Rising Dragon Acquisition (RDACU) said late Tuesday that it closed its initial public offering of 5.75 million units at $10 apiece.
The company said the closing included the exercise in full of the underwriters' option to purchase up to 750,000 additional units to cover over-allotments.
Each unit consists of one ordinary share and one right, which entitles the holder to receive one-tenth of an ordinary share upon completion of an initial business combination.
The units started trading on Nasdaq under the ticker RDACU last Friday. The ordinary shares and rights are expected to be listed on the stock exchange under the tickers RDAC and RDACR, respectively, once they start separate trading, the company said.
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