Rising Dragon to Merge With Lifestyle Business Supplier HZJL

Dow Jones

Jan 28, 2025

By Katherine Hamilton

HZJL Cayman has agreed to merge with special purpose acquisition company Rising Dragon Acquisition in an effort to be traded publicly on Nasdaq.

HZJL provides online social branding, software application and supply-chain services to lifestyle businesses including restaurants, coffee shops, beauty salons, convenience stores and massage centers, the company said in a filing Monday.

Rising Dragon, which is based in the Cayman Islands, plans to execute the merger through its subsidiary Xpand Boom Technology. The companies plan to remain Nasdaq-listed under a new ticker symbol.

Once the transaction is complete, HZJL shareholders and management will receive 35 million shares of Xpand Boom. Certain HZJL shareholders would be entitled to receive earn-out consideration up to 20 million additional shares.

The boards at Rising Dragon and HZJL have unanimously approved the transaction, which is still subject to regulatory approval.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

January 27, 2025 17:13 ET (22:13 GMT)

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