Rising Dragon Acquisition Corp. (NASDAQ:RDAC) shares surged 33.20% to $13.84 in after-hours trading on Thursday after the company filed a Form 8-K with the Securities and Exchange Commission.
Check out the current price of RDAC stock here.
An 8-K filing with the SEC reports material events that investors should know about between a company’s quarterly reports.
Monthly Extension Fee Lowered
The China-based company amended its Investment Management Trust Agreement last week, according to a filing with the Securities and Exchange Commission dated Thursday.
Under the amendment, the monthly extension payment was cut from $189,750, or $0.033 per share, to the lesser of $100,000 a month or $0.033 for each remaining public share after redemptions.
After shareholder redemptions, the revised monthly extension fee totals $2,703.69 for each one-month extension.
Redemptions and Extension
A total of 1.54 million ordinary shares were tendered for redemption in connection with the meeting.
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An aggregate of 5.66 million ordinary shares were tendered for redemption in connection with the extraordinary general meeting held on Nov. 20 to approve the business combination and the extension meeting.
The amendment permits up to six additional one-month extensions beyond the initial period, giving the company as much as 21 months in total to complete a business combination.
Rising Dragon Acquisition Corp., a special purpose acquisition company (SPAC), is pursuing a business combination with HZJL Cayman Limited, a comprehensive solution provider. Shareholders approved the deal at the extraordinary general meeting last month.
Trading Metrics
The stock’s Relative Strength Index (RSI) stands at 50.97.
RDAC has a 12-month performance of 3.80%. This modest gain reflects a longer-term trend that has been relatively stable, but the recent volatility suggests that traders should be prepared for potential swings.
Rising Dragon Acquisition has a market capitalization of $83.24 million. The stock’s annual trading range spans from a low of $7.50 to a high of $16.43.
RDAC is trading at 32.36% of its 52-week range, indicating it is closer to its lows than its highs. This positioning suggests the stock may have room to move higher, though investors should be cautious of potential pullbacks if momentum falters.
Price Action: The stock closed regular trading at $10.39, up 17.16%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicates RDAC stock has a negative price trend across all time frames. Track the performance of other players in this segment.
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Photo: Ei Ywet / Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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