RF Acquisition Corp II Releases Q2 2024 10-Q Report

RF Acquisition Corp II, a blank check company focused on deep technology sectors such as artificial intelligence, quantum computing, and biotechnology in Asia, has released its Form 10-Q report for the second quarter of 2024. The report provides insights into the company's financial performance and operational activities since its inception.

Financial Highlights

• Net Income: $547,028 for the three months ended June 30, 2024, primarily driven by interest earned on cash held in the Trust Account.
• Net Income: $486,608 for the period from February 5, 2024 (inception) through June 30, 2024, reflecting interest income offset by operating costs.
• Basic net income per ordinary share, redeemable ordinary shares: $0.07 for the three months ended June 30, 2024.
• Basic net income per ordinary share, non-redeemable ordinary shares: $0.07 for the three months ended June 30, 2024.
• Basic net income per ordinary share, redeemable ordinary shares: $0.08 for the period from February 5, 2024 (inception) through June 30, 2024.
• Basic net income per ordinary share, non-redeemable ordinary shares: $0.08 for the period from February 5, 2024 (inception) through June 30, 2024.

Business Highlights

• Company Overview: RF Acquisition Corp II is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company is focused on identifying targets in the deep technology sector, including artificial intelligence, quantum computing, and biotechnology, primarily in Asia.
• Initial Public Offering: The company successfully completed its Initial Public Offering (IPO) on May 21, 2024, raising $100 million through the sale of 10 million units at $10 per unit. An additional $15 million was raised through the exercise of the underwriters' over-allotment option.
• Private Placement: Simultaneously with the IPO, RF Acquisition Corp II completed a private placement of 400,000 units to its sponsor and EarlyBirdCapital, Inc., generating $4 million in gross proceeds. An additional 37,500 units were sold following the exercise of the over-allotment option.
• Trust Account: A total of $115.575 million has been placed in a trust account to be used for a future business combination. The funds are invested in U.S. government securities or held in cash.
• Operational Focus: The company has not yet commenced operations and will not generate operating revenues until after completing a business combination. Current activities are focused on identifying and evaluating potential target businesses.
• Future Outlook: RF Acquisition Corp II has an 18-month period from the IPO closing date to complete a business combination. The management team is actively seeking opportunities that align with their strategic focus on deep technology sectors in Asia.

SEC Filing: RF Acquisition Corp II Releases Q2 2024 [ NASDAQ:RFAI ] - 10-Q - Aug. 14, 2024