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Tokyo-based SPAC Ribbon Acquisition prices $50 million IPO

January 15, 2025

Ribbon Acquisition, a Tokyo-based blank check company led by Angshuman Ghosh, raised $50 million by offering 5 million units at $10. Each unit contains one share of common stock and one right to receive one-seventh of a share of common stock upon the completion of an initial business combination.

Ribbon Acquisition is led by CEO and Chairman Angshuman (Bubai) Ghosh, who brings experience in financial services and international business coordination, and CFO Anna Zhou, who previously was an executive for several SPACs, including Chenghe Acquisition II (CHEB; +1%), which has a pending merger agreement with Indonesian B2B retail platform developer Polibeli Group, and Chenghe Acquisition, which completed its combination with optical components provider Semilux International (SELX; -84% from IPO) in February 2024.

Ribbon Acquisition plans to list on the Nasdaq under the symbol RIBBU. A.G.P. acted as sole bookrunner on the deal.