Rice Acquisition Corp 3 — Financial Results
This Is a SPAC: No Business, No Revenue, No Operations Yet
This company is a Special Purpose Acquisition Company (SPAC) — a "blank check" shell incorporated in June 2025 with the sole purpose of finding and merging with an existing private business. It has no products, no customers, and no operating revenue. Everything in this filing reflects a company that exists only to hunt for an acquisition target.
A $345 Million IPO Closed in October 2025
| Item | Amount |
|---|---|
| IPO gross proceeds | $345,000,000 |
| Private placement warrants sold | $10,650,000 |
| Funds deposited into trust account | $345,000,000 |
| Cash held outside trust (Dec 31, 2025) | $2,585,142 |
The SPAC raised $345 million by selling 34.5 million units at $10.00 each. Nearly all of that money sits in a trust account (a ringfenced fund that can only be used for a business combination or returned to shareholders) and cannot be freely spent.
Interest Income Is the Only Earnings Story Right Now
| Item | Amount |
|---|---|
| Interest earned on trust account | $3,401,782 |
| Operating expenses | $548,076 |
| Net income | $2,853,706 |
The $2.85 million net income sounds positive, but it is entirely from interest on the trust account — not from running any actual business. Operating costs of $548,076 covered legal, accounting, and due diligence expenses.
A Hidden Cost Waits at the Finish Line
The underwriters deferred up to $13,368,750 in commissions, which sit inside the trust account and will only be paid out when a deal closes. If no deal happens, shareholders get that money back instead. This is a meaningful fee that will reduce what the trust pays out upon a completed acquisition.
The Clock Is Ticking to Find a Deal
The company has $2.59 million in freely available cash to cover deal-hunting costs. If it runs short, the sponsor may loan funds, but is not obligated to. If no business combination is completed within the required timeframe, the trust is liquidated and money is returned to shareholders — meaning investors need to watch closely for deal announcements and any deadline extensions.