DRC Medicine to list on NASDAQ with $422.15 million implied value

DRC Medicine, a healthcare and biotechnology company in Japan, has entered a business combination agreement with Ribbon Acquisition Corp. to become a publicly-traded company on NASDAQ. The combined company's implied initial pro forma equity value is approximately $422.15 million, and current DRC Medicine shareholders will retain 100% of their equity and own around 82.91% of the combined company. The transaction is expected to deliver cash proceeds of around $50.42 million to fund DRC Medicine's business and operations.