Understanding the Market | LionRock Holdings Soars Over 131% Against the Market, Completing the Acquisition of a Special Purpose Acquisition Company
Lion Rise Holdings surged more than 131% against the market, rising 102.25% to HKD 40.45 as of the time of publication, with a turnover of HKD 1.9442 million. The company announced that the delivery conditions of the business merger agreement have been met and will be completed on the morning of October 30, 2024. After the merger, Merger Sub will merge with the target company to form a new company. The company's English name will be changed from "HK Acquisition Corporation" to "Synagistics Limited", and the Chinese name will be changed to "狮腾控股有限公司". After the delivery, the trading of inherited company shares and warrants will begin at 9:00 am on October 30, 2024 on the Hong Kong Stock Exchange
According to the Wise Finance APP, Lion Rock Holdings (02562) surged more than 131% against the market, rising 102.25% to HKD 40.45 as of the time of publication, with a turnover of HKD 1.9442 million.
On the news front, Lion Rock Holdings announced that the delivery under the business combination agreement has been completed as of 8:00 am on October 30, 2024.
The company received confirmation of the merger from the Accounting and Corporate Regulatory Authority of Singapore on October 30, 2024. Upon the effectiveness of the merger, Merger Sub and the target company merged into one company and continue to exist. Subsequently, Merger Sub will no longer exist separately, and the target company will become the surviving company in the merger, operating as a direct wholly-owned subsidiary of BVI Co under its existing name, while BVI Co remains a direct wholly-owned subsidiary of the company.
In accordance with the resolution passed at the extraordinary general meeting of shareholders held on October 25, 2024, the company's English name has been changed from "HK Acquisition Corporation" to "Synagistics Limited", and the Chinese name has been changed from "香港汇德收购公司" to "狮腾控股有限公司", effective from the effective date.
After the delivery, the shares of the successor company and the warrants of the special purpose acquisition company will begin trading on the Stock Exchange of Hong Kong at 9:00 am on October 30, 2024 (Hong Kong time)