Ribbon Acquisition Corp units (RIBBU) were slightly higher in their trading debut on Nasdaq Wednesday after the blank check company priced its initial public offering of 5 million units at $10.00 per unit.
The units were up about 0.2% in recent trading after opening at $10.02.
Each unit consists of one Class A share and one right to receive one-seventh of one Class A share upon the consummation of an initial business combination, the company said. It expects the IPO to close Jan. 16
Once the securities comprising the units begin separate trading, the Class A shares and the rights will trade under the symbols "RIBB" and "RIBBR," respectively.
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