New York, April 29, 2026, 14:04 (EDT)
Rising Dragon Acquisition Corp. (RDAC) 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.
That move extends the SPAC’s timeline. Rising Dragon had already pushed its completion window to May 15, 2026, by making monthly deposits. The firm said it was “working diligently” with HZJL and other parties on the deal.
The meeting is set for 10:00 a.m. Eastern on May 28, taking place at Loeb & Loeb LLP’s New York office as well as online. On the agenda: a charter amendment, changes to the trust agreement, and potentially an adjournment proposal if required by shareholders.
It’s a small detail, but it matters. The proxy indicates that every time the deal gets a one-month extension, the sponsor or its affiliates will put into the trust account either $100,000 or $0.033 for each outstanding public share, whichever works out lower. That cash goes in as a no-interest loan—payable if the merger closes, usually written off if not.
Rising Dragon, in a shareholder letter bearing the signatures of Chairman and CEO Lulu Xing, urged investors to support all proposals, with the board giving its unanimous backing. The same document underscored the importance of casting votes—language that crops up often, but here it takes on extra significance as the SPAC requests an extension rather than offering a new transaction.
Rising Dragon secured shareholder backing for the HZJL business combination at a Nov. 20, 2025, meeting, a later Form 8-K shows. The company said 5,715,609 ordinary shares were submitted for redemption tied to that vote, tightening cash available and impacting float for the deal.
HZJL, according to the initial deal release, handles branding, software solutions and supply-chain support for local lifestyle spots—think restaurants, coffee chains, beauty salons. The January 2025 merger terms? HZJL’s shareholders and management are lined up for 35 million ordinary shares in Xpand Boom Technology, and if revenue targets are hit, some could pick up another 20 million earn-out shares. Back in January, RDAC CEO Xing Lulu said he was eager to team up with HZJL’s leaders. HZJL founder Xiong Bin, meanwhile, described the company’s focus as a “Scalable Growth-Engine Empowering Local Business.” GlobeNewswire
Rising Dragon pulled in $50 million with its October 2024 IPO, offering up 5 million units at $10 apiece. Toss in the over-allotment and a private placement, and the total put into trust for public shareholders landed at $57.8 million, according to the company’s annual report.
After a rough session for several SPACs, Boardroom Alpha flagged Rising Dragon as one of Tuesday’s steepest fallers—the stock slid 17.6% to $4.90, joining General Purpose Acquisition Corp., Blueport Acquisition Ltd., and Horizon Space Acquisition II Corp. on the decliner list Boardroom Alpha. Still, the latest filing highlights plenty of hurdles ahead. Rising Dragon warned there are no guarantees the extension votes will secure the HZJL deal, that the sponsor will keep funding the trust, or that redemptions won’t drain the cash needed to close on viable terms. Failure to wrap up a transaction by the required deadline could push the company toward liquidation and public share redemption .
Right now, it’s all about the deadline. The May 28 vote looms—the immediate line in the sand. Beyond that, attention returns to whether Rising Dragon gets the HZJL deal done ahead of redemptions, sign-offs, or any liquidity crunch that might steal the spotlight.
