RANG trust draws second $60,000 monthly tranche, note balance reaches $120,000
A $60,000 draw into the trust account of Range Capital Acquisition Corp. (RANG) on July 23 lifted the aggregate outstanding balance on its sponsor note to $120,000, per an 8-K filed with the SEC the following day. The…
A $60,000 draw into the trust account of Range Capital Acquisition Corp. (RANG) on July 23 lifted the aggregate outstanding balance on its sponsor note to $120,000, per an 8-K filed with the SEC the following day. The Cayman Islands-incorporated blank-check company trades on Nasdaq under RANG for ordinary shares, RANGU for units, and RANGR for rights. The next confirmable event is consummation of an initial business combination, which would trigger full repayment of the zero-interest note.
The note structure
Range Capital's sponsor, Range Capital Acquisition Sponsor, LLC, extended an unsecured promissory note to the company on June 18, 2026, with a maximum principal of $540,000. The note carries no interest. It was structured to allow contributions of up to $60,000 per month to be deposited into the trust account established at the company's IPO.
Repayment falls due on the earlier of two dates: the closing date of an initial business combination, or the effective date of a company winding-up. A specific carve-out limits recovery in the no-deal scenario. If no business combination is consummated, the note is repayable only from funds held outside the trust account, not from the trust itself.
The note also includes customary events of default. On any such trigger, the unpaid principal balance and all other sums payable under the note become immediately due and payable.
Where the draws stand
The July 23 deposit was the second monthly tranche under the facility. At the $60,000 monthly rate established in the note, the facility has capacity for seven additional draws before reaching the $540,000 ceiling.
Range Capital filed the original note disclosure in a separate 8-K on June 25, 2026, covering the June 18 issuance. The July 24 filing updates that record with the second draw and the revised aggregate figure of $120,000.
What to watch
The business combination closing date is the note's repayment trigger and the primary milestone for the RANG setup. The note was issued under the Section 4(a)(2) exemption from Securities Act registration.
Chief Executive Officer Tim Rotolo signed the July 24 filing on behalf of Range Capital Acquisition Corp. The company's principal offices are at 44 Main Street, Cold Spring Harbor, New York 11724. Commission file number: 001-42448.