RF Acquisition, a blank check company targeting new economy businesses in Southeast Asia, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant exercisable at $11.50.
RF Acquisition is led by CEO and Director Tse Meng Ng, the co-founder and CEO of Ruifeng Wealth Management, and CFO, COO, and Director Han Hsiung Lim, a former SVP in the Risk & Performance Management Department at Singaporean sovereign wealth fund GIC.
The company plans to leverage management's experience and target businesses with operations or prospects in the Southeast Asian new economy sector or elsewhere, excluding China. It notes the transformative effects of innovation such as cloud computing, AI, machine learning, data analytics, cybersecurity, and ubiquitous mobile computing.
The Singapore-based company plans to list on the Nasdaq under the symbol RFACU. EarlyBirdCapital acted as sole bookrunner on the deal.
