Ribbon Acquisition Corp closed its IPO, offering 5 million units priced at $10 each, now trading on NASDAQ.
Quiver AI Summary
Ribbon Acquisition Corp has successfully closed its initial public offering (IPO) of 5,000,000 units, priced at $10.00 each, with the units consisting of one Class A ordinary share and a right to receive one-seventh of an additional Class A ordinary share upon completing a business combination. The units began trading on NASDAQ under the ticker symbol "RIBBU" on January 15, 2025, and the ordinary shares and rights will soon trade separately under the symbols "RIBB" and "RIBBR," respectively. A.G.P./Alliance Global Partners led the offering, which included an option for underwriters to purchase an additional 750,000 units. Ribbon Acquisition Corp, incorporated in the Cayman Islands, aims to identify a business for merger or acquisition, focusing primarily outside Greater China. The press release includes forward-looking statements and cautions that actual results may differ from expectations.
Potential Positives
- Ribbon Acquisition Corp successfully closed its initial public offering of 5,000,000 units, raising significant capital at a price of $10.00 per unit.
- The units are now listed on The NASDAQ Capital Market under the ticker symbol “RIBBU,” enhancing the company's visibility and access to investors.
- The offering includes a 45-day option for underwriters to purchase additional units, which could provide further financial benefits and ensure investor confidence.
- The company has experienced leadership with expertise in global markets, positioning it well for future business combination opportunities.
Potential Negatives
- The Company has stated that it will not undertake an initial business combination with any company based in or having the majority of operations in Greater China, potentially limiting its market opportunities.
- The forward-looking statements included in the press release indicate uncertainty about the completion of the offering and the potential use of proceeds, reflecting inherent risks for investors.
- The reliance on a blank check structure may lead to concerns from potential investors about the lack of a defined business plan or target, which can negatively impact investor confidence.
FAQ
What is Ribbon Acquisition Corp's recent IPO offering?
Ribbon Acquisition Corp recently completed an IPO offering of 5,000,000 units at $10.00 per unit, consisting of Class A shares and rights.
When did the trading of RIBBU units begin?
The trading of Ribbon Acquisition Corp's units under the ticker symbol “RIBBU” began on January 15, 2025.
Who managed the IPO for Ribbon Acquisition Corp?
A.G.P./Alliance Global Partners acted as the sole book-running manager, with The Benchmark Company, LLC as co-manager for the offering.
How can I obtain the IPO prospectus?
The prospectus for the IPO can be obtained by contacting A.G.P./Alliance Global Partners via phone or email as listed in the release.
Will Ribbon Acquisition Corp engage in business combinations in Greater China?
The Company will not undertake any initial business combination with companies based in or primarily operating in Greater China.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
New York, New York, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Ribbon Acquisition Corp (NASDAQ: RIBBU, the “Company”) today announced the closing of its initial public offering (“IPO”) of 5,000,000 units at an offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one right to receive one-seventh (1/7) of one Class A ordinary share upon the consummation of an initial business combination.
The units are listed on The NASDAQ Capital Market (“NASDAQ”) and began trading under the ticker symbol “RIBBU” on January 15, 2025. Once the securities comprising the units begin separate trading, the ordinary share and rights are expected to be listed on NASDAQ under the symbols “RIBB” and “RIBBR,” respectively.
A.G.P./Alliance Global Partners acted as sole book-running manager for the offering. The Benchmark Company, LLC acted as the co-manager for the offering.
The Company has granted the underwriters a 45-day option to purchase up to 750,000 units at the initial public offering price to cover over-allotments, if any.
Sichenzia Ross Ference Carmel LLP served as legal counsel to the Company and Loeb & Loeb LLP served as legal counsel to A.G.P./Alliance Global Partners in the offering.
A registration statement related to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on January 14, 2025. The offering has been made only by means of a prospectus, copies of which may be obtained by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected]. Copies of the registration statement can be accessed through the SEC's website at http://www.sec.gov .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ribbon Acquisition Corp
The Company is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. While the Company intends to conduct a global search for target businesses without being limited by geographic region, certain executive officers and independent directors are based in Hong Kong, and certain executive officers have experience investing in and building businesses in the Asia Pacific region and have a deep understanding of the region’s business environment, regulations, regulatory bodies and culture. The Company will not undertake an initial business combination with any company being based in or having the majority of the company’s operations in Greater China. The Company is led by Mr. Angshuman (Bubai) Ghosh, the Company’s Chief Executive Officer, and Ms. Zhiyang (Anna) Zhou, the Company’s Chief Financial Officer.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the IPO and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Ribbon Acquisition Corp
Anna Zhou
Chief Financial Officer
Email:
[email protected]
