New Risk • Apr 09
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$344k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$344k). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Market cap is less than US$100m (US$50.4m market cap). New Risk • Apr 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$63.7m market cap). Announcement • Jul 02
DR.C Medical Medicine Co., Ltd. entered into a business combination agreement to acquire Ribbon Acquisition Corp. (NasdaqCM:RIBB) in a reverse merger transaction for approximately $350 million. DR.C Medical Medicine Co., Ltd. entered into a business combination agreement to acquire Ribbon Acquisition Corp. (NasdaqCM:RIBB) in a reverse merger transaction for approximately $350 million on June 30, 2025. Current DR.C Medical Medicine Co., Ltd. shareholders will retain 100% of their equity and will continue to own approximately 82.91% of the combined company on a pro forma basis, assuming no redemptions by Ribbon Acquisition Corp shareholder. Combined company to have an implied initial pro forma equity value of approximately $422.15 Million, assuming no redemptions and the transaction is expected to deliver cash proceeds of around $50.42 Million to DR.C Medical Medicine Co., Ltd. assuming no redemptions to fund DR.C Medical Medicine Co., Ltd. business and operations, which include devices’ clinical trial and certification.
A.G.P. / Alliance Global Partners, LLC acted as financial advisor for Ribbon Acquisition Corp. Geneva Capital Group acted as financial advisor for DR.C Medical Medicine Co., Ltd. The Ross Law Group, LLC acted as legal advisor for DR.C Medical Medicine Co., Ltd. Celine & Partners, PLLC acted as legal advisor for Ribbon Acquisition Corp. 
