Ribbon Acquisition Corp Prices $50 Million IPO
Deal News | Jan 15, 2025 | EIN
Ribbon Acquisition Corp, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, announced the pricing of its $50 million initial public offering (IPO). Each unit of the IPO is priced at $10.00, offering one Class A ordinary share and one-seventh of an additional share upon the consummation of an initial business combination. The units, due to be traded on Nasdaq under the ticker 'RIBBU', are set for a January 15, 2025 launch, with the close expected the following day. A.G.P./Alliance Global Partners is the sole book-running manager while The Benchmark Company, LLC acts as co-manager. Ribbon is complemented by legal expertise from Sichenzia Ross Ference Carmel LLP and Loeb & Loeb LLP. Targeting mergers and acquisitions in diverse regions, the executive team is notably experienced in the Asia-Pacific markets, though will restrict its focus away from Greater China. The success of the IPO and future ventures are contingent on certain conditions detailed in risk filings with the SEC.
Sectors
- Financial Services
- Investment Banking
- Legal Services
Geography
- Cayman Islands – Ribbon Acquisition Corp is incorporated in the Cayman Islands as an exempted company.
- United States – The IPO involves Nasdaq trading and is primarily facilitated by firms operating in the United States.
- Asia-Pacific – The company leadership possesses significant experience in the Asia-Pacific region, suggesting future possible investment activities.
Industry
- Financial Services – The article discusses a SPAC (Blank Check Company) launching an IPO, which is central to financial services, specifically within equity capital markets.
- Investment Banking – A.G.P./Alliance Global Partners and The Benchmark Company, LLC, as financial advisers, indicate investment banking services in IPO facilitation.
- Legal Services – Legal services are integral here evidenced by firms assisting in the IPO process, namely, Sichenzia Ross Ference Carmel LLP and Loeb & Loeb LLP.
Financials
- $50 Million – Total proceeds structured from the initial public offering.
- $10.00 per unit – Offering price per unit in the IPO.
- 5,000,000 units – The total number of units offered during the IPO.
- 750,000 units – Additional units available under a 45-day option to cover over-allotments.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ribbon Acquisition Corp | Target Company | Company | A blank check company aimed at executing a merger or business combination. |
| A.G.P./Alliance Global Partners | Sole Book-running Manager | Company | The firm managing the IPO for Ribbon Acquisition Corp. |
| The Benchmark Company, LLC | Co-manager | Company | Assists A.G.P/Alliance Global Partners in managing the IPO. |
| Sichenzia Ross Ference Carmel LLP | Legal Advisor to Ribbon Acquisition Corp | Company | Provides legal counsel to the company during the IPO. |
| Loeb & Loeb LLP | Legal Advisor to A.G.P./Alliance Global Partners | Company | Provides legal advice to the managing firm during the IPO. |
| Mr. Angshuman (Bubai) Ghosh | Chief Executive Officer | Person | CEO of Ribbon Acquisition Corp with strategic oversight of the IPO process. |
| Ms. Zhiyang (Anna) Zhou | Chief Financial Officer | Person | CFO of Ribbon Acquisition Corp overseeing financial strategies during the IPO. |