Ribbon Acquisition Corp , a special purpose acquisition company (SPAC), has successfully completed its initial public offering (IPO), raising $52.2 million in total proceeds. The company, which trades under the ticker symbols (NASDAQ:RIBBU) for its units, NASDAQ:RIBB for its Class A Ordinary Shares, and NASDAQ:RIBBR for its rights, announced the closing of its IPO on Thursday. The company now commands a market capitalization of $65.02 million, with its units currently trading at $10.04.
On January 16, 2025, Ribbon Acquisition Corp offered 5 million Public Units at $10.00 each, generating $50 million in gross proceeds. Each Public Unit consists of one Class A ordinary share and one right that entitles the holder to receive one-seventh of an ordinary share upon the completion of a business combination. According to InvestingPro data, the stock has shown remarkably low price volatility since its debut, with an average daily trading volume of 0.56 million units.
Concurrently with the IPO, Ribbon Acquisition Corp conducted a private placement with its sponsor, Ribbon Investment Company Ltd, selling 220,000 Private Units at the same unit price, which added $2.2 million to the total funds raised.
The net proceeds from both the IPO and the Private Placement, totaling $50 million, were placed into a trust account for the benefit of the public stockholders, with Odyssey Trust Company appointed as the trustee.
An audited balance sheet dated January 16, 2025, reflects the receipt of the proceeds from the IPO and Private Placement. This financial statement is included as Exhibit 99.1 in the company's Form 8-K filed with the Securities and Exchange Commission.
Ribbon Acquisition Corp, based in Tokyo, Japan, operates within the "Blank Checks" industry under the Standard Industrial Classification code 6770. The company has positioned itself to execute a merger, capital stock exchange, asset acquisition, or similar business combination with one or more businesses or entities.
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