New York, May 25, 2026, 15:05 (EDT)
Rich Sparkle Holdings Limited shares didn’t trade on Monday, with Nasdaq shut for Memorial Day. U.S. markets took a break after ANPA bounced last week, but the stock hasn’t regained its January highs. Nasdaq marks Memorial Day, May 25, as a holiday, and regular hours remain 9:30 a.m. to 4:00 p.m. Eastern.
The pause is key since regular-session traders haven’t had a chance to reset positions in the Hong Kong-linked small-cap after Friday’s move. Rich Sparkle (closed at $6.46 on May 22, up 3.36%) was quoted near $6.56 in after-hours trading, post the standard U.S. close.
The stock gained roughly 5.7% last week, moving from $6.11 on May 15 to $6.46 on May 22. Shares spiked 16.69% on May 18, but dropped over the next three sessions before rallying on Friday. The weekly range was between $6.00 and $7.74, trading on light volume.
Why it matters: Shares still trade near levels set by Rich Sparkle’s agreement in January to acquire Step Distinctive Limited, which is linked to TikTok creator Serigne Khabane Lame. The $975 million deal is for 75 million ordinary shares, not cash. The company said it might need to file an initial Nasdaq listing application because the deal could cause a change of control.
Rich Sparkle doesn’t look like a regular creator-economy play. In filings, it’s a holding company based in the British Virgin Islands, but runs business through a Hong Kong subsidiary. This unit prints and designs financial documents, does typesetting and translation, and sells advisory work, including ESG reporting. All of its fiscal 2025 revenue was from clients in Hong Kong.
Rich Sparkle posted $6.25 million in revenue for fiscal 2025, with profit at $132,934, down from $820,393 the year before. The numbers are still minor in the bigger market picture.
Questions are swirling about how much of Lame’s following can actually become lasting value for a public company. “Normally, you’d have more specifics on the asset being acquired,” Paul Nary, who teaches management at Wharton, said to Business Insider. Tim Loughran from Notre Dame called reverse mergers a “poor man’s IPO” and warned investors “should be wary.” In a reverse merger, a private company goes public by merging with a listed firm. Business Insider
Rich Sparkle is up against larger names like Donnelley Financial Solutions and Toppan Merrill in the disclosure and financial-comms business. DFIN focuses on reg and compliance tools and services, and Toppan Merrill is pitching itself as a partner for capital market deals, filings, shareholder comms and sustainability reports. Rich Sparkle is headed in a different direction with its Lame-linked livestream plan, far from the old financial-printing model.
Next week is likely to focus on company disclosure rather than a big earnings event. Traders are looking for any new company filing or a Nasdaq notice tied to the Step Distinctive deal. They’ll also be watching if Friday’s after-hours price sticks when regular trading with broader liquidity resumes.
But the downside is just as clear. The deal hangs on valuation reviews, due diligence, and getting stock-exchange approval for the consideration shares. In March, a resale prospectus listed 3.75 million shares for holders to sell, and said Rich Sparkle would not get any cash from those sales. If approval gets delayed, selling pressure builds, or trading stays weak, the shares could fall back fast.
ANPA closed at $6.46, trading above its 52-week low of $2.80, but the stock remains far off the 52-week high at $180.64. The wide gap keeps ANPA exposed to big moves when it starts trading again.
