Rising Dragon Acquisition filed to offer 5 million units at $10 each. A unit consists of one share and a right. Each right entitles the holder to receive one-tenth of a share on completion of a business combination.
Initial shareholders of the China-based SPAC, including the sponsor, are expected to control 20% of the outstanding stock.
The new SPAC said that, although it is not targeting companies in China, the company may consider a business combination with an entity or business with a physical presence or other significant ties to China, including Hong Kong and Macau, which may subject the post-business combination business to the laws, regulations and policies of China.
CEO and Chairman Lulu Xing since October 2019 has served as the chairman of Shanxi Qianmeng Construction Engineering, as well as chairman of Shanxi Qianmeng Electromechanical Intelligent Engineering.
Rising Dragon said it intends to apply for a Nasdaq listing under the symbol RDACU.
Lucid Capital is sole bookrunning manager on this deal. Read more.
