Why Rising Dragon Acquisition Stock Surged as RDAC Seeks More Time for HZJL SPAC Deal
Rising Dragon Acquisition Corp. ripped more than fourfold higher Wednesday, soaring to $21.72 with a $16.82 gain after the Nasdaq SPAC said it’s looking to extend the timeline for its planned merger with HZJL Cayman Limited. Shares churned between $5.64 and $23.51 on hefty volume—about 12.1 million traded hands. The surge is tied to Rising Dragon’s request for a deal clock extension, not any closure on the HZJL transaction. In a preliminary proxy filed Tuesday after the bell, the company set a May 28 shareholder meeting and pitched pushing back the business-combination deadline from July 15, 2026, out to Oct. 15, 2027—potentially through 15 separate one-month extensions.