RF Acquisition II, a blank check company targeting the deep tech sector in Asia, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Singapore-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-twentieth of a share upon the completion of an initial business combination. At the proposed deal size, RF Acquisition II would command a market value of $131 million.
The company is led by CEO and Chairman Tse Meng Ng, the co-founder and CEO of Ruifeng Wealth Management. It plans to target the deep technology sector in Asia, including artificial intelligence, quantum computing, and biotechnology. In particular, it plans to focus on businesses with compelling economics and clear paths to positive operating cash flow, among other characteristics.
Management's previous SPAC, RF Acquisition (RFAC), announced a merger agreement with Singapore-based video game publisher GCL Asia in October 2023.
RF Acquisition II was founded in 2024 and plans to list on the Nasdaq under the symbol RFAIU. EarlyBirdCapital is the sole bookrunner on the deal.
