RF Acquisition II, a blank check company targeting the deep tech sector in Asia, raised $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.
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; +10% from $10 offer price), announced a merger agreement with Singapore-based video game publisher GCL Asia in October 2023.
RF Acquisition II plans to list on the Nasdaq under the symbol RFAIU. EarlyBirdCapital acted as sole bookrunner on the deal.
