Company: ONCHW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075689
Chunk: 60

Company: 1RT Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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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.

11

1RT ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

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 June 30, 2025 (unaudited) and December 31, 2024, the Company
had borrowed $242,532 and $120,648, respectively, which has been paid in full by the Company at the closing of the Initial Public Offering
on July 3, 2025 and the borrowings under the Note are no longer available.

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.

Working Capital Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible
into private placement warrants of the post Business Combination entity at a price of $2.00 per warrant at the option of the lender.
The warrants would be