Karpus holds 1.64M shares of RF Acquisition Corp II (RFAI) — 19.66%

Rhea-AI Filing Summary

RF Acquisition Corp II ownership disclosure: Karpus Management, Inc. reports beneficial ownership of 1,640,733 shares of Common stock, representing 19.66% of the class. The filing is Amendment No. 3 to a Schedule 13G/A and is signed by Karpus' Chief Compliance Officer on 04/07/2026.

Insights

Institutional Ownership Analyst

Large passive holding reported by an institutional manager.

Karpus Management, Inc. states it directly manages accounts owning 1,640,733 shares of RF Acquisition Corp II, with sole voting and dispositive power over those shares. The filing updates beneficial ownership on a Schedule 13G/A (Amendment No. 3).

Impact is informational: this documents a substantial 19.66% stake held by an investment adviser. Subsequent filings would show whether this position is altered; timing of any change is not provided in the excerpt.

Key Figures

Beneficially owned shares: 1,640,733 shares Percent of class: 19.66% Sole voting power: 1,640,733 shares +3 more

6 metrics

Beneficially owned shares 1,640,733 shares Amount beneficially owned as reported on the Schedule 13G/A

Percent of class 19.66% Percent of class beneficially owned reported in Item 4(b)

Sole voting power 1,640,733 shares Sole power to vote as reported in Item 4(c)(i)

Sole dispositive power 1,640,733 shares Sole power to dispose as reported in Item 4(c)(iii)

Signature date 04/07/2026 Date the filing was signed by the Chief Compliance Officer

CUSIP G75389109 CUSIP for the Common shares as shown on the cover line

Key Terms

Schedule 13G/A, beneficially owned, sole dispositive power, informational barriers

4 terms

Schedule 13G/A regulatory

"Amendment No. 3 RF Acquisition Corp II Common"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 1,640,733.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power technical

"Sole power to dispose or to direct the disposition of: 1,640,733.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

informational barriers regulatory

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

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

RF Acquisition Corp II

(Name of Issuer)

Common

(Title of Class of Securities)

G75389109

(CUSIP Number)

03/31/2026

(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 1,640,733.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,640,733.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,640,733.00

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)

19.66 %

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.:
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: 1,640,733.00
(b)	Percent of class: 19.66 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,640,733.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 1,640,733.00
	(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:	04/07/2026

FAQ

What does the Schedule 13G/A filing by Karpus for RFAI mean?

It reports that Karpus Management, Inc. beneficially owns 1,640,733 shares, equal to 19.66% of the class. The filing amends prior Schedule 13G information and updates ownership details as of the stated filing.

Does Karpus control voting or disposition of the RFAI shares?

Yes. Karpus reports sole voting power and sole dispositive power over 1,640,733 shares. The filing lists zero for shared voting and dispositive powers, indicating exclusive control by Karpus-managed accounts.

When was the Schedule 13G/A signed and filed for RFAI?

The disclosed signature date is 04/07/2026. The cover excerpt also references 03/31/2026, indicating the reporting period or relevant as-of date for the ownership figures shown in the amendment.

Who is the reporting person and what is their status?

The reporting person is Karpus Management, Inc., a New York corporation and registered investment adviser. Karpus states its accounts directly own the shares and that it operates with informational barriers from its parent, City of London Investment Group plc.