Company: ONCHW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110042
Chunk: 69

Company: 1RT Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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) less the amount initially received for the assignment of the membership interests. As of July 3, 2025, the Company determined
that the initial Business Combination is not considered probable and therefore no compensation expense has been recognized.

12

 1RT ACQUISITION CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (Unaudited)

The Company’s initial shareholders have
agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon conversion thereof
until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which
the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that
results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property. Any permitted transferees will be subject to the 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