Rising Dragon Acquisition, a blank check company targeting small-cap businesses, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The Taiyuan, China-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Rising Dragon Acquisition would command a market value of $65 million.
The company is led by CEO and Chairman Lulu Xing, who currently serves as Chairman of Shanxi Qianmeng Construction Engineering and Shanxi Qianmeng Electromechanical Intelligent Engineering. It plans to target small-cap companies domiciled in North America, Europe, and/or the APAC region that. It does not plan to target companies in China but may consider those with a physical presence or other significant ties to China.
Rising Dragon Acquisition was founded in 2024 and plans to list on the Nasdaq under the symbol RDACU. Lucid Capital Markets is the sole bookrunner on the deal.
