Republic Digital Acquisition Co (NASDAQ: RDAG) is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company raised $300,000,000 through an IPO of 30,000,000 units at $10.00 per unit, which closed on May 1, 2025, with proceeds held in a Trust Account invested in U.S. government securities or money market funds pending a business combination. The company focuses on targets in the digital assets space, guided by CEO Joseph Naggar, who previously led digital asset investing at GoldenTree Asset Management and served as a Managing Director at Morgan Stanley. RDAG is listed on Nasdaq, incorporated in the Cayman Islands, and maintains executive offices at 18 West 18th Street, New York, NY. The company has until May 1, 2027 to consummate a business combination or return capital to public shareholders.

Revenue model

RDAG generates no operating revenue. Trust Account funds of $300,000,000 (as of May 1, 2025 IPO closing) are invested in U.S. government securities with maturities of 185 days or less, qualifying money market funds, or cash equivalents. Interest earned in the Trust Account is the only financial return prior to a business combination.

Products and services

Each IPO unit consisted of one Class A Ordinary Share and one-half of one Public Warrant, with each whole Public Warrant exercisable for one Class A Ordinary Share at $11.50 per share. The company also issued 7,280,000 Private Placement Warrants at $1.00 per warrant, raising $7,280,000, with 4,640,000 purchased by the Sponsor and 2,640,000 purchased by Cantor (as of May 1, 2025 closing).

Customers and end markets

RDAG's capital sources are public shareholders who purchased units in the IPO and the Sponsor. The target end market for a business combination is the digital assets sector, based on management's stated focus and background.

Value-chain role

RDAG is a SPAC serving as an acquisition vehicle. It sources business combination targets through management relationships and inbound deal flow from investment market participants, private equity funds, and corporate divestitures. CEO Joseph Naggar has invested in digital assets personally since 2013 and professionally since 2022, previously heading GoldenChain, GoldenTree Asset Management's digital asset subsidiary.

Geographic exposure

Executive offices are located in New York, NY. The company is incorporated in the Cayman Islands. The Trust Account is held in the United States.

Source: SEC 10-K, filed 2026-03-27

Industry: Blank Checks