RF Acquisition Corp III (NASDAQ:RFAM) closed an initial public offering of up to 10,000,000 units at $10.00 each on February 17, 2026, raising $100 million before any over-allotment.
Units began trading under RFAMU on February 13, 2026; ordinary shares and rights are expected to trade as RFAM and RFAMR after separation. The company is a blank-check vehicle targeting deep technology businesses in Asia, with an underwriter over-allotment option for 1,500,000 additional units.
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Positive
IPO proceeds of $100 million raised at $10.00 per unit
Nasdaq listing initiated with units trading under RFAMU
Focus on deep tech Asia including AI, quantum computing, biotechnology
Negative
Blank-check status: no operating business or announced target
Over-allotment option up to 1,500,000 units (15% of IPO)
Shares and rights not yet separately trading, potential short-term volatility
Key Figures
IPO size:$100 millionUnits offered:10,000,000 unitsIPO price:$10.00 per unit+5 more
8 metrics
IPO size$100 millionInitial public offering of RF Acquisition Corp III
Units offered10,000,000 unitsInitial public offering at $10.00 per unit
IPO price$10.00 per unitInitial public offering price for each unit
Over-allotment option1,500,000 units45-day option for underwriters to purchase additional units
Par value$0.0001 per sharePar value of each ordinary share in the units
Right conversion ratioOne-tenth of one shareEach right entitles holder to one-tenth of an ordinary share
Over-allotment period45 daysDuration of underwriters’ option to purchase additional units
SEC effectiveness dateJanuary 30, 2026Date registration statement was declared effective by the SEC
Market Reality Check
normal vol
Market Pulse Summary
This announcement confirms the closing of a $100 million IPO for a blank check company focused on de...
Analysis
This announcement confirms the closing of a $100 million IPO for a blank check company focused on deep technology targets in Asia, with each unit combining an ordinary share and a right to one-tenth of a share. Key elements to monitor include any announced business combination, the use of the 1,500,000-unit over-allotment option, and how the rights structure affects eventual share count and ownership once a transaction is completed.
Key Terms
initial public offering, blank check company, over-allotments, registration statement, +4 more
8 terms
initial public offeringfinancial
"announced that it closed its initial public offering of up to 10,000,000 units"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
blank check companyfinancial
"RF Acquisition Corp III is a blank check company whose business purpose is to effect a merger"
A blank check company is a publicly listed shell that raises money from investors before naming a specific business to buy or merge with, similar to handing a cashier a signed check and asking them to fill in the payee later. It matters to investors because it offers a faster, often cheaper path for private firms to become public, but carries extra risk since returns depend on the organizers’ ability to find a good deal and on limited information about the future business.
over-allotmentsfinancial
"45-day option to purchase up to an additional 1,500,000 units ... to cover over-allotments"
An over-allotment is a temporary extra batch of shares that the underwriters of a stock offering are allowed to sell beyond the original amount, with the right to buy those shares back later. Think of it as spare tickets sold to meet demand and then reclaimed if needed to keep the market orderly; it helps stabilize the stock price after an offering and can affect short-term supply and potential dilution, which matters to investors tracking price and ownership stakes.
registration statementregulatory
"A registration statement relating to these securities was declared effective"
A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.
prospectusregulatory
"The offering has been made only by means of a prospectus"
A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.
underwritersfinancial
"The Company has granted the underwriters a 45-day option"
Underwriters are financial professionals or institutions that help companies raise money by selling new securities, such as stocks or bonds, to investors. They assess the risk and determine the price at which these securities should be sold, acting like a bridge between the company and the investors. Their role helps ensure that the company raises the needed funds while providing investors with options that reflect the level of risk involved.
book-running managerfinancial
"EarlyBirdCapital, Inc. acted as sole book-running manager of the offering"
A book-running manager is the lead organizer responsible for coordinating a large financial sale, such as issuing new stocks or bonds. They oversee preparing all necessary documents, setting the sale’s price, and finding buyers, much like a concert promoter arranging a major event. Their role matters to investors because they help ensure the offering is successfully sold at the best possible terms.
Nasdaq Global Marketfinancial
"The units are listed on the Nasdaq Global Market (“Nasdaq”)"
The Nasdaq Global Market is a section of the stock exchange where larger, well-established companies are listed and publicly traded. It functions like a marketplace where investors can buy and sell shares of these companies, providing them with access to capital and opportunities for growth. Its role is important because it helps investors identify and invest in reputable companies with strong financial backgrounds.
AI-generated analysis. Not financial advice.
SINGAPORE, Feb. 18, 2026 (GLOBE NEWSWIRE) -- RF Acquisition Corp III (the “Company”) today announced that it closed its initial public offering of up to 10,000,000 units at a price of $10.00 per unit on February 17, 2026. The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “RFAMU” on February 13, 2026. Each unit consists of one ordinary share, par value $0.0001 per share, of the Company (“ordinary share”), and one right to receive one-tenth 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 “RFAM” and “RFAMR,” respectively.
RF Acquisition Corp III 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. The proceeds of the initial public offering are expected to be used in connection with an initial business combination. While the Company’s efforts in identifying prospective target businesses will not be limited to a particular geographic region, the Company intends to focus its search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing, and biotechnology.
RF Acquisition Corp III 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 Ryan Lee Wen, Tuan Lee Low and Yunn Chinn Shng.
EarlyBirdCapital, Inc. acted as sole book-running manager of 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 January 30, 2026. 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 has been made only by means of a prospectus. 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.
What did RFAM announce about its initial public offering on February 17, 2026?
It closed an offering of up to 10,000,000 units at $10.00 each, raising $100 million. According to the company, the proceeds are intended to fund an initial business combination focused on deep technology targets in Asia.
When did RFAM units begin trading and under what ticker symbol?
Units began trading on Nasdaq on February 13, 2026 under the ticker RFAMU. According to the company, ordinary shares and rights will be listed separately as RFAM and RFAMR after units separate.
How large is the underwriter over-allotment option in the RFAM IPO?
The underwriters were granted a 45-day option to buy up to 1,500,000 additional units at the IPO price. According to the company, this represents a potential 15% increase over the base 10,000,000-unit offering.
What business will RF Acquisition Corp III pursue after the IPO (RFAM)?
RFAM is a blank-check company formed to complete a business combination; it intends to focus on deep technology companies in Asia. According to the company, target areas include artificial intelligence, quantum computing, and biotechnology.
Who are the named executives and underwriter for RFAM’s offering?
The company is led by CEO and chairman Tse Meng Ng and CFO Chee Soon Tham; EarlyBirdCapital acted as sole book-running manager. According to the company, independent directors include Ryan Lee Wen, Tuan Lee Low and Yunn Chinn Shng.
Was the RFAM registration statement declared effective by the SEC and when?
Yes, the registration statement was declared effective by the SEC on January 30, 2026. According to the company, the offering was made only by means of a prospectus and follows SEC effectiveness.
