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Rigel Resource Acquisition Corp.

RRAC

Trust settledFinished

NO ACTION REQUIRED

Nothing left to do

The cash went back to shareholders and the company wound up. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: the trust was already paid out to holders pro rata.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.

In plain terms

What it is
A SPAC from DUMAC, INC., listed in November 2021.
What it's doing now
It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
What you should know
This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.

At a glance

Where it stands
Liquidated
Deal
none — it wound up and returned the cash instead
Industry
no filing we hold states a sector this SPAC restricted its search to
Deal value
no deal to value — it wound up instead
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
8 November 2021
size not on file · 102.0% of each $10 unit into trust
Headquarters
C/O ORION RESOURCE PARTNERS (USA) LP, NEW YORK, NY, 10018
Lead underwriter
not extracted from the prospectus yet
Key officers
Duke University · Lewnowski Oskar (Director) · Abebe Nathaniel (Director)
Listed securities
RRAC common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Shares already handed backthe filing does not state a pre-event share count

At the 8 May 2025 event.

0001829126-25-003709opens on sec.gov in a new tab

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.

What has happened, and what is coming

7 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 8 May 2025Extension votepassed0001829126-25-002964opens on sec.gov in a new tab
  2. 8 May 2025Shares handed backpassed0001829126-25-003709opens on sec.gov in a new tab

    redemption rate not stated in the filing

  3. 8 August 2025Extension votepassed0001829126-25-005458opens on sec.gov in a new tab
Show the earlier 4 milestones
  1. 8 November 2021IPOpassed

    IPO size not on file

  2. 7 August 2024Extension votepassed0001829126-24-004888opens on sec.gov in a new tab
  3. 9 August 2024Shares handed backpassed0001829126-24-005451opens on sec.gov in a new tab

    redemption rate not stated in the filing

  4. 28 February 2025Shares handed backpassed0001829126-25-002964opens on sec.gov in a new tab

    redemption rate not stated in the filing

Who has already taken their money back

3 filed events

Each time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.

Worst single event

—

no filing states a pre-event share count

Shares redeemed, all events

28.30M

across every filed redemption event

Every figure below is stated in the linked filing; nothing here is estimated.

Show the other 2 cash-out events

The score

deterministic, from filed fields

RRAC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Rigel Resource Acquisition Corp. (ticker RRAC) was a blank-check company whose IPO was priced on November 8, 2021, according to a 424B prospectus. The company filed a 10-Q on November 14, 2024, on which the common ticker RRAC appeared on the cover page. Rigel Resource Acquisition Corp. subsequently liquidated, as announced in an 8-K filed on November 7, 2025, stating that it intended to dissolve and liquidate in accordance with the provisions of the Charter and redeem all of its issued and outstanding Class A ordinary shares, par value $0.0001 per share, included as part of the units sold.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEF 14A28 July 20250001829126-25-005458opens on sec.gov in a new tab

    Redemption of 6,369,522 public shares at the business combination vote has already drained most of the trust, so the remaining holders are a small residual carrying the deal risk. A South African gold mining target adds jurisdictional and permitting complexity to a transaction signed nearly eighteen months earlier and still unclosed. Shareholders who did not previously tender keep their redemption right at trust value, which remains the certain alternative to a further three months.

  • DEF 14A28 April 20250001829126-25-002964opens on sec.gov in a new tab

    The shares closed at $9.10 against an estimated $11.84 of trust value per share — a roughly 23% discount to a cash floor, which is the single most important number here and is unusual outside of shares whose redemption right is in doubt. The proxy warns that holders who already tendered for redemption will not be redeemed if the meeting is not held and the extension not implemented, so failing to hold the meeting puts that floor itself at risk.

  • DEFM14A15 January 20250001829126-25-000192opens on sec.gov in a new tab

    The sponsor's $25,000 buys 7.5 million shares that convert into listed Aurous stock, while $14 million of private warrants are at genuine risk - a mixed incentive, but the founder economics still dwarf the cash at stake. Public holders can redeem at the trust value instead of accepting shares in a South African gold miner. Six months later Rigel would still be extending, having seen 6,369,522 shares redeemed at this deal vote.

  • DEF 14A22 July 20240001829126-24-004888opens on sec.gov in a new tab

    The trust floor of about $11.36 per share is intact and the shares trade at $11.35, a discount of roughly one cent, which means the market is pricing essentially no deal premium and no liquidation risk. That is the profile of a clean arbitrage: a holder buying at $11.35 collects the trust value on redemption regardless of how they vote, and retains the option on the Blyvoor gold transaction. With approximately $279.2 million still in trust the SPAC has suffered no material redemptions to date, so the vehicle can still fund a deal of real size.

  • DEF 14A19 July 20230001829126-23-004801opens on sec.gov in a new tab

    With more than $320 million still in trust this vehicle has taken no meaningful redemptions, so the roughly $10.74 floor is fully funded and sits two cents above the $10.72 market price, making redemption marginally better than selling. The company warns there may not be sufficient liquidity to sell public shares in the open market even at a premium to the redemption price, which is why the redemption right rather than the market is the reliable exit. The redemption limitation amendment means that protection can be exercised by everyone at once without a cap.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.20

Unit: U = S + W/2 · 102.0% of the $10 unit

from 424B4 0001829126-21-013853

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Blank Checks (6770)
Registered innot stated in SEC submissions
Exchange · CIK— · 0001860879

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

12 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

39 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail2 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

RRAC — company record
UNIVERSE-HISTORY2026-08-16

admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001829126-21-013853 priced 2021-11-08; common ticker RRAC off 10-Q 0001829126-24-007497 (2024-11-14); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001829126-25-008928 (2025-11-07) — announced liquidation of the trust account: “…intends to dissolve and liquidate in accordance with the provisions of the Charter. The Company, as promptly as possible and in accordance with the Charter, will redeem (the "Redemption") all of the Company's issued and outstanding Class A ordinary shares, par value $0.0001 per share, included as part of the units sold…”. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "DUMAC, INC." (SEC CIK 0001584258) sourced from Form 3 reportingOwner (10% owner) acc 0000950170-24-130322.

Also listed inSPACs with warrantsTerminations & liquidations
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