Renatus Tactical Acquisition Corp I (RTAC), a Cayman Islands-based SPAC launched in May 2025, raised approximately $241.5 million through units combining Class A ordinary shares and redeemable warrants. Despite strong initial capital formation held mostly in trust, the company faces acute liquidity constraints with minimal working capital outside the trust account, alongside explicit substantial doubt disclosed regarding its ability to continue as a going concern. Execution risk is heightened given the limited timeline to complete an initial business combination within 24 months (extendable up to 30). Capital allocation currently centers on preserving funds to complete a transaction; no dividends or buybacks have been declared. The upcoming year is pivotal for RTAC’s transition from a shell vehicle to an operating entity.