RF Acquisition Corp II, a blank check company incorporated in the Cayman Islands, has reported its financial performance for the fiscal year ending December 31, 2024, following its Initial Public Offering (IPO) on May 21, 2024. The company generated gross proceeds of $100 million from the sale of 10 million units at $10.00 each, with an additional $15 million raised through the full exercise of an over-allotment option. After accounting for transaction costs of approximately $5.98 million, the net proceeds placed in a trust account amounted to $115.58 million. The company reported a net income of $3.16 million, primarily from interest earned on cash held in the trust account.
Since its inception on February 5, 2024, RF Acquisition Corp II has not engaged in any operational activities or generated revenue, as its focus remains on identifying a suitable target for a business combination. The company intends to pursue opportunities in the deep technology sector, particularly in Asia, with a focus on artificial intelligence, quantum computing, and biotechnology. Notably, the company has stated it will not engage in business combinations with entities that have operations in China structured through variable interest entities (VIEs).
As of December 31, 2024, RF Acquisition Corp II had cash of approximately $958,786 available for operational expenses, while $115.58 million was held in the trust account. The company plans to utilize these funds for due diligence, operational costs, and to facilitate a business combination. The management team, which currently consists of two executive officers, is not obligated to devote specific hours to the company, but they intend to allocate necessary time to pursue acquisition opportunities.
Looking ahead, RF Acquisition Corp II has 18 months from the closing of its IPO to complete a business combination. If it fails to do so, the company will liquidate and return the funds held in the trust account to shareholders, which could result in a redemption price of approximately $10.05 per share. The company has acknowledged the risks associated with being an emerging growth company and the challenges of identifying and completing a business combination in a competitive market. The management team is committed to leveraging its expertise and network to identify suitable acquisition targets that align with the company's strategic focus.
About RF Acquisition Corp II
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