Rithm Acquisition Corp. Annual Report - How They Did This Year

Hey there! Let's dive into Rithm Acquisition Corp.'s first annual report, covering their journey from November 21, 2024 (when they first started) through September 30, 2025.

What is Rithm Acquisition Corp. (RAC)?

First things first, it's important to understand what Rithm Acquisition Corp. actually is. They're what's known as a "Special Purpose Acquisition Company" or SPAC. Think of them as a company that's been set up with the sole purpose of finding and buying another private company to bring it public. For now, they're essentially a "shell company" – meaning they don't have any ongoing business operations or products of their own. Their main job is to find a good company to merge with!

Their First Year: Getting Started and Ready for Action

This report covers their very first year in existence, from their inception in November 2024. Here's a quick look at how they've been setting things up:

• Public Listing: Rithm Acquisition Corp. is listed on the New York Stock Exchange (NYSE). You can find their Class A ordinary shares under the ticker symbol RAC, their redeemable warrants (which give you the right to buy shares later) as RAC.WS, and their units (a combination of shares and warrants) as RAC.U.
• Market Size: As of March 31, 2025, the total market value of their publicly traded shares was around $236.6 million.
• Shares in Circulation: By December 19, 2025, there were about 23.66 million Class A ordinary shares and 5.75 million Class B ordinary shares issued and outstanding.
• Regulatory Status: The company is based in the Cayman Islands and is considered a "smaller reporting company" and an "emerging growth company" by the SEC. This means they have some simplified reporting rules compared to much larger, more established companies.

What Does "Performance" Mean for a SPAC?

Since Rithm Acquisition Corp. is a shell company, their "performance" in this first year isn't about sales, profits, or new products. Instead, it's about successfully getting listed, raising capital, and preparing to find a suitable company to acquire. Their main goal for this period was to get all their ducks in a row so they can eventually complete a merger.

What's Next?

The big focus for Rithm Acquisition Corp. is to identify and complete a merger with a private company. This is their entire business plan for the foreseeable future.

Key Takeaways

• Rithm Acquisition Corp. (RAC) is a Special Purpose Acquisition Company (SPAC) established to acquire and bring a private company public.
• During its first year (November 2024 - September 2025), RAC successfully listed on the NYSE with ticker symbols RAC, RAC.WS, and RAC.U.
• As of March 31, 2025, its publicly traded shares had a market value of approximately $236.6 million.
• By December 19, 2025, there were 23.66 million Class A and 5.75 million Class B ordinary shares outstanding.
• RAC operates as a "smaller reporting company" and "emerging growth company" under SEC regulations.
• The company's primary objective moving forward is to identify and complete a merger with a suitable private company.