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RF Acquisition Corp II Announces Closing of $100 Million Initial Public Offering

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RF Acquisition Corp II announced the closing of its $100 million initial public offering (IPO) on May 21, 2024. The IPO involved 10,000,000 units priced at $10.00 per unit, listed on the Nasdaq Global Market under the ticker symbol 'RFAIU' as of May 17, 2024. Each unit includes one ordinary share and one right to receive one-twentieth of an ordinary share. The company, a blank check entity, aims to merge or acquire one or more businesses but has not yet identified any targets. EarlyBirdCapital, Inc. is the sole bookrunning manager, with Revere Securities as the co-manager.

Positive
  • Initial public offering (IPO) raised $100 million.
  • Units began trading on Nasdaq under the ticker symbol 'RFAIU'.
  • Each unit priced at $10.00, indicating investor interest.
  • Potential additional 1,500,000 units can be purchased within 45 days by underwriters.
  • EarlyBirdCapital, Inc. and Revere Securities are managing the offering, indicating strong underwriter support.
Negative
  • The company has not identified any specific merger or acquisition targets.
  • No substantive discussions with potential business combination targets have occurred.
  • Investors face uncertainty due to lack of specified business targets.

RF Acquisition Corp II has successfully closed its initial public offering (IPO) at $100 million, issuing 10 million units at a price of $10 per unit. This is a significant step for the company as it looks to leverage the funds to explore potential mergers or acquisitions. For retail investors, understanding the structure of the units is crucial. Each unit includes one ordinary share and one right to receive one-twentieth of an ordinary share. This means that the future value of the units is contingent on successfully executing a business combination.

It's important to note that RF Acquisition Corp II is a Special Purpose Acquisition Company (SPAC), which means it currently has no operational business and is searching for a target to merge with or acquire. SPACs carry unique risks, primarily due to the uncertainty surrounding the target acquisition. While the leadership of Tse Meng Ng and Chee Soon Tham brings experience to the table, investors should stay informed about any developments or potential targets.

Considering the current market environment, SPACs have faced increased scrutiny and regulatory challenges, which could impact the company's ability to finalize a business combination. Additionally, with the 45-day option to purchase an additional 1.5 million units, there could be potential dilution if exercised, which investors should be mindful of.

This IPO highlights the continued investor interest in SPACs despite the volatile environment these vehicles have faced recently. RF Acquisition Corp II's successful listing on Nasdaq under the ticker symbol 'RFAIU' and the trading of its units indicate robust initial demand. However, the market's reception to SPACs can be fickle, heavily influenced by the subsequent announcement of a business combination target.

Market sentiment towards SPACs has been mixed, with some high-profile SPACs underperforming after merger announcements. Therefore, it is critical to monitor the company's progress in identifying and negotiating with potential targets. The performance of RF Acquisition Corp II will largely depend on the quality and growth potential of the business it eventually acquires. Investors should keep an eye on industry trends and sectors that the company might be interested in, as these will provide clues about the kinds of businesses the SPAC might target.

Furthermore, the involvement of EarlyBirdCapital, Inc. as the sole bookrunning manager lends credibility, given their experience in managing SPAC offerings. This could provide some assurance to investors about the diligence and thoroughness of the process.

GRAND CAYMAN, Cayman Islands, May 21, 2024 (GLOBE NEWSWIRE) -- RF Acquisition Corp II (the “Company”) today announced that it has closed its initial public offering of 10,000,000 units, at a price of $10.00 per unit. The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “RFAIU” on May 17, 2024. Each unit consists of one ordinary share, par value $0.0001 per share, of the Company (“ordinary share”), and one right to receive one-twentieth of one ordinary share. After the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “RFAI” and “RFAIR,” respectively.

RF Acquisition Corp II is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us.

RF Acquisition Corp II is led by Tse Meng Ng, the Company’s Chief Executive Officer and Chairman of the board of directors, and Chee Soon Tham, the Company’s Chief Financial Officer and director. The Company's independent directors include Vincent Hui Yang and Ryan Lee Wen.

EarlyBirdCapital, Inc. the representative of the underwriters, is acting as sole bookrunning manager of the offering and Revere Securities is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 16, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from EarlyBirdCapital, Inc., Attn: Syndicate Department, 366 Madison Avenue, 8th Floor, New York, New York 10017.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Tse Meng Ng
Chairman and CEO
guo.lu@ruifengwealth.com


FAQ

What is the ticker symbol for RF Acquisition Corp II on Nasdaq?

The ticker symbol for the units is 'RFAIU'. After separate trading begins, the ordinary shares and rights will trade under 'RFAI' and 'RFAIR', respectively.

How much did RF Acquisition Corp II raise in its IPO?

RF Acquisition Corp II raised $100 million in its initial public offering.

When did RF Acquisition Corp II's units start trading on Nasdaq?

The units began trading on Nasdaq under the ticker symbol 'RFAIU' on May 17, 2024.

What does each unit of RF Acquisition Corp II's IPO consist of?

Each unit consists of one ordinary share and one right to receive one-twentieth of an ordinary share.

Has RF Acquisition Corp II identified any business combination targets?

No, RF Acquisition Corp II has not yet identified any specific business combination targets.

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