04:28 AM EDT, 10/11/2024 (MT Newswires) -- Rising Dragon Acquisition (RDAC) said late Thursday it priced an initial public offering of 5 million units at $10 each.

Each unit consists of one ordinary share and one right, which entitles the holder to receive one-tenth of an ordinary share, the blank check company said.

The underwriters have been granted a 45-day option to purchase up to 750,000 additional units.

Closing of the offering is expected to occur on Oct. 15, subject to customary conditions.

The units are expected to debut on the Nasdaq Capital Market on Friday under the ticker "RDACU." The underlying securities will eventually trade separately under the tickers "RDAC" and "RDACR" for ordinary shares and rights, respectively.