Rising Dragon Acquisition Corp stock surged 223.3% in pre-open trading to $18.91, driven by a low-float squeeze rather than a specific fundamental development. The company is currently working to complete a business combination with HZJL Cayman Limited, valued at approximately $350 million in stock. This deal would result in the combined entity listing on Nasdaq under a new ticker as Xpand Boom Technology Inc.
The transaction remains subject to SEC registration effectiveness and Nasdaq listing approval, with the most recent extension activity noted in late July 2026. The tradeable float is extremely thin, with approximately 5.7 million public shares having been redeemed ahead of prior shareholder votes, amplifying price moves on modest buying interest.
Market Context
The broader market provided no meaningful tailwind, with the S&P 500 up just 0.1%, the Dow Jones essentially unchanged, and the NASDAQ marginally in the red. RDAC has a history of intraday volatility halts and sharp price dislocations, consistent with the behavior of micro-cap SPACs in their final stages before a business combination closes.
