RF Acquisition holder Karpus reports 24.75% stake

Karpus Management reports a 24.75% beneficial stake in RF Acquisition Corp II’s common stock with full sole voting and dispositive power.

Rhea-AI Filing Summary

RF Acquisition Corp II (RFAI) received an updated Schedule 13G/A from Karpus Management, Inc., reporting beneficial ownership of 989,433 shares of common stock, representing 24.75% of the class as of August 31, 2026. Karpus has sole voting and sole dispositive power over all reported shares.

The shares are owned by accounts managed by Karpus, a New York–based registered investment adviser. Karpus is controlled by City of London Investment Group plc, but effective informational barriers mean voting and investment power over these securities are exercised independently by Karpus.

Key Figures

Beneficially owned shares: 989,433 shares Percent of class: 24.75% Sole voting power: 989,433 shares +3 more

6 metrics

Beneficially owned shares 989,433 shares Common stock of RF Acquisition Corp II as of August 31, 2026

Percent of class 24.75% Ownership of RF Acquisition Corp II common stock reported by Karpus

Sole voting power 989,433 shares Shares over which Karpus has sole power to vote or direct the vote

Shared voting power 0 shares Shares over which Karpus has shared power to vote

Sole dispositive power 989,433 shares Shares over which Karpus can solely dispose or direct disposition

Shared dispositive power 0 shares Shares over which Karpus has shared dispositive power

Key Terms

beneficial ownership, sole voting power, dispositive power, registered investment adviser, +1 more

5 terms

beneficial ownership financial

"Item 4. | Ownership (a) | Amount beneficially owned: 989,433.00"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole voting power financial

"Sole power to vote or to direct the vote: 989,433.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

dispositive power financial

"Sole power to dispose or to direct the disposition of: 989,433.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

registered investment adviser financial

"Karpus is a registered investment adviser under Section 203"

A registered investment adviser (RIA) is a firm or individual legally registered with regulators to give personalized investment advice and manage clients' money, with a duty to put clients’ interests ahead of their own. Think of an RIA as a licensed financial guide who must disclose fees, conflicts and how they are paid; that transparency and legal duty matter to investors because it reduces the risk of hidden costs or biased recommendations.

informational barriers regulatory

"effective informational barriers have been established between Karpus and CLIG"

FAQ

What percentage of RF Acquisition Corp II (RFAI) does Karpus Management own?

Karpus Management reports beneficial ownership of 24.75% of RF Acquisition Corp II’s common stock, based on 989,433 shares held in accounts it manages.

How many RF Acquisition Corp II (RFAI) shares does Karpus Management report?

Karpus Management reports beneficial ownership of 989,433 shares of RF Acquisition Corp II common stock as of August 31, 2026.

Does Karpus Management share voting power over RFAI shares?

No. Karpus Management reports sole voting power over 989,433 shares and shared voting power over 0 shares of RF Acquisition Corp II common stock.

Who has dispositive power over Karpus’s RF Acquisition Corp II (RFAI) shares?

Karpus Management reports sole dispositive power over 989,433 shares and shared dispositive power over 0 shares of RF Acquisition Corp II common stock.

What is Karpus Management’s status and relationship to City of London Investment Group regarding RFAI?

Karpus Management is a registered investment adviser and is controlled by City of London Investment Group plc, but effective informational barriers mean voting and investment power for the RFAI shares are exercised independently by Karpus.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/04/2026 - 04:06 PM Accepted by SEC EDGAR 09/04/2026 - 04:06 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

RF Acquisition Corp II

(Name of Issuer)

Common

(Title of Class of Securities)

G75389109

(CUSIP Number)

08/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G75389109

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 989,433.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 989,433.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

989,433.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

24.75 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RF Acquisition Corp II
(b)	Address of issuer's principal executive offices: 111 Somerset Road No 05-07 Singapore, 238164 Singapore
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: G75389109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 989,433.00
(b)	Percent of class: 24.75 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 989,433.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 989,433.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	09/04/2026