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Rising Dragon Acquisition Corp. entered into new financing arrangements by issuing two unsecured promissory notes, each with a principal amount of $50,000. One note was issued to its sponsor, Aurora Beacon LLC, and the other to SZG Limited, a designee of HZJL Cayman Limited involved in a proposed business combination.
The notes bear no interest and mature when Rising Dragon completes its initial business combination. Their proceeds have been placed in the company’s trust account to extend the deadline to complete a business combination until June 15, 2026. Each note can be converted at the holder’s option into units identical to those sold in the IPO at $10.00 per unit, potentially adding equity-linked securities instead of cash repayment.
Rising Dragon Acquisition Corp. reports joint Schedule 13G/A ownership disclosure by two investment-adviser control persons.
The filing states that Kerry Propper and Antonio Ruiz-Gimenez each have shared voting and dispositive power over 137,000 shares of Ordinary Shares, representing 2.3% of the class based on 5,951,030 Shares issued and outstanding as of March 30, 2026. The shares are held by private funds managed by ATW SPAC Management LLC and SZOP Multistrat Management LLC, whose managing members are Propper and Ruiz-Gimenez, and both control persons disclaim direct beneficial ownership except for any pecuniary interest.
Rising Dragon Acquisition Corp. reported a 13G/A filing showing RiverNorth Capital Management, LLC beneficially owns 494,487 ordinary shares, representing 8.31% of the class. The filing states RiverNorth has sole voting and dispositive power over the 494,487 shares.
AQR Capital Management entities reported shared beneficial ownership of 347,804 Ordinary Shares (CUSIP G7576K107) of Rising Dragon Acquisition Corp., representing 5.84% of the class. The filing lists shared voting and dispositive power of 347,804 shares for AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC. The filing names Rising Dragon's principal executive office in Taiyuan, China and records parent/subsidiary relationships among the AQR entities. The schedule is signed by an authorized signatory on 05/15/2026.
Rising Dragon Acquisition Corp. ownership disclosure: Karpus Management, Inc. reports beneficial ownership of 736,550 shares of Common stock, representing 12.38% of the class. The filing states Karpus has sole voting and sole dispositive power over these shares. Signature date is 05/14/2026.
Rising Dragon Acquisition Corp. reported a small net income of $211,963 for the quarter ended March 31, 2026, driven entirely by interest income of $380,783 on cash held in its SPAC trust account. Formation and operating costs were $168,820, so the company still has no operating business and no revenue.
Total assets were $45.1M, almost all in the trust account of $45.05M, while cash outside the trust was only $9,470 and working capital showed a deficit of about $850,925. The company has $2.8M of liabilities, including a $1.87M deferred underwriting fee and related-party promissory notes and advances totaling over $800,000. A business combination with HZJL Cayman Limited valued at $350M in stock is pending, and the SPAC has extended its deadline to complete a deal to May 15, 2026 via multiple $100,000 monthly deposits into the trust. Management states that failure to close a transaction by the deadline, which would trigger liquidation and redemption of public shares, raises substantial doubt about the company’s ability to continue as a going concern.
Rising Dragon Acquisition Corp. is asking shareholders to approve amendments to its charter and trust agreement to extend the deadline to complete a Business Combination, including the proposed HZJL deal. The Company could push its termination date from July 15, 2026 to October 15, 2027 through up to fifteen one‑month extensions.
For each extension, the sponsor would loan the Monthly Extension Fee to fund the trust, with repayment only if a deal closes. Public shareholders may redeem shares for cash; on May 7, 2026, the redemption price was about $10.63 per share versus a $7.63 Nasdaq trading price.
Rising Dragon Acquisition Corp. (RDAC) is asking shareholders to approve two related amendments to extend its deadline to complete a business combination (the "Combination Period") beyond the current Termination Date of July 15, 2026 to an Extended Date of October 15, 2027. The proposed Charter Amendment would permit up to 15 one-month extensions; the Trust Agreement Amendment would permit those extensions if the Sponsor deposits a Monthly Extension Fee equal to the lesser of $100,000 per month or $0.033 per remaining public share.
The proposals are conditioned on each other. If approved, the Sponsor will loan the Company the Monthly Extension Fee (no interest) to be deposited into the Trust Account and forgiven only if no business combination is completed. If not approved or the Sponsor does not fund extensions, RDAC would wind up operations and redeem 100% of public shares. The Extraordinary General Meeting is set for May 28, 2026 (Record Date: May 1, 2026).
Rising Dragon Acquisition Corp. entered into new financing arrangements tied to its planned business combination. On April 15, 2026, the company issued two unsecured promissory notes, each with a principal amount of $50,000, to its sponsor Aurora Beacon LLC and to SZG Limited, a designee of HZJL Cayman Limited.
The notes bear no interest and mature when Rising Dragon closes its initial business combination. The company deposited the note proceeds into its trust account to extend the deadline to complete a business combination until May 15, 2026. Each note may be converted by its holder into units identical to the IPO units at a price of $10.00 per unit.
Rising Dragon Acquisition Corp. files its annual report describing its special purpose acquisition company structure, proposed merger, extensions, and China-related risks. The SPAC raised $57.8 million into a trust from its IPO and private placement, and as of June 30, 2025, non‑affiliate ordinary shares had an aggregate market value of $59.8 million. The report details a signed Merger Agreement to acquire HZJL Cayman Limited for $350 million in stock, plus up to 20 million earn‑out shares tied to future revenue. Shareholders approved the reincorporation and acquisition mergers, while approximately 5.7 million ordinary shares were redeemed across two meetings, and the sponsor and a designee are funding monthly extensions to keep the business combination window open through April 15, 2026. Extensive disclosure focuses on PRC legal, regulatory, foreign‑exchange, and enforcement risks if the combined company operates primarily in China.