Rising Dragon Acquisition Corp. will allow unit holders to separately trade ordinary shares and rights on Nasdaq starting December 2, 2024.
Quiver AI Summary
Rising Dragon Acquisition Corp. announced that starting December 2, 2024, investors will have the option to separately trade the ordinary shares and rights included in the units from its initial public offering, completed on October 15, 2024. The ordinary shares will trade on Nasdaq under the symbol "RDAC" and the rights under "RDACR," while units not separated will continue under "RDACU." Holders need to contact the Company’s transfer agent, Continental Stock Transfer & Trust Company, to facilitate this separation. The offering was managed by Lucid Capital Markets, LLC and is detailed in a registration statement with the SEC. Rising Dragon Acquisition Corp., based in China, is a blank check company designed to pursue business combinations across various industries and regions. The press release includes forward-looking statements that carry risks and uncertainties.
Potential Positives
- The separation of units into ordinary shares and rights allows for increased trading flexibility for investors, potentially enhancing liquidity in the market.
- Trading under new symbols on Nasdaq ("RDAC" for ordinary shares and "RDACR" for rights) may help to raise the company's profile and attract more attention from investors.
- The effective registration statement and prospectus provide a transparent framework for the offering, instilling confidence among current and potential investors.
- Having Lucid Capital Markets, LLC as the book-running manager enhances the credibility of the offering and could facilitate smoother market transactions.
Potential Negatives
- The announcement of unit separation may indicate that the company is struggling to maintain interest or demand for its securities, as separating units could suggest a lack of confidence in their value when held together.
- The need for brokers to facilitate the separation of units into ordinary shares and rights introduces additional complexity for investors, which could deter participation in the company's offerings.
- The disclaimer regarding forward-looking statements suggests potential instability or uncertainty about the company's future prospects, which might raise concerns among investors.
FAQ
When will the units of Rising Dragon Acquisition Corp. begin separate trading?
Units will commence separate trading on December 2, 2024.
What symbols will the ordinary shares and rights trade under?
The ordinary shares will trade under "RDAC" and the rights under "RDACR."
Who should be contacted to separate the units?
Holders should have their brokers contact Continental Stock Transfer & Trust Company.
What is the purpose of Rising Dragon Acquisition Corp.?
The Company aims to engage in mergers, share exchanges, and similar business combinations.
Where can I find the final prospectus for the offering?
The final prospectus is available on the SEC's website at http://www.sec.gov.
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
SHANXI, CHINA, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Rising Dragon Acquisition Corp. (NASDAQ: RDAC) (the “Company”) announced today that, commencing December 2, 2024, holders of the units sold in the Company’s initial public offering completed on October 15, 2024 may elect to separately trade the ordinary shares of the Company, and the rights included in such units on The Nasdaq Capital Market (“Nasdaq”).
The ordinary shares and rights that are separated will trade on Nasdaq under the symbols “RDAC” and “RDACR,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “RDACU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into ordinary shares and rights.
The units were initially offered by the Company in an underwritten offering. Lucid Capital Markets, LLC acted as sole book-running manager of the offering. A registration statement on Form S-1, as amended (File No. 333-280026), relating to these securities was filed with the Securities and Exchange Commission (“SEC”) and became effective on October 10, 2024. A final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov . The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering may be obtained from Lucid Capital Markets, 570 Lexington Avenue, 40th Floor, New York, NY 10022.
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 Rising Dragon Acquisition Corp.
Rising Dragon Acquisition Corp. is a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contact:
Wenyi Shen
[email protected]
Rising Dragon Acquisition Corp.
No. 604, Yixing Road, Wanbolin District, Taiyuan City,
Shanxi Province, People’s Republic of China