Rithm Acquisition Corp. closes $230 million IPO and places proceeds in trust
On February 28, 2025, Rithm Acquisition Corp., a blank check company with no selected acquisition target, completed an initial public offering of 23,000,000 units at $10.00 per unit, generating $230 million in gross proceeds. The proceeds were placed in a trust account held by Continental Stock Transfer & Trust Company, and shareholders can redeem their shares for a pro rata portion of the trust if the company completes a business combination or fails to complete one within 24 months, or 27 months if a letter of intent has been executed.
Key points
- 23,000,000 units sold at $10.00 each, including 3,000,000 units from the full exercise of the underwriters' over-allotment option
- $230,000,000 placed in trust on February 28, 2025, with Continental Stock Transfer & Trust Company as trustee
- Sponsor Rithm Acquisition Corp Sponsor LLC bought 600,000 private placement units, with up to 60,000 more if underwriters exercised their option
- Combination Period is 24 months from the IPO closing, or 27 months if a letter of intent is executed
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 06, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.