UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 4.02. |
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On June 28, 2024, Rigel Resource Acquisition Corp’s (the “Company”) audit committee (the “Audit Committee”), after discussion with the Company’s management, concluded that the previously issued interim financial statements contained in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, should no longer be relied upon because of an error in the financial statements. Similarly, other communications describing the Company’s financial statements and other related financial information covering the same period should no longer be relied upon. The error relates to the amount of legal costs included in the General and Administrative Expenses line item in the Company’s Unaudited Condensed Statement of Operations. As a result of the error, the amount of legal costs recorded as expenses did not reflect the total amount of deferred legal costs for the first quarter, thereby resulting in an understatement of the legal expenses, and therefore, the accounts payable and accrued expenses on the balance sheet, by approximately $1.6 million.
The Company intends to file a Form 10-Q/A restating the previously filed unaudited interim condensed financial statements for the quarter ended March 31, 2024 promptly following the issuance of this Current Report on Form 8-K. The Company does not expect any of the above changes will have any impact on its cash position and cash held in the trust account established in connection with the Company’s initial public offering.
The Audit Committee has discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with the Company’s independent registered public accounting firm.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RIGEL RESOURCE ACQUISITION CORP | ||
| Date: July 2, 2024 | By: | /s/ Jonathan Lamb |
| Name: | Jonathan Lamb | |
| Title: | Chief Executive Officer | |
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