Rising Dragon Acquisition Corp. (RDAC) · Oct 13, 2026 · New debt
Bridge financing — Two $55,637.41 notes; maturity at business-combination closing
Rising Dragon Acquisition Corp. disclosed $111K in zero-interest notes to fund its SPAC merger extension, preserving the deal path but underscoring delay.
Rising Dragon is a SPAC still trying to complete its proposed HZJL Cayman Limited business combination, a transaction announced in January 2025 and repeatedly supported with extension funding. Earlier filings show the company has continued issuing sponsor- and target-side notes while pushing toward closing.
The filing keeps the merger alive, rather than advancing it. RDAC issued two unsecured promissory notes of $55,637.41 each to SZG Limited, the HZJL designee, for roughly $111,275 in total (Notes).
| Filing figure | Amount / term |
|---|---|
| August Note (Notes) | $55,637.41 |
| September Note (Notes) | $55,637.41 |
| Combined principal | ~$111,275 |
| Interest | 0% |
| Optional conversion price | $10.00 per private unit |
| Extension supported | Through October 15, 2026 |
The funding is structurally supportive but economically modest. The proceeds went into the trust account to support the extension, and the notes do not bear interest; however, they are payable only when the initial business combination closes and can be converted into private units, creating a possible future equity obligation. 〔0〕 〔1〕
The buried signal is continued execution risk, not a new transaction milestone. The deal remains alive, but RDAC still needed fresh financing immediately before the October 15 deadline; the filing provides no evidence that closing conditions were completed or that the merger timetable moved materially forward. The direction was already visible from prior extension notes, so this is partly known rather than a genuine strategic surprise.
Bottom line: This is a small bridge that preserves RDAC’s ability to close the HZJL merger, but it mainly confirms that the transaction remains delayed and dependent on repeated deadline funding rather than showing decisive progress.
Business-combination deadline, October 15, 2026
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