SPACs are back on the IPO menu. Two SPACs – Cohen Circle Acquisition I and Rising Dragon Acquisition – priced their IPOs on Thursday night, Oct. 10, 2024, to trade Friday, Oct. 11, 2024, on NASDAQ. Together, they raised combined proceeds of $250 million:
– Cohen Circle Acquisition I (CCIRU) priced 20 million units at $10 each to raise $200 million. The stock is expected to start trading today – Friday, Oct. 11, 2024 – on the NASDAQ. Cantor acted as the sole book-runner. SPAC veteran Betsy Cohen is the CEO and chair of this FinTech-focused special purposed acquisition company (SPAC,) formerly known as FTAC Artemis Acquisition. Each unit consists of one share of common stock and one-third of a warrant. Ms. Cohen made her name as a Philadelphia banker before becoming a leader in the SPAC space. (Cohen Circle Acquisition I is incorporated in Delaware.)
– Rising Dragon Acquisition Corp. (RDACU) priced 5.0 million units at $10 each to raise $50 million. The stock is expected to start trading today – Friday, Oct. 11, 2024 – on the NASDAQ. Lucid Capital Markets acted as the sole book-runner. Rising Dragon Acquisition, based in China, intends to search for one or more companies with significant revenue growth and (enterprise) values between $500 million and $2 billion, according to the prospectus. Its search will give priority to companies in rapidly growing sectors such as green and sustainable businesses, new energy, cutting-edge technologies, artificial intelligence (AI) applications, business software and health-care products. Each unit consists of one ordinary share of common stock and one right to receive one-tenth (1/10) of one ordinary share upon consummation of the initial business combination. (Rising Dragon Acquisition is incorporated in the Cayman Islands.)
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
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Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
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