Rising Dragon Acquisition Corp. Issues Promissory Notes to Extend SPAC Deadline

What Happened
Rising Dragon Acquisition Corp. announced it issued unsecured promissory notes (the "Notes") in June and July 2026 to raise cash that was deposited into its trust account to extend the deadline for completing its initial business combination to August 15, 2026. On June 15, 2026 the company issued two notes of $27,818.50 each—one to its sponsor Aurora Beacon LLC and one to SZG Limited (designee of HZJL Cayman Limited). On July 15, 2026 the company issued an additional note to SZG Limited for $55,637.41. The total principal amount issued is $111,274.41.

Key Details

• Total principal issued: $111,274.41 (two June notes of $27,818.50 each; one July note of $55,637.41).
• Notes bear no interest and mature upon closing of the company’s initial business combination.
• Proceeds were deposited into the company’s trust account to support an extension of the business combination completion window to August 15, 2026.
• Each note is convertible, at the holder’s option, into units identical to the IPO units at $10.00 per unit (equivalent to up to ~11,127 units in aggregate if fully converted).

Why It Matters
For investors, these notes are a short-term financing measure to help the SPAC meet its obligations and extend the time available to complete a merger/combination. The cash boosts the trust account balance, which can affect redemption mechanics and the SPAC’s ability to close a deal. Conversion feature could result in issuance of new units (dilution) if holders convert the notes into units at $10 per unit. The notes are unsecured, pay no interest, and only mature if and when the business combination closes.