Company: ONCHW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110042
Chunk: 24

Company: 1RT Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 same restrictions and other agreements of the Company’s initial
shareholders with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if (1) the closing price
of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which
results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder
shares will be released from the Lock-up.

Promissory Note — Related
Party

The Sponsor has agreed to loan the Company an
aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. The loan is non-interest bearing,
unsecured and due at the earlier of September 1, 2025, as amended, or the closing of the Initial Public Offering. The loan was repaid
out of the offering allocated to the payment of offering expenses. As of September 30, 2025, the Company repaid the total outstanding
balance of the loan amounting to $242,532. The borrowings under the Note are no longer available.

Due from Sponsor

On July 3, 2025, the Company paid $24,350 in
excess of the outstanding borrowings under the Note. On July 9, 2025, the Sponsor returned $24,350 to the Company. As of September 30,
2025 and December 31, 2024, there was $0 and $62,118, respectively, outstanding which is currently due on demand.

Administrative Services Agreement

The Company entered into an agreement with the
affiliate of the Sponsor, commencing on July 3, 2025, the effective date of the Initial Public Offering, to pay an aggregate of $12,500
per month for office space, utilities, and secretarial and administrative support. For the three months ended September 30, 2025, the
Company incurred $37,500 in fees for these services, of which such amount is included in accounts payable and accrued expenses in the
accompanying unaudited condensed balance sheets.

Working Capital Loans

In order to