Company: ONCHW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110042
Chunk: 59

Company: 1RT Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 additional expenses to be incurred, will be charged to operations.

Fair Value of Financial Instruments

The fair value of the Company’s assets
and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,”
approximates the carrying amounts represented in the unaudited condensed balance sheets, primarily due to its short-term nature.

Class A Shares Subject to Possible Redemption

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder
vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company
classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control
of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable
shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering,
the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares
will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of September
30, 2025 and December 31, 2024, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary
equity, outside of the shareholders’ deficit section of the Company’s unaudited condensed balance sheets. As of September
30, 2025 and December 31, 2024, the Class A ordinary shares subject to possible redemption reflected in the unaudited condensed balance
sheets are reconciled in the following table: 

    Gross proceeds 
    $172,500,000 
  
    Less: 

    Proceeds allocated to public warrants 
     (1,854,375)
  
    Public shares issuance costs 
     (11,723,199)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     13,577,574 
  
    Class A Ordinary shares subject to possible redemption, July 3, 2025 
     172,500,000 
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     1,683,318 
  
    Class A Ordinary shares subject to possible redemption, September 30, 2025