RiverNorth Capital Management, LLC reports beneficial ownership of 400,000 units of Ribbon Acquisition Corp, representing 6.18% of the class. The filing states RiverNorth has sole voting power and sole dispositive power over all 400,000 units and identifies the filer as an investment adviser organized in Delaware. The statement notes that other persons have the right to receive proceeds from the sale of the reported securities. The filer certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing is signed by Marcus Collins, General Counsel and Chief Compliance Officer.
Ribbon Acquisition Corporation is a blank-check company that completed a $50.0 million IPO and a $2.2 million private placement and placed approximately $50.94 million in a trust invested in short-term U.S. government instruments. The company reported $292,628 in cash outside the trust and working capital of $273,620. For the six months ended June 30, 2025, Ribbon recorded $935,448 of interest income on trust investments and net income of $507,153, offset by $2,800,290 of accretion related to Class A shares subject to redemption, resulting in a net loss when accretion is included.
The registrant entered into a Business Combination Agreement with DRC Medicine (announced June 30, 2025) and plans to domesticate to Delaware prior to closing. Management disclosed substantial doubt about the companys ability to continue as a going concern absent a completed business combination within the prescribed Combination Period, and ordinary shares subject to possible redemption are carried at a redemption value of $46,672,612.
Mizuho Financial Group, Inc. reports beneficial ownership of 582,000 common shares of Ribbon Acquisition Corp (CUSIP 80099A105), representing 9.0% of the class. The filing shows Mizuho has sole voting power and sole dispositive power over the 582,000 shares and identifies the filer as a parent holding company. The statement notes that Mizuho Securities USA LLC, a wholly-owned subsidiary, directly holds the equity securities and that other Mizuho entities may be deemed indirect beneficial owners.
Item 4 breaks down the position: sole power to vote 582,000; shared vote 0; sole dispositive power 582,000; shared dispositive power 0. The Schedule 13G/A certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.