Ribbon Acquisition Corp. is asking shareholders to approve several proposals to extend the deadline to complete its initial business combination from January 16, 2026 to January 16, 2027. If the Extension Amendment Proposal and Trust Amendment Proposal pass, the sponsor, Ribbon Investment Company Ltd., is expected to make fixed monthly loans of $125,000 into the trust account for each month of extension, repayable only if a business combination is completed.
The trust account held about $51,633,847.52 as of November 24, 2025, implying an estimated redemption price of about $10.3771 per public share, which could rise to roughly $10.59 with all sponsor contributions and no further redemptions. Public shareholders may redeem regardless of how they vote. If the extension proposals fail and no deal closes by January 16, 2026, Ribbon will redeem 100% of public shares and liquidate, while warrants and rights would expire worthless.
Ribbon Acquisition Corporation (RIBB) filed its quarterly report for the period ended September 30, 2025, showing a SPAC at the pre‑merger stage with interest income driving results and a short runway to complete its deal. Net income was $62,142 for the quarter and $569,295 year‑to‑date, primarily from interest on funds in trust, while operating expenses totaled $463,712 for the quarter.
The company completed an IPO of 5,000,000 units at $10.00 each and a private placement of 220,000 units at $10.00, placing $50,000,000 in a Trust Account. Trust assets were $51,461,310 as of quarter‑end. Class A shares subject to possible redemption totaled $48,204,536. Cash outside trust was $59,909 with a working capital deficit of $190,092. As of September 30, 2025, 6,470,000 ordinary shares were issued and outstanding.
On June 30, 2025, Ribbon signed a Business Combination Agreement with DRC Medicine, involving a Domestication to Delaware and a merger into a PubCo structure; consideration is based on an equity value of 350,000,000 divided by the redemption price. Management disclosed substantial doubt about the company’s ability to continue as a going concern if a business combination is not completed by January 16, 2026, the stated deadline before liquidation.