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HZJL Cayman , a provider of branding, software, and supply chain services for local businesses, has announced a merger agreement with Rising Dragon Acquisition (Nasdaq: RDACU). The business combination will result in HZJL becoming a wholly owned subsidiary of Xpand Boom Technology, maintaining Nasdaq listing under a new ticker symbol.
Under the agreement terms, HZJL shareholders and management will receive 35 million ordinary shares of Xpand Boom Technology, with potential additional 20 million shares as earn-out consideration subject to meeting revenue targets. Certain shareholders will be subject to a six-month lock-up period.
HZJL specializes in empowering lifestyle businesses such as restaurants, coffee shops, and beauty salons through online social branding, operational software applications, and supply chain services. The transaction has received unanimous board approval from both companies and awaits regulatory and shareholder approvals.
Rising Dragon Acquisition Corp (NASDAQ: RDAC) announced that starting December 2, 2024, holders of units from their October 15, 2024 IPO can separately trade ordinary shares and rights on the Nasdaq Capital Market. The separated components will trade under symbols 'RDAC' (ordinary shares) and 'RDACR' (rights), while unseparated units continue trading as 'RDACU'. Unit holders must contact Continental Stock Transfer & Trust Company through their brokers to separate units.
The initial offering was underwritten with Lucid Capital Markets, as sole book-running manager. A registration statement (File No. 333-280026) became effective on October 10, 2024, with the final prospectus available on the SEC website.
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