08:19 AM EDT, 07/14/2025 (MT Newswires) -- Cayson Acquisition ( CAPN ) and Mango Financial, a boutique investment bank in Hong Kong, said Monday that they have agreed on a merger.

Cayson, a blank-check company, will become a subsidiary of Mango Financial upon the closing of the deal and the securities of the combined company are to be listed on Nasdaq, the companies said.

Under the deal, each Cayson unit will separate into a Cayson ordinary share and a Cayson right. Each Cayson right will convert in accordance with its terms into a tenth of a Cayson ordinary share, and each Cayson share will be converted into one Mango share, the companies said.

After the closing, Mango's shareholders are expected to own 30 million shares, at an implied value of $10.00 per share, or $300 million in equity. Mango's shareholders would also be entitled to receive up to 4 million additional shares upon achievement of income targets for fiscal years 2025 and 2026, according to a joint statement.

Cayson's public shareholders would own 6.6 million Mango shares and its initial shareholders would hold 1,853,000 Mango shares, the companies said.

The two companies also said they will work together for a private placement of equity securities of up to $5 million.

The deal has already been approved by the boards of both companies but remains subject to approval by Cayson shareholders and regulatory agencies, the companies said, adding they expect to complete the merger in H2.