limited working capital, raises substantial doubt about Ribbon’s ability to continue as a going concern. Subsequent extension deposits of $125,000 per month continue to be made into the trust.