It's like a publicly traded 'blind date' investment fund for the biotech world, looking for one specific company to acquire.

Think of it as a public market 'talent scout' specifically looking to bring a promising private life sciences company to the stock market.

It's like a publicly traded venture capital firm, but specialized in finding and acquiring just one private life sciences company to take public.

Rainier Acquisition (RNAQ) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). As such, it does not currently offer traditional products or services. Its primary "service" or objective is:

• Facilitating Business Combinations: Rainier Acquisition's core purpose is to identify, evaluate, and effect a merger, acquisition, or similar business combination with a private operating company, primarily in the life sciences sector, to bring it public.

Based on the provided company description, Rainier Acquisition (RNAQ) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its sole purpose is to effect a business combination with one or more businesses. The company description explicitly states:

• "We have generated no operating revenues to date, and we do not expect that we will generate operating revenues until we consummate our initial business combination."
• "We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target."

Therefore, Rainier Acquisition (RNAQ) currently has no major customers as it has not yet completed its initial business combination and generates no operating revenues.

Gbola Amusa, M.D., CFA Chief Executive Officer & Board Member

Dr. Amusa has served as Chief Executive Officer and a board member of Rainier Acquisition Corporation since March 2026. He brings over 25 years of experience in evaluating, investing in, financing, operating, and advising life sciences companies across public and private markets. His background includes roles as an equity research analyst, investment banker, public company director, audit committee member, operating executive, and special purpose acquisition company (SPAC) executive and sponsor. Notably, Dr. Amusa served as Chief Financial Officer of Metsera, Inc. from February 2024 to October 2024, and then as Executive Vice President of Strategic Finance and Investor Relations until February 2026; during this period, Metsera completed its IPO and was subsequently acquired by Pfizer Inc. He also held multiple leadership positions at Chardan from December 2014 to February 2024, including Partner, Head of Healthcare Equity Research, Director of Research, and Chief Scientific Officer. Furthermore, Dr. Amusa was the Executive Chairman of Chardan Healthcare Acquisition 2 Corp., a publicly traded SPAC, from June 2018, and its Chief Science Officer from March 2020 until its business combination with Renovacor, Inc. in September 2021. He continued to serve on Renovacor's board of directors until its acquisition by Rocket Pharmaceuticals, Inc. in December 2022. He also served as Executive Chairman of Chardan Healthcare Acquisition Corp., another SPAC, from March 2018 until its merger with BiomX Inc. in October 2019, and remained on BiomX's board.

Guy Barudin Chief Financial Officer

Mr. Barudin has served as Chief Financial Officer of Rainier Acquisition Corporation since July 2026. He possesses over 25 years of experience in corporate finance, capital markets, strategic transactions, public company leadership, and special purpose acquisition companies. Currently, he is a Managing Director at Chardan, a role he has held since February 2019, where he advises clients on investment banking, capital markets, and strategic transactions, including SPAC business combinations.

Isaac Manke, Ph. D. Co-Founder & Chairman

Dr. Manke has served as the Chairman and a member of Rainier Acquisition Corporation's board of directors since March 2026. With over 20 years of experience, he has invested in, evaluated, financed, and advised biotechnology companies in both public and private markets. His diverse background includes roles as a venture capitalist, equity research analyst, public company director, and life sciences strategist. Dr. Manke has also served as Senior Vice President, Strategy and Business Development of OnKure Therapeutics, Inc.

Jonas Grossman Co-Founder & Board Member

Mr. Grossman has been a member of Rainier Acquisition Corporation's board of directors since its formation in February 2023. He has more than 25 years of experience in advising, financing, and supporting growth companies across the healthcare, life sciences, and technology sectors. His experience encompasses roles as an investment banker, capital markets executive, and SPAC sponsor and executive. Mr. Grossman has been the Co-Founder and Managing Partner of Chardan since December 2003, and additionally has served as its President since September 2015.

Wing C. ("Andrew") Lam, PharmD Board Member

Dr. Lam serves as a member of the board of directors. He has over 20 years of professional experience focused on therapeutics, including late-stage venture/crossover investing, and the investment, evaluation, financing, and advising of innovative healthcare companies. Since 2021, he has held the position of Managing Director, Head of Biotech Private Equity at Ally Bridge Group, a global healthcare investment firm.

The primary key risk to Rainier Acquisition (RNAQ) is the potential inability to complete an initial business combination. As a blank check company, Rainier Acquisition has no operating revenues and does not expect to generate any until it successfully merges with or acquires another business. If the company fails to identify and consummate a suitable business combination within its specified timeframe, it would likely be forced to liquidate, thereby failing to achieve its fundamental purpose and ceasing its intended operations.

There are several clear emerging threats to Rainier Acquisition (RNAQ) given its nature as a blank check company (SPAC):

• Deteriorating market sentiment and investor appetite for Special Purpose Acquisition Companies (SPACs): Following a period of significant growth, the SPAC market has experienced a notable downturn characterized by investor skepticism, high redemption rates, and challenges in securing private investment in public equity (PIPE) financing. This trend makes it increasingly difficult for SPACs like RNAQ to find suitable target companies, negotiate favorable deal terms, and garner necessary investor support to successfully complete an initial business combination.
• Increased regulatory scrutiny and potential rule changes: Regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC), have intensified their scrutiny of SPACs and proposed new rules aimed at enhancing investor protection and alignment. These potential rule changes could increase the complexity, cost, and liability associated with SPAC transactions, making them less attractive as a going-public vehicle for target companies and more challenging for SPACs like RNAQ to operate effectively.
• Intense competition for a potentially shrinking pool of attractive target companies: While the overall SPAC market has cooled, many active SPACs are still seeking desirable private companies. If the number of high-quality private companies willing to go public via a SPAC has decreased due to market conditions, heightened regulatory requirements, or alternative funding options, RNAQ faces significant competition in identifying and securing a compelling initial business combination within its mandated timeframe.

Share Issuance

• Rainier Acquisition Corporation issued 7,500,000 units at $10.00 per unit in its initial public offering, generating gross proceeds of $75,000,000.
• The underwriter fully exercised an over-allotment option for an additional 1,125,000 units at $10.00 per unit, increasing the total units sold to 8,625,000 and aggregate gross proceeds to $86,250,000.
• The sponsor, Ravenna 7 LLC, purchased private placement units for an aggregate of up to $2,000,000.

Inbound Investments

• The company raised $86,250,000 in gross proceeds from its initial public offering, including the full exercise of the over-allotment option.
• An aggregate of $86,250,000 ($10.00 per unit) from the IPO was placed in a U.S.-based trust account.
• The sponsor, Ravenna 7 LLC, made an inbound investment of up to $2,000,000 through the purchase of private placement units.