Ribbon Acquisition Corp Closes $50 Million IPO
Deal News | Jan 17, 2025 | EIN
Ribbon Acquisition Corp (NASDAQ: RIBBU), a special purpose acquisition company (SPAC), has announced the closing of its initial public offering (IPO), raising $50 million by issuing 5,000,000 units priced at $10.00 each. Each unit consists of one Class A ordinary share and a right to receive one-seventh of an additional share upon completing an initial business combination. The units began trading under the Nasdaq symbol RIBBU on January 15, 2025, with underlying securities expected to list separately. A.G.P./Alliance Global Partners acted as the sole book-running manager, with The Benchmark Company, LLC as co-manager. Sichenzia Ross Ference Carmel LLP and Loeb & Loeb LLP provided legal counsel to the company and A.G.P./Alliance Global Partners, respectively. Ribbon Acquisition Corp, incorporated in the Cayman Islands, aims to engage in mergers or acquisitions, steering clear of entities based in or with majority operations in Greater China.
Sectors
- Financial Services
- Legal Services
Geography
- United States – The IPO took place in New York, with the company's stock listed on Nasdaq.
- Cayman Islands – Ribbon Acquisition Corp is incorporated in the Cayman Islands, highlighting its business jurisdiction.
- Asia Pacific – The company's executives have experience in the Asia Pacific region, which may influence its strategic business decisions.
Industry
- Financial Services – The IPO conducted by Ribbon Acquisition Corp and the roles of financial advisors and legal firms place this primarily within the Financial Services industry.
- Legal Services – The article mentions the involvement of law firms serving as legal counsel, situating part of this report in the Legal Services industry.
Financials
- $50 Million – The total proceeds from Ribbon Acquisition Corp's initial public offering of 5,000,000 units.
- $10.00 per unit – Price of each unit in Ribbon Acquisition Corp's initial public offering.
- 5,000,000 units – Total number of units issued in their IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ribbon Acquisition Corp | Issuer | Company | A blank check company formed to engage in business combinations, excluding Greater China regions. |
| A.G.P./Alliance Global Partners | Sole Book-Running Manager | Company | Acted as the primary book-running manager for Ribbon Acquisition Corp's IPO. |
| The Benchmark Company, LLC | Co-Manager | Company | Served as the co-manager for the IPO of Ribbon Acquisition Corp. |
| Sichenzia Ross Ference Carmel LLP | Legal Counsel to Ribbon Acquisition Corp | Company | Provided legal advisory services to Ribbon Acquisition Corp during its IPO. |
| Loeb & Loeb LLP | Legal Counsel to A.G.P./Alliance Global Partners | Company | Served as legal counsel to A.G.P./Alliance Global Partners during the IPO process. |
| U.S. Securities and Exchange Commission | Regulator | Government | The SEC declared effective the registration statement related to the IPO securities. |