RF Acquisition Corp II, classified as a shell company, reported its financial performance for the period ending September 30, 2024. The company, incorporated in the Cayman Islands, focuses on pursuing a business combination in the deep technology sector, including artificial intelligence, quantum computing, and biotechnology.
As of September 30, 2024, RF Acquisition Corp II had 15,012,500 ordinary shares issued and outstanding, with a par value of $0.0001 per share. The company completed its Initial Public Offering (IPO) on May 21, 2024, selling 10,000,000 units at $10.00 per unit, generating gross proceeds of $100 million. An additional 1,500,000 units were sold following the exercise of an over-allotment option, bringing total gross proceeds to $115.575 million. The total transaction costs incurred amounted to $5.975 million.
For the three months ended September 30, 2024, RF Acquisition Corp II reported net income of $1.423 million, primarily from interest earned on cash held in the Trust Account, totaling $1.513 million. Operating costs for the quarter were $89,990. From inception on February 5, 2024, through September 30, 2024, the company reported a net income of $1.910 million, with total operating costs of $260,071.
The basic net income per redeemable ordinary share for the three months ended September 30, 2024, was $0.09, and $0.20 for the period from inception through the same date. The company had $986,256 in cash outside the Trust Account and $117.745 million held in the Trust Account as of the reporting date.
Management expressed substantial doubt about the company's ability to continue as a going concern, citing ongoing professional costs and the uncertainty of completing a business combination within the designated 18-month period following the IPO. If a business combination is not completed, the company may initiate voluntary liquidation.
RF Acquisition Corp II has engaged EBC as an advisor for its business combination, agreeing to pay a service fee of 3.5% of gross proceeds from the IPO, totaling $4.025 million, upon consummation of the initial business combination. The company has no long-term debt or off-balance sheet arrangements as of the reporting date.
About RF Acquisition Corp II
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